On this episode of CoinDesk's Public Keys from the New York Stock Exchange, host Jennifer Sanasie sits down with Michael Tannenbaum, CEO of Figure Technology Solutions, to unpack the company's record quarter, its self-described "Rule of 150," and why it sees blockchain as a standardization engine for capital markets.

Then, Lance Vitanza, Managing Director and Senior Research Analyst at TD Cowen, explains why the 2026 digital asset treasury shakeout has clarified the model rather than broken it—and what separates the companies built to last from the rest.

Plus, Sid Coelho-Prabhu, Head of Coinbase Business, breaks down Coinbase's bet on AI agent payments, why stablecoins like USDC are emerging as the currency of agentic commerce, and how the x402 protocol could reshape the way businesses get paid.
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Chapters/Timecodes:
00:00 Welcome to Public Keys
00:20 Figure's Record Quarter and the "Rule of 150"
00:50 Figure CEO Michael Tannenbaum Joins
04:05 Figure as the "Fannie Mae of Blockchain"
06:44 Cutting Diligence Costs and Fighting Loan Fraud
08:10 Unlocking $35 Trillion in US Home Equity
09:57 Responding to the Morpheus Research Report
12:16 The Digital Asset Treasury Shakeout of 2026
12:55 TD Cowen's Lance Vitanza Joins
15:00 Why Strategy Is Built for a Bitcoin Bear Market
17:02 Strive, Smarter Web and Nakamoto in the Win Column
20:00 Treasury Companies vs. Spot Bitcoin ETFs
23:19 Coinbase Bets on Payments from AI Agents
23:41 Coinbase Business Head Sid Coelho-Prabhu Joins
24:45 How AI Agents Are Already Spending Money
27:03 Why Stablecoins Are Winning Agentic Payments
30:25 Inside the x402 Payment Protocol
32:06 What Still Needs Solving in Agentic Payments
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