
Episode 244: From Wallets to Vaults - Understanding Institutional DeFi with Aryan Sheikhalian and Matt Casto of CMT Digital @alextapscott @Aryonchain @mcasto_ @CMT_Digital @CMCC_Global 0:00 Introduction 3:15 Guest intros: Aryan Sheikhalian and Matt Casto 3:30 Matt's journey: from Vanguard to crypto market making 6:02 Inside CMT's early market-making desk 7:26 What the Head of DeFi role looks like today 9:33 How CMT backs into theses in crypto venture 10:27 Stablecoins and RWAs becoming platforms 12:40 Stablecoins as crypto's Trojan horse 13:44 Coming full circle: financial services and the Q1 deal data 16:29 Vaults as a new institutional primitive 18:44 What exactly is a vault? 20:59 When does a vault become a financial product? 22:29 Vaults and the regulatory question 24:14 Different flavors of vaults and decentralization 25:10 The CLARITY Act: an uphill battle 28:23 Beyond DeFi: DePIN, AI, and the Web3 thesis 29:47 Blockchains as coordination infrastructure 32:08 Incentives, tokens, and why clarity matters 34:33 What's next: stablecoins eating legacy payments 36:43 Closing thoughts











