In this episode of Signaling Theory, Rex sits down with Colin Butler, co-founder of Mega Matrix, a digital asset treasury (DAT) focused on becoming the world’s leading publicly traded stablecoin company. They dig into why stablecoins might be a multi-trillion-dollar market by 2028, how value actually accrues across the stablecoin stack, and why governance tokens and cash-generating protocols could offer very different return profiles than today’s “number go up” narratives.

From Ethena’s USDe and the basis-trade stablecoin model, to novel structures like STBL and ideas like GPU-backed stablecoins, Colin walks through where he thinks the next wave of innovation will come from—and how DATs can serve as the bridge between DeFi and traditional capital markets. The conversation also zooms out to talk about UX, interoperability, the role of big institutions like JPMorgan, Stripe, and DTCC, and why rewiring global collateral and payments rails with crypto is both incredibly exciting and inherently risky.