The End of Traditional Banking? Haseeb Qureshi on the Stablecoin Revolution at KBW2025

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Haseeb Qureshi, Managing Partner of Dragonfly Capital, joined Nabil Kaber, founder of Forbit, to discuss the rapidly evolving landscape of stablecoins. In this presentation, Haseeb breaks down the shift from a regime of default distrust to one where stablecoins are becoming normalized in global finance. He explores the different models of stablecoins—from fiat-backed to synthetic dollars—and how permissionless innovation is transforming the traditional "default no" regulatory environment of fintech.

In this video:

The Evolution of Trust: How the industry moved from widespread skepticism and shorting of assets like Tether to a regime where new stablecoins are largely assumed to be legitimate.
Fiat-Backed vs. Synthetic Dollars: Understanding the differences between fiat-backed stablecoins like USDC and Tether, and emerging synthetic dollars like Ethena that use derivative strategies to provide yield.
Permissionless Innovation: A discussion on how stablecoins turn finance into a "default yes" environment, similar to the early internet, allowing developers to build without seeking prior permission from regulators.
The Three Main Use Cases: Identifying the primary drivers of stablecoin demand: crypto trading, capital flight from unstable local currencies, and international B2B payments.
Network Effects and Market Cleavages: Why the market is unlikely to have a single winner, instead seeing dominant players emerge in specific sub-markets like DeFi, centralized exchanges, and emerging market payments.

Timestamps:

00:00 - Introduction to Haseeb Qureshi and Dragonfly Capital
01:58 - The Rapidly Changing Global Stablecoin Landscape
02:32 - Breaking Down Stablecoin Models: Fiat-Backed vs. Synthetic
03:56 - The Impact of US Regulation on Stablecoin Yields
05:02 - From Default Distrust to Global Normalization
07:20 - Analyzing the Primary Use Cases for Stablecoins Today
10:51 - The Power of Permissionless Innovation in Finance
13:51 - Digital Asset Treasuries (DATs) and Retail Access
16:01 - Future Outlook: Who Wins the Stablecoin War?
18:19 - Market Cleavages and the Future of Network Dominance

Learn more about KBW2026 - https://koreablockchainweek.com/

About KBW (Korea Blockchain Week)

KBW is an annual global digital asset conference held in Seoul, South Korea, since 2018. It serves as a platform for leading blockchain companies, developers, investors, policymakers, and ecosystem stakeholders to engage in structured dialogue and knowledge exchange. Each year, KBW hosts a series of high-level programs and forums designed to facilitate global industry collaboration, advance technical and market understanding, and strengthen connections between the Korean market and the global digital asset ecosystem.

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