Dose of Alpha Episode #6: Stablecoins for AI Commerce | Interview with Kory Hoang and Stably
What if the entire stablecoin economy is built on a monetary system that works in REVERSE of the dollar? Kory Hoang, CEO and co-founder of Stably, joins Bryan and Eric to break down a brand new taxonomy for stablecoins — and why credit expansion in DeFi actually SHRINKS the money supply instead of growing it.
Kory was the fifth USD stablecoin issuer in the world. He and David launched on Binance back in 2019, survived the first stablecoin liquidity war, then pivoted Stably into stablecoin-as-a-service for institutions. Now he's published a research paper proposing a top-down taxonomy — exogenous vs. endogenous, reserve-backed vs. CDP vs. strategy-backed — and mapping stablecoins to M0, M1, M2 monetary aggregates the same way central banks track fiat.
The kicker: the math is inverted. Fiat credit creation grows M2 to 4.21x M0. Stablecoin credit creation pulls tokens OUT of circulation through redemptions. Right now the stablecoin multiplier is 1.13x — but as DeFi composability stacks receipt tokens, wrapped assets, and lending deposits on top of each other, the "meta money supply" is the next thing every policymaker, builder, and investor needs to understand.
This is one of the most important conversations we've had on Dose of Alpha. If you're building, investing, or just trying to understand where digital dollars are going next — this is the alpha.
🔑 Topics covered:
0:00 Introduction to Kory Hoang and Stably
0:59 Stably's History and Mission
2:10 From Algorithmic Trading to Crypto
5:15 Competing with Tether in the Early Days
7:26 The Launch of USDS and Binance Listing
8:50 Surviving the First Stablecoin War
12:29 Pivot to Stablecoin Infrastructure
14:02 Stablecoins in the AI Agent Economy
18:15 Proposed Stablecoin Taxonomy Research
20:26 Exogenous vs. Endogenous Stablecoin Models
24:08 How Fiat vs. Stablecoin Money Is Created
28:57 Defining M0 through M4 in Traditional Finance
33:22 Applying Monetary Aggregates to Stablecoins
45:13 The Stablecoin Money Multiplier Challenge
48:05 DeFi Composability and Meta Money Supply Risks
53:14 Stably's Advisory Services and Future Outlook
More alpha drops soon.
Follow on X: Kory: @koryhoang | Stably: @stably
Eric: @EricWaisanen
🔗 AlphaGrowth: alphagrowth.io
📲 Follow Bryan: @bryancolligan | @alphagrowth1
The AlphaGrowth team is excited to bring you real-time intel from the DeFi front lines, each week as we release new episodes. Stay tuned for more! And don't forget to comment and share your thoughts with us on YouTube, Spotify, X, Apple Podcasts. Bring RWAs onchain with AlphaGrowth in 2026: alphagrowth.io.
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