
Market Cap
Tempo, Borja Neira | Why Liquidity Gets Trapped
On this Market Cap episode, Borja Neira, Institutional Market Structure & Product Strategy at Tempo, joins our Director of Institutional Partnerships, Stefano Sanabria. They discuss why stablecoins have solved only part of the payments stack, and why fragmented settlement rails remain a major source of friction for institutions. They also explore how tokenized money-market funds and more mobile liquidity could reshape institutional cash management and onchain settlement. Chapters 2:34 Why Money's Plumbing Matters More Than Trading 6:57 Why Legacy Firms Don't Need New Financial Rails 10:28 Why Stablecoins Haven't Solved Payments 15:43 Remittance Firms Feel Settlement Friction First 21:45 Stablecoins, MTOs And Correspondent Banks 25:52 Why General-Purpose Chains Still Matter 32:22 Why Money Market Funds Are Financial Plumbing 35:30 How Tokenization Makes Idle Cash More Mobile 40:35 Liquidity Isn't Useful If It's Trapped 45:17 Execution And Settlement Should Be Separated — On Market Cap we speak with firms and individuals to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. Watch the video version: https://x.com/AleaResearch/status/2087555426216972346

