Blockchain, Stablecoins, and the Next Wave of Financial Innovation

October 16, 2025

Hosted by: Lam-Larsen FinTech Initiative, San Francisco State University (Director Todd Feldman) and CAFIN, UC Santa Cruz (Co-Directors Nirvikar Singh and Galina Hale)

Speakers: Chris Larsen (Ripple), June Ou (Figure Technologies)

Moderator: Sameet Mehta (Granite Hill Capital)

(June Ou is a member and Sameet Mehta is the chair, of the CAFIN Advisory Board)

The Lam-Larsen Fintech Initiative and CAFIN (UCSC) welcomed three distinguished leaders shaping the financial technology landscape for an insightful discussion on “The Future of Finance.” The event drew a packed audience of students, faculty, and industry guests eager to learn how blockchain, tokenization, and stablecoins are transforming the financial system. One student summed it up simply: “This was the best event I’ve attended on campus so far.”

Blockchain and the Meaning of ‘Truth Over Trust’

June Ou, Co-Founder and President of Figure Technologies, opened by reflecting on her 25 years in financial technology and the company’s mission to prove blockchain’s value to traditional finance. Figure began by reimagining lending systems—starting with home equity lines of credit (HELOCs)—to demonstrate how financial assets could be placed on-chain for greater transparency and efficiency. “The blockchain is the truth,” Ou explained. “It’s not about trusting intermediaries—it’s about verifying data that everyone can see.” By putting loan assets, perfection, trading, and financing processes on blockchain, Figure enables real-time visibility and efficiency. The company now applies the same model to commercial loans and other asset classes, emphasizing that the process of lending—not the size of the loan—is where blockchain creates the greatest value.

Ripple’s Vision: A New Asset Class and Global Payments Revolution

Chris Larsen, Executive Chair and Co-Founder of Ripple and an SFSU alumnus, spoke about crypto as a fundamentally new asset class—one that shares characteristics of both gold and bonds, but is unlike anything else. “Crypto isn’t here to replace the dollar,” Larsen said. “It’s a supplemental asset that adds efficiency, transparency, and access to the global economy.” Ripple’s focus remains on making cross-border payments faster and cheaper while advancing tokenization. Larsen highlighted upcoming projects, including efforts to tokenize real estate assets in San Francisco’s Tenderloin district and carbon credits for verifiable, permanent climate impact records. He emphasized that stablecoins and crypto are complementary, not competitive. Stablecoins—backed by liquid U.S. dollar assets—offer global accessibility and financial stability, while cryptocurrencies introduce a decentralized layer of innovation and new forms of value.

The Future of Stablecoins and Banking

Both speakers underscored how stablecoins could modernize payments and reduce friction in banking. June Ou noted that opening a traditional bank account or transferring funds through ACH or wire systems can take days. Stablecoins, by contrast, enable instantaneous settlement—“you can literally see the money move.” Ripple’s Larsen emphasized that stablecoins preserve the benefits of fiat currency—policy backing, trust, and price stability—while unlocking flexibility and global reach. However, both cautioned that compliance and cooperation with banks are essential for fintech to scale responsibly. “Fintech should be about fixing the engines of finance, not creating parallel institutions,” June Ou said.

Democratizing Access to Capital

June Ou also discussed the potential of tokenization to democratize lending and investment. By enabling community-level participation in traditionally warehoused assets, blockchain can expand access to capital and create new pathways for inclusion. Larsen echoed this, pointing to how tokenization could reshape real estate markets, empowering tenants to earn equity through vesting or shared ownership.

Challenges Ahead: User Experience and Security

Both speakers stressed that user experience and security remain critical hurdles for blockchain adoption. Wallet creation, asset management, and custody solutions must become as seamless as email before mass adoption occurs. At the enterprise level, reliability is paramount—financial institutions need blockchain systems that are as stable as Gmail, Larsen said. On security, they noted that while layer-one blockchains have proven resilient, applications built on top can still be vulnerable.

Lessons for Students: Risk, Resilience, and Innovation

The session closed with advice for students. “Failure is a great teacher,” Larsen said. “When you’re young, you have nothing to lose. San Francisco is one of the best places in the world to fail fast and bounce back.” The speakers encouraged students to remain curious, take calculated risks, and build the tools that will define finance’s next chapter.

Acknowledgments

The Lam-Larsen Fintech Initiative and CAFIN extend their deepest gratitude to Chris Larsen, June Ou, and Sameet Mehta for their time, insight, and generosity. Special thanks to Sameet Mehta, who also serves as Chair of the CAFIN Advisory Board, for moderating the conversation with clarity and energy, and to Kirtee Mehta for beautifully capturing the event through photography. We also thank Ripple for its ongoing support—its generous XRP donation has made events like The Future of Finance possible, providing invaluable experiences for students and faculty alike. We would also like to thank SFSU staff including Time Ubungen and Sukhie Deep Kaur Bal, and the new SFSU blockchain club for their support in taking photos, taking notes, asking questions, and doing event management. Without the student support the event would not have been as successful. Thank you, Lisa Ruiz, Omar Ferrufino, Loc Li, Kenny Estrella, Jose Hernandez, and Justin Calderon.