Remy Blaire discusses the current state of the U.S. stock market, which is experiencing notable volatility. As the episode opens, Remy highlights that major indexes, including the Dow, Nasdaq, and S&P 500, are all deep in the red, extending losses from the previous session. She attributes this downturn to weak economic data and concerns that AI stocks may have surged too quickly, impacting investor confidence.

To provide expert insights, Remy welcomes Peter Tuchman, a Senior Floor Trader at TradeMas. Peter begins by explaining that the market has seen an impressive number of record closes this year, with as many as 41. He reassures listeners that fluctuations in the market are normal, emphasizing that the recent pullback should not be viewed as catastrophic. Instead, he describes it as a typical market behavior following a period of significant growth.

Peter elaborates on the reasons behind the current market dynamics, noting that many hedge funds and institutions close their books at the end of October. This practice often leads to profit-taking, which can temporarily depress stock prices. He encourages investors to remain calm, suggesting that the current volatility may present opportunities rather than risks. Peter also points out that historically, November is one of the strongest months for the market, despite the skittish start this year.

As the conversation progresses, Remy inquires about the nature of the volatility, and Peter explains that it can indicate market rotation, where investors shift their focus from over-performing stocks to those that have underperformed. He stresses the importance of understanding the underlying reasons for market movements rather than reacting impulsively to short-term fluctuations.

Towards the end of the episode, Remy asks Peter about Tesla’s recent shareholder meeting and Elon Musk’s comments. Although Peter has not seen the meeting, he reflects on Musk’s tumultuous year and the broader implications for Tesla. They discuss the company’s ambitious plans for AI and robotics, particularly the Optimus 3 robots, and Peter expresses optimism about the potential benefits of AI in everyday life.

Remy Blaire is joined by Sergey Nazarov, the Co-Founder of Chainlink, to discuss the recent developments from Smartcon 2025, which has just concluded in New York City. The conversation begins with Remy highlighting the significant announcements made during the event, including Chainlink’s unveiling of the Chainlink Runtime Environment. This new environment allows institutions to deploy smart contracts with built-in compliance, privacy, and data tools across various blockchains.

“Chainlink has become so many different things now. It provides data, connectivity across chains, identity, access to AI, a whole bunch of different capabilities.” – 03:05

Sergey shares his perspective on the success of Smartcon, noting the diverse audience that included members from the crypto community, decentralized finance (DeFi), and traditional finance (TradFi). He emphasizes the importance of bringing these three groups together to foster interoperability and mutual success within the evolving financial landscape. Sergey expresses his belief that the merging of these communities is crucial for the future of the financial system.

As the discussion progresses, Remy prompts Sergey to elaborate on the impact of the announcements made at the conference. Sergey categorizes the announcements into two main areas: product advancements and user collaborations. He highlights the Chainlink Runtime Environment and its associated privacy features as significant developments that will enhance how institutions operate on-chain. Additionally, he mentions the collaboration with Denari and S&P Dow Jones Indices to launch the S&P Digital Markets 50 Index on-chain later in the year.

Sergey also discusses the involvement of major financial institutions, such as UBS, which recently completed its first live tokenized fund transaction on Ethereum using Chainlink’s technology. He notes that the variety of use cases for Chainlink is expanding, with applications ranging from tokenization to global trade flows, as evidenced by recent collaborations with central banks.

Shifting the focus to the political landscape, Remy asks Sergey about the Clarity and Market Structure Bill in Washington, D.C. Despite the ongoing government shutdown, Sergey remains optimistic about the bipartisan motivation to advance the bill. He explains that there is a growing understanding among policymakers that the blockchain industry is not solely about speculative assets but represents the next iteration of the financial system. Sergey stresses the importance of ensuring that blockchain technology is implemented within the United States to maintain its dominant role in the global financial landscape.

“A billion and a half of outflows over the last couple of weeks is pretty significant.” – 02:22

Remy welcomes Andy Baehr, Head of Product and Research at Coindesk Indices, to provide expert insights into the factors influencing the market’s current softness. Andy explains that the market is experiencing a “tender” phase, which has led to a sense of vulnerability among investors. He discusses various reasons for this softness, including lower liquidity, profit-taking by long-term Bitcoin holders, and the effects of external economic factors such as Federal Reserve policies and government shutdowns.

The conversation shifts to the importance of liquidity in the market, with Andy emphasizing that a significant amount of money is currently flowing out of ETFs. He notes that while some of these outflows may be related to arbitrage positions, the overall trend indicates a cautious sentiment among investors. Remy and Andy also explore the distinction between “fast money” and “slow money,” with Andy reassuring listeners that long-term investment interest in the crypto space remains robust.

As the episode progresses, Remy and Andy discuss the broader implications of recent market volatility, not only in cryptocurrencies but also in equity markets and other asset classes. Andy shares insights from the Ripple Swell event, where he observed notable advancements in mergers and acquisitions, as well as significant fundraising efforts that could shape the future of the industry. He emphasizes the importance of viewing the crypto landscape as a long-term technological evolution rather than getting caught up in short-term market fluctuations.

The discussion also touches on the political landscape, particularly the implications of local elections in New York and the ongoing U.S. government shutdown. Andy expresses hope that the regulatory environment for digital assets will not become more complicated with additional municipal regulations. He advocates for a balanced approach to consumer protection and regulation that can help maintain New York’s status as a leading hub for cryptocurrency.

Stephen Mackintosh, Co-Founder and General Partner at Karatage, joins Remy Blaire at the New York Stock Exchange. The segment begins with an overview of a significant partnership between Swigroup Holdings and Sui Network, which enables users to deposit Sui-native USDC and Sui tokens directly. This collaboration aims to simplify the funding process for users and bridge the gap between regulated finance and blockchain technology.

Stephen elaborates on the recent launch of two new stablecoins backed by BlackRock’s tokenized money market fund: SUI-USDE, a yield-bearing stablecoin, and USDI, which is compliant with regulatory standards. He highlights the strategic importance of these stablecoins in enhancing the DeFi ecosystem on the Sui platform, noting that they are designed to keep fees and yields within the network, ultimately benefiting the community. Stephen explains how Karatage has white-labeled the Athena engine to facilitate this initiative, which has already seen substantial growth in total value locked across various DeFi platforms.

The discussion then shifts to the intersection of artificial intelligence and blockchain, particularly in light of Sui Network’s partnership with Google. Stephen shares his background in AI, having previously run an AI business that was sold to a New York Stock Exchange-listed company. He describes Sui’s object-oriented blockchain model, contrasting it with traditional account-based models and emphasizing its scalability and potential for agentic payments. Stephen outlines how the infrastructure built by the Sui team, including decentralized programmable storage and verifiable off-chain compute, is essential for enabling autonomous and verifiable transactions.