What happens when privacy, programmable money, and artificial intelligence collide?

In this episode of Privacy Podcast, host Ben Schiller sits down with Gordon Liao, Chief Economist and Head of Research at Circle, to explore how stablecoins are reshaping global finance, and why privacy is becoming essential for institutional blockchain adoption.

Drawing on his experience at the Federal Reserve, the CFTC, Uniswap, and now Circle, Gordon explains why stablecoins have evolved far beyond digital payments into programmable financial infrastructure powering the next generation of commerce.

The conversation also examines Circle's new approach to blockchain privacy, balancing confidentiality with regulatory compliance, and why optional privacy may be the key to bringing traditional financial institutions on-chain.

Finally, Gordon shares his outlook on AI agents, programmable money, and how autonomous software could soon become one of the largest users of stablecoins.

The conversation explores:

• Why stablecoins have evolved beyond payments into programmable financial infrastructure
• How Circle's ARC Privacy aims to balance privacy with regulatory compliance
• The role of trusted execution environments (TEEs) in protecting blockchain transactions
• Why institutions require privacy before adopting public blockchain technology
• The tradeoffs between transparency, market efficiency, and confidentiality
• How decentralized finance changes traditional financial risk models
• The impact of emerging stablecoin regulation and global adoption
• Why AI agents may become the next major users of stablecoins and blockchain networks

Why This Matters
Stablecoins are quickly becoming a foundational layer of the global digital economy—but their long-term success depends on balancing innovation with privacy, transparency, and regulatory compliance. As institutions, governments, and AI-powered systems increasingly transact on blockchain networks, the infrastructure supporting those transactions must evolve to meet real-world business needs. This conversation explores how programmable privacy, trusted financial infrastructure, and emerging regulation could shape the future of digital finance, offering valuable insights for anyone working in blockchain, financial services, cybersecurity, or enterprise technology.

🔗 About the 👤 Guest
Gordon Liao is Chief Economist and Head of Research at Circle, where he leads research on stablecoins, digital assets, and blockchain-based financial infrastructure. Prior to Circle, he held roles at Uniswap Labs, the Federal Reserve Board, and the U.S. Commodity Futures Trading Commission (CFTC). His work focuses on financial markets, digital payments, decentralized finance, and the future of programmable money.

LinkedIn: Gordon Y. Liao

X (Twitter): @gordonliao

Personal Website: gliao.xyz

Circle Profile: Circle

Arc (Circle's Layer-1 Blockchain): arc.io

About the Show
The Privacy Podcast by Miden explores the intersection of privacy, identity, and emerging technologies. Hosted by Ben Schiller, the show brings together builders, regulators, and thinkers shaping what comes next in a world where data is power.

Executive Producer Michele Musso
Edited by the Musso Media Team
Music: licensed.
All rights reserved. ©2026 Musso Media