Stablecoins are more than a technology story and misunderstanding them could be dangerous.

In this episode, host Ife Osakuade speaks with Svetlana Kardan, Head of Balance Sheet Management and ALM at Monzo Bank, about what tokenized money really means and the banking risks behind the buzz.

Svetlana explains why stablecoins emerged to address real-world payment challenges, how they differ from tokenized deposits, and why 24/7 on-chain settlement can create liquidity mismatches.

They also explore what the SVB collapse revealed about stablecoin reserves and why real-time monitoring matters in a programmable-money world.

If you work in banking, treasury, payments, fintech, or regulation, this episode offers a grounded look at what could reshape and strain the financial system.

This episode covers the evolution of AI in banking, risk governance in digital banking, agentic banking and independent risk management, and the future of banking and the role of humans. It explores the use of AIs in banking, the comparison between digital and traditional banks, the role of agents in banking decisions, and the potential impact of AI and automation on the future of banking.

Takeaways

• Banking has evolved with technology
• Customer focus is essential in banking AI accuracy in banking is a critical concern
• Digital banks have a unique risk governance culture
• The future of banking may see increased automation and AI usage

Chapters

• 00:00 Introduction and Banking Career
• 01:41 Evolution of Banking
• 03:01 Customer Focus in Banking
• 06:22 Impact of Textbook on Banking
• 07:17 Writing and Impact of Banking Textbook
• 09:13 Writing Process and Impact of Textbook
• 13:12 Innovation in Banking
• 14:13 Tokenization and Digital Asset Innovation
• 18:26 Impact of Banking Failures on Economy
• 21:30 The Accuracy of AI in Banking
• 24:54 Risk Governance in Digital Banking
• 28:12 Agentic Banking and Independent Risk Management
• 35:10 The Future of Banking and the Role of Humans

On this episode, Mercy Emmanuel, Stablecoin & Blockchain Commercial Vertical Lead at Flutterwave shares her journey from studying law to working in growth marketing, blockchain, and stable coin infrastructure.

She discusses the relevance of legal training in her current role and the evolution of payments in emerging markets, particularly Africa. The conversation delves into the impact of stable coins in solving economic pain points and the concerns around stablecoin dollarization and settlement.

The future of multi-rail payment systems and the role of local alternatives are also explored. The conversation delves into the challenges and opportunities of stablecoin adoption in Africa, focusing on institutional trust, differentiation between markets, and the role of AI and agent payments. It also addresses the need for identity, authority, and accountability in programmable money.

Chapters

• 00:00 Journey from Law to Fintech
• 03:06 Evolution of Payments in Emerging Markets
• 06:07 Impact of Stable Coins in Emerging Markets
• 10:58 The Future of Multi-Rail Payment Systems
• 15:05 Concerns and Local Alternatives
• 19:41 Institutional Trust and Barriers to Adoption
• 20:43 Differentiation Between Markets
• 29:43 AI and Agent Payments in Africa
• 32:15 Programmable Money and Identity, Authority, and Accountability