Market Cap

🎥 Watch the video version: https://www.youtube.com/watch?v=3LH6kPsFBRg On this Market Cap episode, Borja Neira, Institutional Market Structure & Product Strategy at Tempo, joins our Director of Institutional Partnerships, Stefano Sanabria. They…

Show Notes

On this Market Cap episode, Borja Neira, Institutional Market Structure & Product Strategy at Tempo, joins our Director of Institutional Partnerships, Stefano Sanabria.

They discuss why stablecoins have solved only part of the payments stack, and why fragmented settlement rails remain a major source of friction for institutions.

They also explore how tokenized money-market funds and more mobile liquidity could reshape institutional cash management and onchain settlement.

Chapters
2:34 Why Money's Plumbing Matters More Than Trading
6:57 Why Legacy Firms Don't Need New Financial Rails
10:28 Why Stablecoins Haven't Solved Payments
15:43 Remittance Firms Feel Settlement Friction First
21:45 Stablecoins, MTOs And Correspondent Banks
25:52 Why General-Purpose Chains Still Matter
32:22 Why Money Market Funds Are Financial Plumbing
35:30 How Tokenization Makes Idle Cash More Mobile
40:35 Liquidity Isn't Useful If It's Trapped
45:17 Execution And Settlement Should Be Separated
—

On Market Cap we speak with firms and individuals to explore the thinking that guides them, the patterns they observe, and other forces moving the markets.

🎥 Watch the video version: https://x.com/AleaResearch/status/2087555426216972346

What is Market Cap?

Market Cap is the show for serious capital in crypto. Stefano hosts allocators, market makers, and institutional operators to unpack the flows, structures, and mechanics shaping the asset class. Conversations focus on market structure, liquidity, the bridge between TradFi and crypto, and the questions allocators are actually asking. Built for professionals who treat crypto as a market, not a meme.