Tom Farley, former president of the New York Stock Exchange and now CEO of Bullish, joins The Crypto Tape to unpack the capital markets boom sweeping crypto.

Publicly traded exchange Bullish (BLSH) recently completed a massively oversubscribed IPO, raising $1.15 billion, mostly in stablecoins, and its stock surged almost 3x from its debut. The deal marked one of the first times a major public company received the bulk of its proceeds in digital dollars, reflecting how investor appetite and infrastructure are shifting on-chain.

Farley explains why 24/7 trading, on-chain collateral, and stablecoins are setting new standards for capital efficiency — and why he believes the end state of markets will live entirely on-chain.

Listen in to understand how one of Wall Street’s most experienced operators is helping build the future of trading, and what that means for investors, institutions, and the next generation of market infrastructure.