Stable Talks: Episode #01 – Chuk Okpalugo (Paxos)

In this episode of Stable Talks, Caio Barbosa sat down with Chuk Okpalugo, Head of Product at Paxos, to discuss the growing role of stablecoins in the global economy — from the evolution of yield-bearing stablecoin models to the regulatory challenges shaping the market.

The conversation offers key insights into how companies are creating their own stablecoins, the behind-the-scenes of Paxos’ stablecoin-as-a-service model, and the possibilities unlocked by self-custodied dollar accounts.

🎧 Listen to the full episode below or read on for the main highlights of the conversation.

Highlights from the conversation

1. On-Chain Banking: The New Financial Paradigm

"On-chain banking is the ability to store, send, receive, and spend value — all directly on the blockchain."
— Chuk Okpalugo

• The concept of a “bank on the blockchain” and its main use cases

• How stablecoins are becoming infrastructure for payments and value storage

• Global access to dollars in high-inflation and currency volatility environments

2. Types of Stablecoins and the Paxos Model

"Issuing a stablecoin is technically easy. But managing trust, regulation, liquidity, and network — that’s where the real challenge lies."
— Chuk Okpalugo

• Key stablecoins issued by Paxos: PYUSD (PayPal), USDG, USDP, and USDL (yield-bearing)

• Pax Gold: a case study in real gold tokenization

• The importance of liquidity, distribution networks, and reserve management

3. Yield-Bearing Stablecoins: Potential and Regulatory Complexity

• Models like rebasing vs. yield through commercial contracts

• The role of issuers, jurisdictions, and regulation in yield-bearing stablecoins

• How this model can transform corporate treasury and democratize access to fixed income

4. The Brazilian Perspective

"Brazil is at the forefront of financial innovation, with an established RWA ecosystem that’s open to tokenization."
— Caio Barbosa

• How BTG Pactual, Nubank, and Circle are shaping this movement

• Opportunities for fintechs and banks in building tokenized global accounts

• The importance of local regulation to unlock new business models

5. Self-Custodial Banking: Freedom with Responsibility

• Applications that allow end-users to store and move dollars without intermediaries

• Global financial inclusion opportunities through self-custodied wallets

• The need to balance freedom, security, and integration with the traditional system

6. Why Issue Your Own Stablecoin?

• Branding, yield, and network control: what’s at stake

• The real challenges of running a stablecoin (reserves, regulation, liquidity)

• How the Global Dollar Network model allows companies to reap the benefits of stablecoins without the operational burden

The Future of Stablecoins is Collaborative

The conversation makes one thing clear: stablecoins are not a hype — they’re infrastructure. And like all powerful infrastructure, they must be built collaboratively, with responsibility and long-term vision.

"I believe we have 5 to 10 years ahead of us for massive integration of stablecoins into the global financial system."
— Chuk Okpalugo (Paxos)

🔗 Caio Barbosa on LinkedIn
🔗 Chuk Okpalugo on LinkedIn