Something better than USDC for your Ethereum?

Something better than USDC for your Ethereum?

From Epicenter - Learn about Crypto, Blockchain, Ethereum, Bitcoin and Distributed Technologies by Epicenter Media Ltd.

February 15, 2026 · 58 min · Episode 636

About this episode

The episode discusses the launch of the BOLD stablecoin and its innovative features in the DeFi space.

In this episode, host Friederike Ernst is joined by Michael Svoboda, CEO of Liquid AG, to discuss Liquity V2 and the launch of the BOLD stablecoin. Michael explains how Liquity maintains a governance-free, immutable architecture to provide "sovereign dollars" that are not dependent on human committees or centralized backstops. He introduces user-set interest rates, a novel DeFi primitive where borrowers determine their own rates to balance their cost of capital against the risk of being redeemed by stablecoin holders. They explore the technical mechanics of the BOLD stablecoin, its multi-collateral backing of ETH and LSTs, and why the protocol funnels 100% of fees directly to users rather than extracting rent. Michael also shares his analogy of crypto-native stablecoins as "electric engines" that offer a fundamentally different risk profile from traditional banking rails. Finally, the conversation dives into the impact of global regulations like MiCA and why the future of finance belongs to peer-to-peer credit markets. Topics 00:00 Intro & Context 04:15 Why Banking is Under Pressure 09:30 From V1 to Liquity V2 15:00 User-Set Rates Explained21:45 Redemptions & Peg…

People in this episode

Host: Friederike Ernst

Guest: Michael Svoboda

Topics covered

  • stablecoins
  • DeFi
  • Ethereum
  • governance-free architecture
  • peer-to-peer credit markets
  • global regulations

Keywords

  • stablecoin
  • Liquity
  • Ethereum
  • DeFi
  • interest rates
  • collateral
  • peer-to-peer

Mentioned in this episode

Organizations: Liquid AG, MiCA, Bluechip, Lido

Products: BOLD stablecoin, Liquity V2

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