Stack Chats Episode 2: Custody, Compliance, and Building Open Networks for Stablecoin Payments

In this episode of Stack Chats, a new video series from Notabene, Pelle sits down with Anoosh Arevshatian, CPO of Zodia Custody, to talk about the complex world of custodial services in the digital assets space. Anoosh shares a custodian’s perspective on key management versus custody, the accelerating involvement of banks, and what it takes to enable compliant value transfer across a fragmented ecosystem. Watch the full episode below:

As stablecoins move from niche crypto use cases into mainstream financial infrastructure, institutions are rethinking how value moves across borders, how assets are secured, and how compliance can be built directly into digital networks. Pelle and Anoosh discuss the role of custodians, the rise of institutional blockchain adoption, and why open networks may ultimately unlock the full potential of stablecoin payments.

📌 Topics include:

• The role of custodians in digital asset infrastructure
• Why stablecoins have reached product-market fit
• Open versus closed payment networks
• Institutional adoption of digital assets
• The future of interoperability and on-chain finance

Pelle and Anoosh begin by exploring how custody has evolved beyond simple wallet management into a critical layer of institutional infrastructure. Their conversation then expands into stablecoins, compliance, network effects, and the future of financial services. What follows is a breakdown of the key themes discussed throughout the episode.

Custody is more than wallet management

One of the first topics Anoosh addresses is the difference between a wallet provider and a custodian.

While wallet providers focus primarily on key management, custodians operate a much broader infrastructure stack. Beyond securing assets, custodians are responsible for governance, reporting, accounting, insurance, policy controls, and operational workflows that allow institutions to interact safely with markets, counterparties, and liquidity providers.

As institutions enter the digital asset space, these additional layers become increasingly important. Custody is no longer just about holding assets securely. It is about providing the operational framework that enables organizations to use those assets safely and at scale.

For firms moving into stablecoins and digital assets, custody has become foundational infrastructure rather than a standalone service.

Institutional adoption is accelerating

Zodia Custody was founded by a consortium of major financial institutions, giving Anoosh a unique perspective on how traditional finance has approached digital assets over the last decade.

According to Anoosh, one of the most significant shifts has occurred over the past year. What was once largely a market of crypto-native participants is increasingly attracting banks, financial institutions, and regulated financial service providers.

As regulatory frameworks continue to develop across multiple jurisdictions, digital asset strategies are becoming a board-level priority. Institutions that may have previously viewed digital assets as experimental are now actively evaluating how stablecoins, tokenized assets, and blockchain infrastructure fit into their long-term plans.

For many organizations, the question is no longer whether digital assets matter. The question is how quickly they can build the capabilities needed to participate.

Stablecoins have found product-market fit

The conversation naturally turns to stablecoins, which both Pelle and Anoosh see as one of the clearest success stories in the digital asset ecosystem.

While early cryptocurrencies struggled to gain traction for payments, stablecoins are increasingly being used for real-world financial activity. Cross-border payments, trade finance, treasury operations, and B2B transactions are all emerging as practical use cases where stablecoins deliver measurable advantages.

Businesses are increasingly using stablecoins to move value globally, reduce friction in cross-border transactions, and create more efficient payment workflows.

Rather than replacing every existing payment rail, stablecoins are creating a new layer of financial infrastructure that complements traditional systems while introducing greater speed, flexibility, and global accessibility.

As regulation matures and payment providers continue building around stablecoins, adoption is likely to expand further across both traditional finance and crypto-native markets.

Open networks versus closed loops

A major theme throughout the discussion is the distinction between open and closed financial networks.

Closed-loop systems operate within a defined set of participants, often controlled by a single institution or platform. Open networks, by contrast, allow a broader ecosystem of participants to interact through shared standards and protocols.

Pelle argues that many of the most successful financial and communications networks in history have benefited from open participation. Stablecoins and blockchain infrastructure create an opportunity to build similarly open systems for global value transfer.

Anoosh emphasizes that success depends on more than simply allowing access. Open networks must also support strong standards, participant requirements, compliance controls, and incentives that encourage responsible participation.

The challenge is finding the right balance between accessibility, security, compliance, and usability. The organizations that solve this balance effectively may help define the next generation of payment infrastructure.

Beyond the US dollar

Anoosh and Pelle also discuss how today's stablecoin market remains overwhelmingly dollar-denominated. While this structure makes sense for trading markets that benefit from concentrated liquidity, payments may evolve differently.

Pelle suggests that payment flows could eventually become more efficient through direct liquidity pairs between local currency stablecoins rather than routing everything through a US dollar intermediary.

This could create new opportunities for regional payment corridors while reducing unnecessary conversion steps.

Anoosh agrees that this evolution will be worth watching, particularly as wholesale foreign exchange markets increasingly explore on-chain settlement models. How banks, market makers, and payment providers adapt to these new liquidity structures may become one of the defining questions for the next phase of stablecoin adoption.

Compliance as infrastructure

Compliance is often viewed as a regulatory obligation, but Anoosh describes it as a core design principle.

From Zodia's earliest architecture decisions, security and compliance were embedded directly into the platform. Systems were designed to minimize unnecessary human intervention, provide clear transaction authorization processes, and create auditable controls around asset movement.

This compliance-by-design approach mirrors the philosophy behind Notabene's work. Rather than treating compliance as a separate layer added after the fact, both companies view it as a foundational component of trusted digital asset networks.

As more institutions enter the market, this approach becomes increasingly important. Strong compliance frameworks help create confidence among participants while enabling larger volumes of real-world financial activity to move through blockchain networks.

Building connectivity instead of silos

Another recurring theme is interoperability.

Today, many relationships across the digital asset ecosystem remain highly bilateral, requiring individual integrations between custodians, exchanges, wallet providers, payment companies, and other participants.

Anoosh argues that the industry will ultimately benefit from moving toward network-based connectivity models that allow participants to interact through shared standards rather than maintaining countless one-to-one integrations.

This shift from bilateral connections to network-based connectivity mirrors how payment systems and financial messaging networks evolved over time.

The result could be a more efficient ecosystem where institutions can connect to many counterparties through a smaller number of trusted infrastructure layers while maintaining appropriate compliance controls.

New blockchains are competing to solve real problems

The discussion also explores the growing number of blockchain networks being built specifically for payments and institutional finance.

From payment-focused chains to institutional networks like Canton, developers are experimenting with different approaches to privacy, scalability, interoperability, and compliance.

Rather than viewing this fragmentation as a problem, Anoosh sees it as a sign of healthy innovation. Different networks are optimizing for different use cases, and infrastructure providers must remain flexible enough to support multiple ecosystems.

For custodians and compliance providers, success depends on remaining chain-agnostic while helping users navigate an increasingly diverse blockchain landscape.

What the next three years could look like

Looking ahead, both Pelle and Anoosh expect the pace of innovation to accelerate.

On the retail side, new stablecoins, blockchain networks, and financial products continue to emerge at remarkable speed. On the institutional side, banks, payment service providers, exchanges, and fintech companies are all exploring how digital assets fit into their future business models.

Anoosh believes one of the biggest questions will be how these different participants converge. Banks bring trust, capital, and regulatory experience. Fintechs bring agility. Crypto-native companies bring innovation and new business models.

The future is unlikely to belong exclusively to banks, fintechs, or crypto-native companies. Instead, it will be shaped by the organizations that successfully combine trust, compliance, connectivity, and innovation.

What remains clear is that stablecoins, digital assets, and blockchain infrastructure are moving steadily toward the center of global finance. The next phase will be defined by the networks, standards, and partnerships that make those systems work at scale.

Episode breakdown

Here is a quick minute-by-minute guide to the conversation:

00:00 - 03:30
Introductions and the role of digital asset custodians. Anoosh explains the difference between wallet providers and custodians and why custody requires much more than key management.

03:30 - 06:15
Institutional adoption accelerates. How banks and traditional financial institutions are developing digital asset strategies and preparing for long-term participation.

06:15 - 08:45
Stablecoins find product-market fit. Cross-border payments, trade finance, and B2B transactions emerge as leading use cases.

08:45 - 12:05
Open versus closed networks. The benefits and trade-offs of open financial infrastructure, tokenized deposits, and stablecoin ecosystems.

12:05 - 16:15
Compliance as infrastructure. Why security and compliance must be built directly into digital asset systems from the beginning.

16:15 - 20:00
Interoperability and network effects. Moving beyond bilateral integrations toward shared infrastructure and network-based connectivity.

20:00 - 22:45
The rise of specialized blockchains. Canton, payment-focused chains, and the growing diversity of blockchain infrastructure.

22:45 - End
The next three years. Predictions for stablecoins, institutional finance, interoperability, AI, and the future of global financial infrastructure.

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🎙️ Stack Chats is Notabene’s video series for product leaders, fintech builders, and infrastructure innovators shaping the next generation of blockchain-based payments.

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