Brandon and Kate recap their time at Devconnect, share how it shifted their perspective on builders and culture across chains, and then dive into the big news of USDC coming to Stacks via Circle’s new xReserve product. They wrap with a deep dive into mNAV — a metric for valuing Bitcoin treasury companies — and how the “rise and fall” of those premiums tells a story about narratives, risk, and what the market is willing to pay for BTC exposure.

• ✈️ Devconnect recap: energy, builder culture, and how it felt coming from the Bitcoin/Stacks world
• 🤝 Stacks’ presence at Devconnect and interest in Bitcoin DeFi from the wider ecosystem
• 🏦 Circle x Stacks: USDC via xReserve and why “native-ish” issuance matters more than bridges
• 💵 What a USDC-backed stablecoin on Stacks unlocks for users, apps, and BTCFi
• 📉 mNAV explained: how to compare BTC treasury holdings to public market valuations
• 📊 The “rise and fall” of mNAV premiums and what they signal about ETF-era narratives
• 🏢 Nakamoto, MetaPlanet, and the new class of Bitcoin treasury companies
• 🧱 How all of this feeds back into the Stacks and Bitcoin L2 builder story

• 00:01:06 — Friday vibes and intro
• 00:01:52 — Devconnect recap and fresh inspiration
• 00:05:07 — Stacks at Devconnect and interest in Bitcoin DeFi
• 00:05:42 — Circle x Stacks announcement as a major headline
• 00:07:11 — Stacks Hacker House and teams building on Bitcoin L2s
• 00:16:28 — Bitcoin treasury companies, ETFs, and Nakamoto/MetaPlanet
• 00:18:57 — What mNAV is and how to read it
• 00:23:51 — The rise and fall of mNAV premiums in a post-ETF world
• 00:26:43 — Circle’s new xReserve product and USDC on Stacks
• 00:28:21 — aeUSDC today, UX tradeoffs, and what improves with native issuance

Good For Bitcoin is hosted by Brandon Marshall (@marshallmixing) and Kate Parkman (@katemparkman).

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