Solomon Labs Founder: Why He’s Most Bullish Since 2014 As Stablecoins Fight Over Who Gets Paid

Separating asset from economics

Choudhry describes USDV as a proof point for infrastructure that lets Solomon Labs separate the asset from its economics. He argues that existing yield-bearing stablecoins make users stake or deposit into vaults to earn back treasury yield, which he calls "completely wrong" because it adds friction and layers of risk.

He says the company is B2B but also B2C, and that it can set up distribution relationships with partners "in a matter of days."

Distribution as kingmaker

Choudhry says those who own distribution are "the kingmakers," pointing to the relationship Circle got for USDC through Coinbase, without which he says USDC would have a much smaller market share. Raydium is the first example he gives: USDV is now a default quote pair in its DEX, and Raydium will own the economics of USDV across its protocol.

Host Drew Rogers noted that Martin from Mountain Protocol was recently hired into Coinbase at the exec level and now leads its stablecoin business.

The case for token launches

Choudhry says the ICO era was full of fraud because checks and balances were missing, and that MetaDAO has created them for legitimate companies. He expects a more mature version of the ICO cycle before 2030, citing retail getting less of the upside as companies such as Anthropic, OpenAI and Stripe stay private longer. He adds that clear regulation will let more token-based companies launch.

Stablecoins and American power

Choudhry says the U.S. government and the Fed see stablecoins as a way to dollarize the world, and he expects dollar-backed stablecoins to drive tokenization. He says stablecoins should be "boring" infrastructure, and he credits Solana with a culture of accessible partnerships and a business focus.