--- title: "Dose of Alpha Episode #6: Stablecoins for AI Commerce | Interview with Kory Hoang and Stably | AlphaGrowth" description: "This is one of the most important conversations we've had on Dose of Alpha. If you're building, investing, or just trying to understand where digital dollar" url: "https://alphagrowth.io/blog/dose-of-alpha-episode-6-stablecoins-for-ai-commerce-interview-with-kory-hoang-and-stably/" --- [Back to blog](https://alphagrowth.io/blog/index.md) Author Oksana Vlasenko Podcast DeFi Stablecoins 1 min read / 5 months ago # Dose of Alpha Episode #6: Stablecoins for AI Commerce | Interview with Kory Hoang and Stably What if the entire stablecoin economy is built on a monetary system that works in REVERSE of the dollar? Kory Hoang, CEO and co-founder of Stably, joins Bryan and Eric to break down a brand new taxonomy for stablecoins — and why credit expansion in DeFi actually SHRINKS the money supply instead of growing it. Kory was the fifth USD stablecoin issuer in the world. He and David launched on Binance back in 2019, survived the first stablecoin liquidity war, then pivoted Stably into stablecoin-as-a-service for institutions. Now he's published a research paper proposing a top-down taxonomy — exogenous vs. endogenous, reserve-backed vs. CDP vs. strategy-backed — and mapping stablecoins to M0, M1, M2 monetary aggregates the same way central banks track fiat. The kicker: the math is inverted. Fiat credit creation grows M2 to 4.21x M0. Stablecoin credit creation pulls tokens OUT of circulation through redemptions. Right now the stablecoin multiplier is 1.13x — but as DeFi composability stacks receipt tokens, wrapped assets, and lending deposits on top of each other, the "meta money supply" is the next thing every policymaker, builder, and investor needs to understand. This is one of the most important conversations we've had on Dose of Alpha. If you're building, investing, or just trying to understand where digital dollars are going next — this is the alpha. 🔑 Topics covered: 0:00 Introduction to Kory Hoang and Stably 0:59 Stably's History and Mission 2:10 From Algorithmic Trading to Crypto 5:15 Competing with Tether in the Early Days 7:26 The Launch of USDS and Binance Listing 8:50 Surviving the First Stablecoin War 12:29 Pivot to Stablecoin Infrastructure 14:02 Stablecoins in the AI Agent Economy 18:15 Proposed Stablecoin Taxonomy Research 20:26 Exogenous vs. Endogenous Stablecoin Models 24:08 How Fiat vs. Stablecoin Money Is Created 28:57 Defining M0 through M4 in Traditional Finance 33:22 Applying Monetary Aggregates to Stablecoins 45:13 The Stablecoin Money Multiplier Challenge 48:05 DeFi Composability and Meta Money Supply Risks 53:14 Stably's Advisory Services and Future Outlook More alpha drops soon. Follow on X: Kory: [**@koryhoang**](https://x.com/KoryHoang) | Stably: [**@stably**](https://x.com/Stably_Official) Eric: [**@EricWaisanen**](https://x.com/EricWaisanen) 🔗 AlphaGrowth: [**alphagrowth.io**](https://alphagrowth.io/) 📲 Follow Bryan: [**@bryancolligan**](https://x.com/bryancolligan) | [**@alphagrowth1**](https://x.com/alphagrowth1) The AlphaGrowth team is excited to bring you real-time intel from the DeFi front lines, each week as we release new episodes. Stay tuned for more! And don't forget to comment and share your thoughts with us on [**YouTube**](https://www.youtube.com/@alphagrowth/videos), [**Spotify**](https://open.spotify.com/show/3qrkJE2krg8GhYvRrEVj7L?si=de929349abe14525), [**X**](https://x.com/alphagrowth1), [**Apple Podcasts**](https://podcasts.apple.com/us/podcast/dose-of-alpha/id1878202321)⁠. Bring RWAs onchain with AlphaGrowth in 2026: [**alphagrowth.io⁠**](https://alphagrowth.io/). Subscribe for more unfiltered DeFi intel, market maneuvers, and alpha drops! Like & comment your biggest takeaway. SHARE THIS [Share on X](https://x.com/intent/tweet?text=Dose%20of%20Alpha%20Episode%20%236%3A%20Stablecoins%20for%20AI%20Commerce%20%7C%20Interview%20with%20Kory%20Hoang%20and%20Stably&url=https%3A%2F%2Falphagrowth.io%2Fblog%2Fdose-of-alpha-episode-6-stablecoins-for-ai-commerce-interview-with-kory-hoang-and-stably%2F) [Share on LinkedIn](https://www.linkedin.com/sharing/share-offsite/?url=https://alphagrowth.io/blog/dose-of-alpha-episode-6-stablecoins-for-ai-commerce-interview-with-kory-hoang-and-stably/) ## Related news Growth Hacking Market Analysis Podcast [### Hot Takes Cardano Prime builders vol.1 with Alpha Growth](https://alphagrowth.io/blog/hot-takes-cardano-prime-builders-vol1-with-alpha-growth/index.md) Oksana Vlasenko / 2 min / 2 days ago Biz Dev Growth Hacking [### Fund the Founder, Not Just a Code](https://alphagrowth.io/blog/fund-the-founder-not-just-a-code/index.md) Bryan Colligan / 6 min / 4 weeks ago Growth Hacking Real Yield [### Where Whales Look: Getting Your Yield Found](https://alphagrowth.io/blog/where-whales-look-getting-your-yield-found/index.md) Bryan Colligan / 5 min / 4 weeks ago