Stablecoins were the main character in policy circles this year, and for good reason. Urszula McCormack, Andrew Whitworth, and Laura Navaratnam walk us through how 2025 played out across Hong Kong, the EU, UK, and Australia. From what got finalized, what’s still fuzzy, and what signals to watch in early 2026... it's the year-end reality check for anyone dealing with digital money, law, and regulation.

Ep 59: Stablecoins Across Borders

This episode examines Decentralized Lending Protocols (DLPs) and the contagion that can arise due to assets lent to one pool serving as collateral in a different pool. We discuss efficient design of DLPs and mitigations for managing risk.Guest: Julien Prat (CNRS Researcher CREST, Ecole Polytechnique, IP Paris)Paper: Shock Propagation in Decentralized Lending Networks: Evidence from the Compound Protocol [https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5380164]



Ava Labs x CBER Ep 15: Contagion in Decentralized Lending Protocols

Contrary to popular belief, price discovery can occur at decentralized exchanges instead of at centralized exchanges. We discuss the underlying economics and how this affects bidding for block space. We also discuss how private memory pools affect bidding behavior and the price discovery process.

Guests: Agostino Capponi (Columbia University), Ruizhe Jia (Stanford University), Shihao Yu (Singapore Management University)

Paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4236993

Ava Labs x CBER Ep 14: Price Discovery at Decentralized Exchanges

This episode covers the digitization of payments and the rise of stablecoins. We discuss China’s CBDC project, the success of USD stablecoins, and the barriers to broader stablecoin adoption. We also examine how stablecoins could reshape the modern payment infrastructure.

Guests: Lin William Cong (Cornell University), Simon Mayer (Carnegie Mellon University)

Paper: Strategic Digitization in Currency and Payment Competition [https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4063878]

Ava Labs x CBER Ep 13: Stablecoins and Digital Payments

This episode examines the central role nonprofit foundations have played in supporting blockchain networks. We trace their original purpose, how these entities have become a point of friction for many projects, and how regulatory and policy shifts have opened the door to alternatives. We reference two emerging models: the Decentralized Unincorporated Nonprofit Association (DUNA) and the Cybernetic Organization (BORG).

Guest: Miles Jennings (Head of Policy & General Counsel at a16z crypto)

Paper: The end of the foundation era in crypto - a16z crypto [https://a16zcrypto.com/posts/article/end-foundation-era-crypto/]

Ava Labs x CBER Ep 12: Beyond the Foundation Model: DUNAs and BORGs

This episode explores the governance of Decentralized Autonomous Organizations (DAOs). We discuss how ownership concentration and whale voting can distort incentives and hinder platform growth. The conversation examines mechanisms to embed long-term incentives directly into DAO economic design.

Guests: Jungsuk Han (Seoul National University), Jongsub Lee (Seoul National University; University of Florida), Tao Li (University of Florida)

Paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4346581

Ava Labs x CBER Ep 11: Decentralized Autonomous Organizations

Crypto says it’s for everyone, but who’s actually building the future? Michelle O’Connor, founder of The Digital Future, joins us to talk about inclusion, innovation, and why the next wave of Web3 depends on who’s in the room. From breaking down crypto’s insider language to creating real access for builders across different backgrounds and regions, Michelle shares how diverse voices are shaping the next era of Web3. Together, we explore what happens when the people designing the technology finally reflect the world it’s meant to serve.

Ep 58: Inclusion Is Infrastructure: Diversity and Design in Web3

What happens when Bordeaux meets blockchain? Connor Daly, CTO of CrewTrade, explains how tokenizing wine on the blockchain is transforming a $25B industry with transparency, traceability, and a whole new kind of cellar. By unlocking instant liquidity and aligning incentives, the model empowers producers with fairer economics and gives collectors and consumers trusted access to the world’s finest bottles. Discover more at crutrade.io [http://crutrade.io/]

Ep 57: Fine Wine Meets Web3: Provenance, Liquidity, and Trust

Keith Bear, Fellow at Cambridge Judge Business School, joins us to break down what digital money really looks like in a tokenized economy. From stablecoins to CBDCs, we explore what’s working, what’s missing, and what still needs to be reimagined.

Ep 56: Tokenized Economies and the Architecture of Digital Money

Can blockchains ever truly be privacy-compliant? Clifford Chance lawyers walk through the gray areas, from wallet addresses to pseudonymous data, and explain what regulators are starting to expect.

Ep 55: Applying GDPR to the Blockchain ft. Clifford Chance

Owl Explains is a proud project of the Ava Labs Legal team that is committed to helping policymakers break through hype and navigate the blockchain world. Owl Explains hosts podcasts with industry leaders seeking to build a better Internet. Check out our X profile @OwlExplains [https://x.com/OwlExplains], and visit our website owlexplains.com [https://owlexplains.com/], where you will find practical explainers, quizzes, and more fun resources on all things Web3.

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The Owl Explains Hootenanny

The Crypto and Blockchain Economic Research (CBER) Forum and Owl Explains are delighted to present a transformative podcast series, "Crafting the Crypto Economy." This series features leading faculty from renowned global universities providing economic guidance regarding optimal design of various blockchain ecosystem elements. Particular focus will be given to proper economic design of tokens and of decentralized applications. This series is in collaboration with Columbia University’s Briger Family Digital Finance Lab, Columbia University’s Center for Digital Finance and Technologies, Boston University’s Digital Business Institute at the Questrom School of Business, École polytechnique and the University of Toronto Rotman School of Management's FinHub.

Owl Explains x CBER

Owl Explains's Show

Owl Explains is a trusted resource for educational information about blockchain & Web3 fundamentals, applications, and policy. We are a podcast seeking to educate the general public about blockchain, with a particular focus on policy and worldwide blockchain regulation. 

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The Policy Layer is a trusted resource for educational information about blockchain & Web3 fundamentals, applications, and policy.


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