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About this episode
Francis "Fig" Gowen joined *Not Financial Advice by the fire in Denver, where he was representing Superstate: a US-based firm connecting traditionally off-chain financial assets — and the yield and trust that comes with them — with onchain investors. As of May 2025, their ERC-20 token USTB, which provides users access to short-duration T-bills, had surpassed $650M in AUM. (And the numbers are climbing by the minute.) Like Coinshift, Superstate is in scaling mode, and navigating all the issues — compliance, trust, integrations — that come with it. What better occasion for a meeting of minds?
Timestamps
00:00 – Sneak peek
00:28 – What is Superstate? Meet USTB & USCC
02:01 – USTB regulation 101: Mutual fund status in the works
03:06 – Where your USTB deposits actually go (and why it matters)
06:25 – USCC: A crypto-native carry trade for institutional yield
09:40 – Liquidity strategy: DAOs, hedge funds, stablecoin treasuries
13:25 – Going multi-chain: Is Plume next?
18:11 – DeFi roadmap: Lending, DEXs & yield integrations
22:16 – From $400M to $4B: What it’ll take to scale Superstate
24:42 – Compliance, education, and trust
26:08 – Rapid fire: Bear or bull, biggest challenge, best part of the job
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