Episode Summary
Executive Summary: Kendall Cole argues the crypto stack is moving toward fragmentation at the asset/app layer but abstraction at the user layer: many issuers and chains will exist, yet most users will interact through chain-abstracted products like Near Intents and near.com. The conversation covers stablecoin proliferation, RWA growth, MiCA’s effect on Europe, confidential privacy infrastructure, Near’s value capture, and the idea that crypto’s core business model is increasingly “exchange.”
Main Topics: Stablecoin proliferation and branding (Priority: 5/5): Cole expects many institutions to issue stablecoins, but most will be hidden behind generic USD labels rather than independent consumer brands. He sees branded stablecoins as a small set of winners while most others function as backend ledger entries or tokenized deposits. Chain proliferation vs. credible neutrality (Priority: 5/5): He thinks fewer new chains will become truly important than new stablecoins, because chain success depends on credible neutrality. Issuer-backed or product-specific chains may get initial distribution but struggle to serve as neutral infrastructure. Near Intents and chain abstraction (Priority: 5/5): Proximity Labs’ core mission is to make users forget about chains altogether by connecting many blockchains and letting users think in terms of assets and applications. Near Intents serves wallets, aggregators, and end-user apps as abstraction infrastructure. Real-world assets and new asset classes (Priority: 4/5): Cole says the next major growth wave is tokenized real-world assets, tokenized equities, prediction markets, and other regulated or novel on-chain assets. Near Intents aims to become the routing layer that makes these assets accessible everywhere. MiCA, Europe, and regulated stablecoins (Priority: 4/5): He views MiCA as both a barrier and an opportunity: it pushes users away from large exchanges while encouraging compliant Euro stablecoin products and direct bank-to-chain onramps. This can increase on-chain adoption even if the regulation’s original goals are limited. Confidential intents and privacy (Priority: 4/5): Near’s confidential shard and viewing-key model hide balances and transactions by default, enabling privacy-preserving swaps and custody. Cole argues privacy matters for both cypherpunk users and enterprises worried about commercial sensitivity. Value capture and the ‘exchange’ thesis (Priority: 5/5): Cole says Near captures value mainly through volume fees on swaps and fees from near.com, with buybacks or treasury control flowing to NEAR token holders. He also embraces the broader idea that many crypto business models reduce to exchanges for assets, liquidity, or access.
Key Arguments: Most stablecoins will proliferate behind the scenes, but only a few branded ones will matter to users; the rest will function like tokenized deposits or accounting entries. New chains are harder to justify than new stablecoins because chain success requires credible neutrality, which issuer-led chains may struggle to achieve. Near Intents is not just a swap router; it is chain abstraction infrastructure that can custody assets across chains and interact with protocols on any chain. The near.com product is moving toward an everything app where users can access any useful on-chain asset or application without caring which chain it lives on. RWA and tokenized equities create a major new integration problem: assets live on specific chains, so abstraction layers become more valuable as the universe of assets expands. MiCA reduces access to centralized exchanges for some EU users, which can accelerate on-chain adoption and create demand for compliant Euro onramps and stablecoins. Privacy is becoming an enterprise requirement, not just a cypherpunk ideal, because businesses do not want transaction data exposed to competitors or AI systems. Near’s economic model is straightforward: if it grows volume and liquidity, it grows fees and therefore value capture for the NEAR ecosystem. Crypto’s most durable business model is often some form of exchange: swapping assets, routing liquidity, or enabling access across fragmented markets.
Data Points: Chains connected by Near Intents: 35 - Cole says Near Intents is already connecting about 35 chains, with new integrations arriving weekly. Typical fee range: 10 to 20 bips - He says Near Intents and near.com generally take about 10–20 basis points depending on the integration and revenue agreement. MiCA authorizations in Europe: 210 of about 3,000 firms - He cites that only 210 crypto firms in Europe received authorization by the July 1 deadline, roughly a 7% clearance rate. Authorization clearance rate: ~7% - Derived from the 210 authorized firms out of roughly 3,000 operating in Europe. EU transaction threshold for non-euro stablecoins: €1 million daily - The discussion notes MiCA’s cap on non-EU stablecoins used as a means of exchange within the EU. Tokenized assets on Robinhood chain: 30 assets - The transcript mentions Robinhood’s tokenized stock launch listing around 30 assets on day one.
Pivotal Quotes: "the goal is basically just to initially the goal was to make it so you forgot which chain you were on, but increasingly, the goal is to make it forget that you're on chains at all" — Kendall Cole: Explaining the long-term mission of Near Intents and near.com as chain abstraction infrastructure. "I think what's powerful is that Near Intense can be used at least in these non-custodial products that are able to just more seamlessly onboard users" — Kendall Cole: Discussing how Near can fit into compliant, non-custodial products in the EU and elsewhere. "I mean, exchanges make money by people exchanging" — Kendall Cole: Summarizing the value-capture logic of Near Intents, near.com, and broader crypto business models.
Implications: The sector is shifting from chain-centric UX to asset-centric UX. If Near’s abstraction and privacy stack works, it could become core plumbing for stablecoins, RWAs, and compliant onramps, while turning fragmented blockchains into one seamless financial interface.