On The Brink with Castle Island
Stepan Simkin (Squads) on Stablecoin-Powered Financial Services (EP.688)
On The Brink with Castle Island
•December 1, 2025•33 min
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On The Brink with Castle Island•Dec 1, 2025
Key Takeaways
- •Squads evolved from multisig wallet to stablecoin financial platform.
- •Altitude offers self‑custodial business accounts for global firms.
- •Programmable on‑chain accounts reduce intermediaries and lower fees.
- •Multi‑currency stablecoins enable hedging and localized payouts.
- •Target customers include crypto startups and globally distributed workforces.
Pulse Analysis
Squads began in 2021 as a simple multi‑signature wallet for Solana protocols, but the company quickly recognized the broader potential of stablecoins as a backbone for corporate finance. By rebranding its business‑focused offering as Altitude, Squads transformed into a stablecoin‑powered financial services platform that delivers self‑custodial accounts, programmable wallets, and treasury tools for enterprises worldwide. This evolution mirrors the rapid shift from legacy banking to decentralized finance, where firms seek faster settlement, lower fees, and direct on‑chain control of assets.
The core of Squads’ value lies in its programmable account layer, which sits closer to the blockchain than traditional custodians or orchestrators. By embedding permissions, workflow automation, and multi‑signature controls directly into smart accounts, Squads eliminates the need for multiple intermediaries such as card issuers, payment processors, and legacy custodians. The result is a streamlined stack that reduces transaction friction, cuts costs, and enables real‑time hedging across multiple stablecoin denominations. Companies can hold USD, EUR, GBP, or emerging currencies like BRL on programmable rails, automatically executing optimal conversion rates before payouts, thereby locking in costs and avoiding spot‑market volatility.
Altitude’s target market spans crypto‑native startups, globally distributed workforces, and traditional businesses entering the stablecoin ecosystem. These customers benefit from a unified dashboard that combines corporate card issuance, invoicing, bill pay, and yield‑earning opportunities without relying on conventional banks. For firms operating in high‑inflation economies, stablecoins provide a reliable store of value and a gateway to U.S. Treasury yields, while multinational teams can settle payroll in local currencies with on‑chain hedging. As the stablecoin infrastructure matures, Squads aims to democratize premium fintech services in under‑banked regions, positioning itself as a critical bridge between decentralized finance and mainstream corporate banking.
Episode Description
Stepan, founder of Squads, sits down with Wyatt on today's episode. In this discussion:
Squads' evolution from a DeFi-facing product to servicing a broader range of companies' asset treasury needs.
What are the pain points of local small-medium businesses?
What is driving the gradual global movement from local currencies into USD stablecoins?
The appetite for safe yield across user types.
Other traditional digital banking players and how they are evolving with technology.
How the stablecoin trend impacts governments.
What happens to local banks?
Show Notes
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