Why ETH-Backed Stablecoins Will Beat Bank-Backed Stablecoins with Michael Svoboda

The Rollup · Feb 10, 2026 · 39m

What if your stablecoin didn't depend on banks or any centralized entity?

Michael Svoboda, Liquity CEO, explains the case for fully decentralized stablecoins: peer-to-peer credit markets where borrowers pay holders directly, 8-15% yields with zero counterparty risk, and true sovereignty.

We cover:

- The Hidden Counterparty Risk in Treasury-Backed Stables

- Why ETH-Backed Stablecoins Offer True Sovereignty

- $10T Monthly Stablecoin Volume Explained

- Peer-to-Peer Credit Markets: Zero Middlemen

- 8-15% Yields Without Banking System Exposure

- Freedom Stablecoins vs Regulated Models

- The Case…