# State of Stablecoins 2026: Architecture, Power, and Risk

Page: https://stenobird.com/podcast/bitcoin-fiat-rock-n-roll-947115/state-of-stablecoins-2026-architecture-power-and-risk
Text version: https://stenobird.com/podcast/bitcoin-fiat-rock-n-roll-947115/state-of-stablecoins-2026-architecture-power-and-risk.md
Podcast: [Bitcoin, Fiat & Rock'n'Roll](https://stenobird.com/podcast/bitcoin-fiat-rock-n-roll-947115)
Published: 2026-04-19T14:00:00+00:00
Episode link: https://bfrr.podigee.io/390-state-of-stablecoins-2026-architecture-power-and-risk
Audio file: https://audio.podigee-cdn.net/2458014-m-dfd5562abf3aeb130f1f7da366c059f1.mp3?source=feed
Processing state: not_requested
JSON: https://stenobird.com/v1/public/podcasts/bitcoin-fiat-rock-n-roll-947115/episodes/state-of-stablecoins-2026-architecture-power-and-risk
Duration seconds: 2499

## Resource

Michael unpacks his new FERI study on stablecoins: the two-pillar model, dollar dominance by design, MiCAR vs. GENIUS Act, reserve risks, and why agentic AI changes everything for institutions.

## Actions

- request_transcript: `POST https://stenobird.com/v1/public/podcasts/bitcoin-fiat-rock-n-roll-947115/episodes/state-of-stablecoins-2026-architecture-power-and-risk/transcription-requests` — Idempotently request low-priority transcript generation for this episode.
- read_markdown: `GET https://stenobird.com/podcast/bitcoin-fiat-rock-n-roll-947115/state-of-stablecoins-2026-architecture-power-and-risk.md` — Read the agent-friendly Markdown representation of this episode resource.

A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed.

## Transcript

Full transcripts are not published on public pages unless there is a clear rights basis.