Signaling Theory
Signaling Theory cuts through crypto’s noise to find the real signals. Host Rex Kirshner joins builders, thinkers, and researchers who are shaping the space for deep, nuanced and informed conversations. Curiosity first, signal over noise.
Latest Episode
Episode 1
Stablecoins: History, Mechanics, Policy w/ Sam Kazemian (Frax Finance)
Stablecoins, then and now. Host Rex Kirshner sits down with Sam Kazemian, founder of Frax, to trace the anthropology of stablecoins from seigniorage-share thought experiments and DeFi flywheels to today’s issuer platforms, “genius-compatible” collateral, and vertically-integrated payment rails. They unpack lessons from the Terra collapse, why Frax split payment vs. yield-bearing units (FRAX vs. sFRAX), and how issuance partnerships became the new Curve wars. The second half gets spicy: stock (TVL/yield) vs. flow (payments/settlement) business models, whether branded stables like Hyperliquid’s USDH make sense, and a pragmatic take on CBDCs (“good” vs. Orwellian versions), exit/rage-quit guarantees back to credibly neutral chains, and what real decentralization must withstand—both technically and societally.