E602 | David Sutter, OpenTrade & Itxaso del Palacio, Notion: Stablecoin Yield, Real-World Assets & the Future of Embedded Finance

EUVC

Welcome back to another EUVC Podcast, where we gather Europe’s venture family to share the stories, insights, and lessons that drive our ecosystem forward.

Today we dive into the mainstreaming of stablecoin yield with David Sutter, CEO & Co-founder of OpenTrade, and Itxaso del Palacio, GP at Notion Capital. With $11M raised in just six months, transaction volumes already topping $200M, and growth at 20% month-on-month, OpenTrade is one of the fastest-scaling fintech infrastructure plays in Europe. But this is about much more than another fintech: it’s about embedding yield into the financial internet, bridging stablecoins with real-world assets, and building institutional-grade trust for millions of users across Latin America and Europe.

🎧 Here’s what’s covered:

• 00:00 Introduction: Andreas sets the stage on stablecoin yield; welcomes David (OpenTrade) & Itxaso (Notion).
• 05:00 OpenTrade Origins: David on early stablecoin work, the “yield gap,” and why embedded yield is the next frontier.
• 10:00 Why Notion Invested: Itxaso explains the fintech infra angle, regulatory tailwinds, and parallels to prior bets.
• 15:00 Stablecoins & AI: How AI agents will need financial rails, and why stablecoins are the only money fit for machines.
• 20:00 The B2B2C Model: Why OpenTrade scales via fintech partners, lessons from Circle & Stripe.
• 25:00 Real-World Asset Yield: Treasuries, commercial paper, trade finance, private credit, and DeFi strategies.
• 30:00 Traction & Growth: $200M processed, $65M balances, 20% MoM growth — early but fast-scaling.
• 35:00 Investor Diligence: Itxaso on team quality, regulatory strategy, asset transparency, and Notion’s conviction.
• 40:00 Scaling Priorities: David on building the right team, institutional safeguards, and systems for growth.
• 50:00 Closing Reflections: Investor opportunity in crypto infra, regulation as an enabler, and why “now is the time.”