Bitcoin Price Volatility as TradFi Adopts Crypto at a Rapid Pace! Morgan Stanley Digital Asset Lab & Tokenization! の全文書き起こし

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I have an account with itrustcapital. 45 00:02:31.599 --> 00:02:34.419 So I encourage you to go check out itrustcapital, learn 46 00:02:34.460 --> 00:02:36.879 about their services and see if it's right for you. Again, 47 00:02:36.919 --> 00:02:39.240 you can get a $ 100 funding bonus by signing up 48 00:02:39.439 --> 00:02:43.849 via my link, which is itrustcapital.com slash go slash thinkingcrypto. 49 00:02:44.169 --> 00:02:47.030 Link will be in the description. Hey folks, welcome into 50 00:02:47.050 --> 00:02:50.469 the Thinking Crypto podcast, Crypto Water Cooler series, where Amanda 51 00:02:50.509 --> 00:02:53.430 and I dive into the latest crypto news that you 52 00:02:53.469 --> 00:02:56.110 need to know about. Amanda, great to see you. Happy Friday. 53 00:02:56.430 --> 00:02:58.569 Great to see you too, Tony. Lots to discuss. 54 00:02:59.389 --> 00:03:02.509 Yeah, over the past few weeks, there's been an incredible 55 00:03:02.569 --> 00:03:07.330 amount of crypto news, adoption from TradFi institutions, just a 56 00:03:07.430 --> 00:03:11.129 lot happening. More so on the positive side. There's some 57 00:03:11.250 --> 00:03:13.289 negative things, but more so on the positive side. 58 00:03:13.710 --> 00:03:14.770 Yeah, exactly. 59 00:03:14.789 --> 00:03:19.310 Exactly. Well, this morning, Bitcoin not doing too well. In fact, 60 00:03:19.340 --> 00:03:21.960 the entire week, Bitcoin has just been chopping and has 61 00:03:21.979 --> 00:03:25.219 been kind of a big sell off. Bitcoin is back 62 00:03:25.259 --> 00:03:29.699 below $ 81, 000. I'm personally not worried because, you know, Bitcoin 63 00:03:29.740 --> 00:03:34.099 has reclaimed some of the bullish metrics and moving averages. 64 00:03:34.469 --> 00:03:36.990 But obviously, the market being down really sucks. 65 00:03:37.469 --> 00:03:37.949 Exactly. 66 00:03:37.969 --> 00:03:41.110 I think the geopolitical climate we're in right now, obviously 67 00:03:41.150 --> 00:03:45.319 inflation is happening. We know with inflation comes interest rates 68 00:03:45.379 --> 00:03:48.060 that are hiking up. So you have other markets in 69 00:03:48.099 --> 00:03:50.939 South Korea, Japan that are falling. And obviously, crypto is 70 00:03:50.960 --> 00:03:53.159 going to get caught up in that broader risk off move. 71 00:03:53.620 --> 00:03:56.650 I think Ethereum took an even bigger hit than Bitcoin 72 00:03:56.689 --> 00:03:59.849 with this particular sell off. So, you know, the important 73 00:03:59.870 --> 00:04:02.550 thing is here that investors get nervous when the economy 74 00:04:02.610 --> 00:04:05.090 does this and they pull back from any asset that's 75 00:04:05.150 --> 00:04:06.250 considered risky. 76 00:04:06.409 --> 00:04:07.909 It's as we it's so cyclical. 77 00:04:08.990 --> 00:04:13.129 Yeah, it's all cyclical. And soon enough, I believe that 78 00:04:13.509 --> 00:04:16.089 once we're past some of these things, we'll be back 79 00:04:16.170 --> 00:04:19.379 in a rally. But the market's never a rally in 80 00:04:19.420 --> 00:04:22.319 a straight line up. It's always pump, pull back, build 81 00:04:22.360 --> 00:04:25.720 support levels, then pump higher. So this is just another 82 00:04:25.800 --> 00:04:28.240 cooling off phase. And yes, like you mentioned, the macro 83 00:04:28.259 --> 00:04:31.699 factors adding additional weight and pressure. Exactly. 84 00:04:31.720 --> 00:04:35.490 It doesn't invalidate the long-term thesis of Bitcoin itself. Never 85 00:04:35.519 --> 00:04:38.589 really has. It's just this is where the economy is 86 00:04:38.649 --> 00:04:39.069 right now. 87 00:04:39.089 --> 00:04:40.310 Yeah. 88 00:04:40.329 --> 00:04:44.170 And I think with more institutional investors getting involved, you're 89 00:04:44.189 --> 00:04:46.129 going to see more of this because they tend to 90 00:04:46.389 --> 00:04:48.889 operate more so in the macro versus, let's say, the 91 00:04:48.949 --> 00:04:52.589 early adopters of Bitcoin and crypto. They're more, let's say, 92 00:04:52.949 --> 00:04:54.879 have a lot of conviction, like I'm going to hold 93 00:04:54.939 --> 00:04:58.899 long term, right? Maybe holding towards my retirement. Well, a 94 00:04:58.939 --> 00:05:00.980 lot of institutions, they go in and out, right? They 95 00:05:01.000 --> 00:05:04.660 adjust their portfolios and their risk exposures and even the ETFs. 96 00:05:05.060 --> 00:05:06.540 their clients are going to want to go in and out. 97 00:05:07.120 --> 00:05:07.620 Exactly. 98 00:05:07.639 --> 00:05:11.350 And that's really what you should watch for. The institutions, 99 00:05:11.769 --> 00:05:16.709 you know, during the downturn, are people pulling out of Bitcoin? 100 00:05:16.790 --> 00:05:17.829 That's what you watch for. 101 00:05:18.949 --> 00:05:24.180 Absolutely. Now, Coinbase warns Bitcoin needs to prepare for quantum computing. 102 00:05:24.480 --> 00:05:27.819 And look, it's not only Coinbase, excuse me, not only Bitcoin, 103 00:05:28.160 --> 00:05:30.620 every blockchain

needs to prepare for quantum. And in fact, 104 00:05:30.639 --> 00:05:34.110 they need to also prepare for AI. And I'll give 105 00:05:34.129 --> 00:05:37.720 an example. Recently, a bug was discovered on the XRP 106 00:05:37.740 --> 00:05:42.660 ledger that could have minted, Amanda, another trillion or another 107 00:05:42.740 --> 00:05:45.959 billion of XRP tokens. And it was only identified because 108 00:05:46.000 --> 00:05:49.509 of AI tools. Some of the brilliant minds and developers 109 00:05:49.550 --> 00:05:51.610 who worked on it didn't pick it up. And even 110 00:05:51.649 --> 00:05:53.250 the bad actors who've been trying to hack it for 111 00:05:53.290 --> 00:05:55.750 years didn't pick it up. But AI did. So we're 112 00:05:55.810 --> 00:05:59.610 entering this new era where quantum and AI, these blockchains 113 00:05:59.629 --> 00:06:00.829 need to be prepped for it. 114 00:06:01.639 --> 00:06:02.800 Yeah, no, I totally agree. 115 00:06:02.819 --> 00:06:04.740 And I also heard, I think it was the CEO 116 00:06:04.779 --> 00:06:10.100 of Google, that they just launched some technology that they're 117 00:06:10.160 --> 00:06:13.569 seeing is working against quantum and the risk that it poses. So, 118 00:06:14.069 --> 00:06:16.949 you know, there's an important distinction here to make. And, 119 00:06:17.089 --> 00:06:18.990 you know, we're not saying someone can walk into a 120 00:06:19.029 --> 00:06:22.230 lab today and turn on a quantum computer and start 121 00:06:22.290 --> 00:06:26.629 draining Bitcoin wallets. It's a machine capable of breaking through cryptography, 122 00:06:26.870 --> 00:06:29.910 you know, used by Bitcoin at such a huge scale 123 00:06:29.930 --> 00:06:33.500 of that would represent a major breakthrough, but the timing 124 00:06:33.720 --> 00:06:36.199 is really uncertain. So I think the point Coinbase and 125 00:06:36.240 --> 00:06:38.180 a lot of these other companies are raising is that 126 00:06:38.959 --> 00:06:42.240 you cannot wait until that technology is available to start 127 00:06:42.319 --> 00:06:45.459 figuring out how to respond. So we have to upgrade 128 00:06:45.500 --> 00:06:49.970 the blockchain behind cryptography, and it's not as simple as 129 00:06:50.050 --> 00:06:52.990 changing a line of code. So I think developers are 130 00:06:53.029 --> 00:06:55.769 agreeing on these new standards and testing them, making sure 131 00:06:55.810 --> 00:07:00.079 that wallets and exchanges can support them. And Bitcoin has 132 00:07:00.100 --> 00:07:03.279 an additional challenge. It's a decentralized network. You know, there's 133 00:07:03.399 --> 00:07:06.379 no CEO who can announce to everyone that needs to 134 00:07:06.480 --> 00:07:07.800 upgrade by next Tuesday. 135 00:07:07.920 --> 00:07:10.139 So there are challenges. 136 00:07:11.120 --> 00:07:15.240 Yeah, that's a great point. I actually interviewed Neeraj Prasad 137 00:07:15.379 --> 00:07:18.639 of Moonpay, where he brought this up, that, look, the 138 00:07:18.680 --> 00:07:21.620 miners are distributed globally, it's decentralized. So if there was, 139 00:07:21.819 --> 00:07:25.680 let's say, updated mining equipment that was using quantum computing, 140 00:07:26.160 --> 00:07:28.480 how do you get it to all the miners, right? Right. 141 00:07:28.990 --> 00:07:31.569 Ethereum or Solana or the XRP Ledger, you send it 142 00:07:31.629 --> 00:07:35.290 to the hosts, the validators, excuse me, and it's easy 143 00:07:35.329 --> 00:07:40.639 to coordinate versus. So Bitcoin has a bigger challenge to 144 00:07:41.000 --> 00:07:41.459 address this. 145 00:07:41.819 --> 00:07:46.430 Yeah. And then there's the issue of older or inaccessible wallets. 146 00:07:46.470 --> 00:07:49.639 Like what happens? you know, to coins whose owners have 147 00:07:49.680 --> 00:07:52.459 lost their keys. You know, what about wallets that haven't 148 00:07:52.519 --> 00:07:55.939 moved in years? You know, how should the network handle 149 00:07:56.000 --> 00:08:00.279 funds that are about, you know, are more vulnerable under 150 00:08:00.319 --> 00:08:04.300 a future quantum attack? So there's so many technical questions. 151 00:08:05.060 --> 00:08:07.269 And then, of course, you have governance and all these 152 00:08:07.310 --> 00:08:11.689 different securities. So it's everything is trust, trust, trust right 153 00:08:11.730 --> 00:08:13.290 now that I see them reading about. 154 00:08:14.170 --> 00:08:15.629 Yeah. And look, I want to make sure I put 155 00:08:15.649 --> 00:08:19.970 this into context as well. We are obviously focusing here 156 00:08:20.050 --> 00:08:23.310 on blockchain and crypto tech, but I'm not even so 157 00:08:23.329 --> 00:08:25.899 much worried about that as I am the air traffic 158 00:08:25.939 --> 00:08:31.339 control system, the traditional banking system, and just our regular 159 00:08:31.459 --> 00:08:34.419 traffic light system, right? Just the things that make our 160 00:08:34.500 --> 00:08:37.899 society function. If a bad actor has quantum, I don't 161 00:08:37.919 --> 00:08:39.320 think the first place they're going to go is to 162 00:08:39.360 --> 00:08:42.700 attack Bitcoin. They're going to go attack the traditional banking 163 00:08:42.740 --> 00:08:48.000 system because that is less secure than these blockchains using cryptography. Yeah. 164 00:08:48.179 --> 00:08:49.980 And I think that's some of the questions we posed 165 00:08:50.019 --> 00:08:54.179 with previous guests, Tony, is, you know, why hasn't TradFi 166 00:08:54.220 --> 00:08:56.519 just built its own infrastructure? And I think that's because 167 00:08:56.559 --> 00:09:00.039 they're still learning alongside crypto. You know, they're absorbing it 168 00:09:00.080 --> 00:09:04.570 right now. They're a sponge to some of the best builders, developers, 169 00:09:04.950 --> 00:09:07.549 and they're hiring them, they're bringing them in. But I 170 00:09:07.610 --> 00:09:10.289 think they're also waiting

for this industry to still figure 171 00:09:10.330 --> 00:09:13.350 out certain things like quantum, like whatever else comes up 172 00:09:13.929 --> 00:09:16.840 until they finally build that infrastructure in-house. 173 00:09:17.919 --> 00:09:20.909 Yeah, so pretty much everybody, Amanda, has to get on 174 00:09:20.950 --> 00:09:26.029 board and build some sort of quantum resistance because everything 175 00:09:26.090 --> 00:09:30.600 is at risk. I mean, again, just by the electricity grid, right? 176 00:09:31.639 --> 00:09:33.600 Think about how easy it would be quantum to take 177 00:09:33.620 --> 00:09:36.840 that down and just air traffic control and the banking 178 00:09:36.879 --> 00:09:40.000 system and much, much more. So everybody's got to have 179 00:09:40.139 --> 00:09:45.190 something in place to prepare for this. And look, maybe, Amanda, 180 00:09:45.629 --> 00:09:49.480 to your point, They may be looking towards blockchains because 181 00:09:49.720 --> 00:09:53.100 if we're going to a blockchain standard, right, we see 182 00:09:53.120 --> 00:09:56.210 TradFi moving assets on chain and blockchain being used for 183 00:09:56.309 --> 00:10:00.659 data management and more Then the crypto industry would probably 184 00:10:00.700 --> 00:10:04.100 have to set the standard if that's the direction we're 185 00:10:04.120 --> 00:10:04.480 headed to. 186 00:10:04.899 --> 00:10:05.460 No, it's true. 187 00:10:05.679 --> 00:10:08.350 See, this is the pro and the con of moving 188 00:10:08.399 --> 00:10:11.549 so quickly with technology is that it's all great up 189 00:10:11.610 --> 00:10:13.450 until at the flip of a switch, it can all 190 00:10:13.470 --> 00:10:16.169 be turned off. And then we have to figure out 191 00:10:16.230 --> 00:10:19.190 how can we keep moving despite that very quick switch. 192 00:10:20.330 --> 00:10:21.580 And there's so many things like that. 193 00:10:21.629 --> 00:10:23.649 You know, when everybody got on solar, when everybody get 194 00:10:23.740 --> 00:10:27.379 on electric vehicles and everything can just be shut off 195 00:10:27.700 --> 00:10:32.399 and there's no manual fix, you are so reliant and 196 00:10:32.460 --> 00:10:34.860 at the mercy of these higher ups. 197 00:10:36.139 --> 00:10:39.860 Yeah, lots to be figured out. And, you know, it's 198 00:10:40.159 --> 00:10:42.759 the early phase of this new industrial revolution, as I 199 00:10:42.759 --> 00:10:44.539 would like to call it. It's kind of like if 200 00:10:44.580 --> 00:10:46.419 we were to go back in time to the early 201 00:10:47.139 --> 00:10:51.710 1900s where, you know, the first automobiles, first combustion engine, 202 00:10:51.850 --> 00:10:57.629 first electric bulb, electricity poles. It was not pretty. It was, 203 00:10:58.470 --> 00:11:01.210 you know, really clunky, a lot of friction, not safe, 204 00:11:01.509 --> 00:11:03.429 you know, not safe to the standards that we have today. 205 00:11:03.870 --> 00:11:05.690 So we're kind

of in that phase where we got 206 00:11:05.710 --> 00:11:06.889 to figure out a lot of things. 207 00:11:07.289 --> 00:11:07.490 Yeah. 208 00:11:07.509 --> 00:11:11.200 Yeah. Now, we got to talk about Patrick Witt, the 209 00:11:11.320 --> 00:11:14.399 White House executive director, or I should say the executive 210 00:11:14.419 --> 00:11:17.690 director of the President's Council of Advisors for Digital Assets. 211 00:11:18.169 --> 00:11:22.230 He has left his role. And obviously, I think he 212 00:11:22.269 --> 00:11:24.789 would have loved to leave with the Clarity Act passed, 213 00:11:24.840 --> 00:11:26.059 but unfortunately, that didn't happen. 214 00:11:26.480 --> 00:11:29.399 Yeah, I think his his his leave comes at a 215 00:11:29.440 --> 00:11:33.019 very interesting time or maybe difficult time, I should say, 216 00:11:33.490 --> 00:11:36.129 you know, with the Clarity Act still stalled in the Senate. 217 00:11:36.169 --> 00:11:38.950 I think you have the crypto community, especially that's kind 218 00:11:38.970 --> 00:11:43.429 of in this weird limbo, you know, very, very divided 219 00:11:43.509 --> 00:11:46.389 right now. So I think it was very strange also 220 00:11:46.429 --> 00:11:48.480 how it was reported. I think it was Eleanor Tara 221 00:11:48.519 --> 00:11:51.100 who kind of first brought it to light and almost 222 00:11:51.120 --> 00:11:53.919 asked tweeting at him going, you know, he's not saying anything. 223 00:11:53.940 --> 00:11:56.039 And then he was almost forced to say that he left. 224 00:11:56.919 --> 00:11:59.500 So a lot of people are wondering, you know, is 225 00:11:59.539 --> 00:12:04.139 the White House just done with this as a priority? 226 00:12:04.159 --> 00:12:07.649 Are they no longer prioritizing crypto? It's yeah, it's very strange. 227 00:12:08.669 --> 00:12:11.610 Yeah, it's weird how that wrapped up. But I do 228 00:12:11.669 --> 00:12:14.629 have to say Patrick was slated to leave earlier this year. 229 00:12:15.149 --> 00:12:18.070 He extended his stay to try to get the Clarity 230 00:12:18.129 --> 00:12:22.490 Act done. But unfortunately, you know, politics got in the 231 00:12:22.529 --> 00:12:25.220 way with the midterm elections coming up. So I've seen 232 00:12:25.289 --> 00:12:28.620 folks like Patrick McHenry and some others say that potentially 233 00:12:28.639 --> 00:12:31.299 there's an opportunity to move the bill, the Clarity Act, 234 00:12:32.379 --> 00:12:35.679 after the midterms in the lame duck session. So fingers 235 00:12:35.759 --> 00:12:38.190 crossed that happens, but it's tough. 236 00:12:38.769 --> 00:12:39.049 I know. 237 00:12:40.029 --> 00:12:42.269 One thing I am happy about is, you know, I 238 00:12:42.309 --> 00:12:45.009 think I've said this before, that the two entity of 239 00:12:45.129 --> 00:12:48.179 crypto and the White House and what we do, you know, 240 00:12:48.220 --> 00:12:50.679 with legislation, I I do think we need to start 241 00:12:50.740 --> 00:12:52.980 separating church and state here a little bit. So I 242 00:12:53.120 --> 00:12:55.919 am happy that that unraveling is starting to happen, whether 243 00:12:55.960 --> 00:13:00.279 it's conscious or not, like it's people are doing this intentionally. 244 00:13:00.299 --> 00:13:03.210 I think I realize we need this legislation. 245 00:13:03.269 --> 00:13:04.129 It has to happen. 246 00:13:04.509 --> 00:13:06.789 But I think to the point we got wrapped up 247 00:13:06.830 --> 00:13:10.230 in this administration did us a little bit of a disservice. 248 00:13:11.570 --> 00:13:16.539 Yeah, I 100% agree with you. And I can't wait 249 00:13:16.580 --> 00:13:20.129 till there's a complete separation to your point. We are 250 00:13:20.210 --> 00:13:23.049 just focused on building and adoption, and it's not the politics. 251 00:13:23.080 --> 00:13:24.840 And it's not, what is the White House doing? It's not, 252 00:13:24.899 --> 00:13:27.600 what is the Senate? No, everybody's just building. What is 253 00:13:27.639 --> 00:13:33.019 the cool technology we're building? What are the TradFi institutions doing? 254 00:13:33.360 --> 00:13:34.779 That's the point where we want to get to. 255 00:13:35.039 --> 00:13:35.570 Exactly. 256 00:13:35.590 --> 00:13:40.370 And speaking of TradFi institutions, we had some of the 257 00:13:41.090 --> 00:13:44.450 most bullish and incredible news over the past few weeks. 258 00:13:44.850 --> 00:13:47.070 I'll read them off just because there's so many. Morgan 259 00:13:47.090 --> 00:13:50.220 Stanley said, said they're launching their tokenized equities in Q1 260 00:13:50.559 --> 00:13:53.980 of 2027. They also just launched a digital asset lab 261 00:13:54.000 --> 00:13:56.610 where they're going to have people at the firm go 262 00:13:56.620 --> 00:14:00.450 in and experiment with blockchain technology and much more. Wells 263 00:14:00.549 --> 00:14:03.490 Fargo is in talks with Kraken's parent company for crypto 264 00:14:03.549 --> 00:14:08.809 trading liquidity. Citibank expanded its Coinbase partnership to power stablecoin 265 00:14:08.830 --> 00:14:12.429 payments for businesses. And there's banks around the world in 266 00:14:12.500 --> 00:14:15.240 South Africa and Russia and more that are adopting crypto 267 00:14:16.149 --> 00:14:18.549 It's incredible to see these big names integrating crypto. 268 00:14:19.009 --> 00:14:22.480 Yeah, I see this as just part of the larger 269 00:14:22.539 --> 00:14:27.679 transition where Wall Street's adopting blockchain technology, but selectively. And 270 00:14:27.720 --> 00:14:31.440 we've had those conversations with previous guests. It's providing a 271 00:14:31.580 --> 00:14:34.450 clear commercial advantage here. I mean, the digital asset lab 272 00:14:34.490 --> 00:14:37.350 that Morgan Stanley launched which Jamie Dimon, where are you? 273 00:14:37.360 --> 00:14:40.500 How are you feeling, Jamie? You know, this is huge. 274 00:14:40.519 --> 00:14:43.889 Like

you're seeing these huge global banks and asset managers 275 00:14:43.909 --> 00:14:47.269 that are creating these incubator programs. You know, Franklin Templeton 276 00:14:47.309 --> 00:14:51.470 has theirs. And I think it's great because they're not, 277 00:14:52.009 --> 00:14:55.620 you're seeing they're not just focused on, you know, tokenization 278 00:14:55.840 --> 00:15:00.019 or stable coins. Now they're invested in these applications as well. 279 00:15:00.080 --> 00:15:04.539 They are creating an entire department and hiring from the 280 00:15:04.620 --> 00:15:09.269 point of just, again, absorbing and bringing this all in-house. 281 00:15:10.700 --> 00:15:15.139 Yeah, it's fascinating. They're all in this race now. Before, 282 00:15:15.159 --> 00:15:16.919 you know, a lot of people, well, I should say, 283 00:15:17.860 --> 00:15:19.879 in the years before, there was a lot of misconception 284 00:15:19.940 --> 00:15:23.240 around crypto, that it was a scam. You know, Larry 285 00:15:23.299 --> 00:15:25.740 Fink of BlackRock, he was saying it was an index 286 00:15:25.779 --> 00:15:29.200 for money laundering back in 2018. And now they're all 287 00:15:29.539 --> 00:15:32.059 in this race. They've all got their strategy. You're just 288 00:15:32.100 --> 00:15:35.340 seeing week after week, month after month. new updates and 289 00:15:35.500 --> 00:15:37.720 they have their target dates that they want to launch 290 00:15:38.279 --> 00:15:41.419 their products into production. It's, it's incredible. 291 00:15:42.080 --> 00:15:43.019 It really, no, it is. 292 00:15:43.220 --> 00:15:47.549 And it's, it's, it, without TradFi, I don't know what 293 00:15:47.590 --> 00:15:50.009 would have become of crypto. You know, this, this gave 294 00:15:50.070 --> 00:15:53.970 us so much credibility, so much legitimacy, even without legislation, 295 00:15:54.009 --> 00:15:56.389 the fact that they're absorbing it at the rate that 296 00:15:56.429 --> 00:15:59.470 they are and the amount that's happening and being adopted 297 00:15:59.490 --> 00:16:03.149 and being launched, you know, the tools and the applications and, and, 298 00:16:03.440 --> 00:16:06.789 The departments, it's it really it's it's more I think 299 00:16:06.830 --> 00:16:10.429 it's more impactful than any legislation right now, simply because 300 00:16:10.850 --> 00:16:13.769 the more applications that are launched, the more we'll understand 301 00:16:13.789 --> 00:16:15.389 the rules of the road to propose. 302 00:16:16.389 --> 00:16:18.629 Yeah. And then, you know, we've talked about it before. 303 00:16:18.750 --> 00:16:20.620 The average Joe and Jane, I think of like my 304 00:16:20.649 --> 00:16:22.679 mom and dad, they're not going to go to Coinbase 305 00:16:22.720 --> 00:16:24.769 to buy crypto. But are they going to go to 306 00:16:24.789 --> 00:16:27.230 their bank, which they trusted for so long, which holds 307 00:16:27.269 --> 00:16:30.759 their money, right? Or their brokerage account or investment account? 308 00:16:31.080 --> 00:16:32.620 That's what a firm they've been with for a long 309 00:16:32.659 --> 00:16:35.039 time has their retirement. Yeah, they would go through them 310 00:16:35.460 --> 00:16:37.399 easily to get exposure to crypto. 311 00:16:37.860 --> 00:16:38.759 Yeah, it's so funny. 312 00:16:38.779 --> 00:16:40.539 I was having that conversation with a friend of mine 313 00:16:40.580 --> 00:16:43.279 who he's Gen Z and he just couldn't. Why would 314 00:16:43.419 --> 00:16:46.259 why would someone go through Fidelity when they could just 315 00:16:46.299 --> 00:16:48.659 go to, you know, and he's naming these apps that 316 00:16:48.679 --> 00:16:51.129 and I said what you just said would make zero 317 00:16:51.190 --> 00:16:52.129 sense to a boomer. 318 00:16:53.690 --> 00:16:56.409 You know, I'm not getting on the casino and putting 319 00:16:56.429 --> 00:16:57.110 my money there. 320 00:16:57.169 --> 00:17:00.789 So, yeah, even like after boomers is Gen X, right? 321 00:17:01.149 --> 00:17:03.090 If I'm not before before boomers. 322 00:17:03.190 --> 00:17:08.049 Yeah, Gen X. Yeah, so even Gen X, I would say, 323 00:17:08.069 --> 00:17:13.769 or right, boomers, then Gen X, then Gen Alpha or millennials, 324 00:17:14.349 --> 00:17:17.130 then yeah. So yeah, even Gen X, I think would 325 00:17:17.170 --> 00:17:20.970 go the route of those trusted institutions because obviously older, 326 00:17:21.009 --> 00:17:23.109 they've been with some of these institutions for a long time. 327 00:17:23.690 --> 00:17:26.009 So yeah, I think there's a big part of the 328 00:17:26.130 --> 00:17:29.750 population that won't go to a crypto exchange or crypto platform. 329 00:17:29.769 --> 00:17:31.069 They'll go to the TradFi folks. 330 00:17:31.369 --> 00:17:34.779 Yeah, and I think the crypto folks are understanding that. 331 00:17:34.890 --> 00:17:37.859 They're understanding that they've needed, because you see what Brian 332 00:17:37.900 --> 00:17:41.619 Armstrong's doing to Coinbase as a brand and what he's created. 333 00:17:41.700 --> 00:17:46.660 And they understand that they've lost an entire demographic, once again, 334 00:17:46.779 --> 00:17:49.289 to trust. It all comes down to trust. 335 00:17:50.150 --> 00:17:52.089 Yeah, and to your point, that's why they're working with 336 00:17:52.109 --> 00:17:55.789 these banks now. They're like the white label service, right? 337 00:17:55.890 --> 00:17:58.710 The crypto as a service where BlackRock is using it, 338 00:17:58.769 --> 00:18:02.509 Citibank we just mentioned. PNC, JP Morgan. So they're going 339 00:18:02.549 --> 00:18:04.769 to power a lot of these things, which absolutely makes sense. 340 00:18:04.869 --> 00:18:06.349 It's a smart, smart move on their part. 341 00:18:06.769 --> 00:18:09.380 Circle's doing the same thing. Yeah, it's very smart. 342 00:18:10.420 --> 00:18:13.980 Now, something that's really cool and close to home for me,

343 00:18:14.220 --> 00:18:17.759 Samsung phones with the Samsung wallet, they're going to integrate 344 00:18:17.779 --> 00:18:21.869 the USDC stablecoin and it's going to be built on Solana. 345 00:18:22.130 --> 00:18:24.809 I think other blockchains eventually, but this is a huge 346 00:18:24.950 --> 00:18:28.779 on-ramp because I have a Samsung phone has a Samsung wallet, 347 00:18:28.839 --> 00:18:30.329 and I can't wait to test this out. 348 00:18:31.049 --> 00:18:34.230 I'm an Apple girl, but I do know Samsung has 349 00:18:34.250 --> 00:18:38.289 the best camera from what I understand. No, I think 350 00:18:38.309 --> 00:18:41.029 it's absolutely amazing and it just makes it more accessible. 351 00:18:41.869 --> 00:18:44.970 Sounds like it's also in more than 60 countries from 352 00:18:44.990 --> 00:18:48.410 what I read. So the initial launch is planned for 353 00:18:48.430 --> 00:18:51.710 the last week of this month. And it's, you know, 354 00:18:52.420 --> 00:18:54.819 I think it's getting to one of the biggest challenges 355 00:18:54.859 --> 00:18:57.619 crypto has faced, the user experience. How do we bring 356 00:18:57.660 --> 00:19:01.480 this to the masses without having to over-explain what it is? 357 00:19:01.559 --> 00:19:04.839 And this is exactly it. Nobody had to over-explain Facebook 358 00:19:04.859 --> 00:19:07.180 when it launched. You just, you know, you went on, 359 00:19:07.279 --> 00:19:09.789 you were prompted to log in and you started using it. 360 00:19:09.859 --> 00:19:12.299 And I think this is where that starts when you 361 00:19:12.339 --> 00:19:14.440 have giant companies like Samsung. 362 00:19:15.390 --> 00:19:19.250 Yeah, absolutely. And it goes back to the TradFi example 363 00:19:19.289 --> 00:19:22.549 we were talking about. The trust is there. The user 364 00:19:22.589 --> 00:19:25.089 experience is already there, right? So crypto doesn't need to 365 00:19:25.130 --> 00:19:27.710 create a new app per se to have people go 366 00:19:27.769 --> 00:19:31.220 download it, but simply integrate it into something that billions 367 00:19:31.279 --> 00:19:32.099 of people already have. 368 00:19:32.619 --> 00:19:36.220 Exactly. No, it's hitting the everyday consumer. And so I 369 00:19:36.259 --> 00:19:39.440 think Brilliant on Samsung's part. I also know Samsung has 370 00:19:39.480 --> 00:19:43.250 been partnered with Bastion for a long time. So I 371 00:19:43.269 --> 00:19:45.130 guess this has been in the works for, you know, 372 00:19:45.190 --> 00:19:48.059 who knows how long. um but bastion's doubled down and 373 00:19:48.180 --> 00:19:51.500 you know stable coins and and creating that economy so 374 00:19:51.519 --> 00:19:54.960 they're this is this is really really big and congrats 375 00:19:54.980 --> 00:19:57.890 to bastion i think we're interviewing their their ceo next 376 00:19:57.950 --> 00:19:59.210 week next friday. 377 00:19:58.910 --> 00:20:01.769 Yeah for sure so we'll get all the details of 378 00:20:01.789 --> 00:20:03.849 how this is how this came about how it's all 379 00:20:03.869 --> 00:20:09.930 going to function exactly It's exciting. Now, speaking of USDC 380 00:20:10.009 --> 00:20:14.500 and stablecoins, Circle, the issuer of USDC, becomes Europe's first 381 00:20:14.559 --> 00:20:19.420 significant e-money token under the MECA regulations. So there's a 382 00:20:19.480 --> 00:20:22.069 lot happening in Europe. Europe already has their version of 383 00:20:22.089 --> 00:20:23.750 the Clarity Act passed. For those who don't know, it's 384 00:20:23.789 --> 00:20:28.759 called the MECA legislation. And They're doing a lot with stablecoins. 385 00:20:29.140 --> 00:20:32.319 Circle is benefiting from this significantly, but Tether, unfortunately, it 386 00:20:32.339 --> 00:20:33.869 looks like they're going to get kicked out because they've 387 00:20:33.880 --> 00:20:38.450 already had issues there. But this is huge for Circle. Oh, yeah. 388 00:20:38.750 --> 00:20:42.890 And stablecoins, as we know, are increasingly being used for payments, trading, 389 00:20:42.910 --> 00:20:47.089 you know, moving value. So as that grows, regulators want 390 00:20:47.109 --> 00:20:50.140 to make sure that issuers have appropriate reserves and can 391 00:20:50.180 --> 00:20:52.099 meet their obligations to their holders. 392 00:20:52.640 --> 00:20:53.880 So it's very significant. 393 00:20:54.039 --> 00:20:58.660 It, you know, it reflects a regulatory time that a 394 00:20:58.700 --> 00:21:02.059 token has reached a level of, you know, importance that 395 00:21:02.160 --> 00:21:03.940 warrants this kind of attention. 396 00:21:04.180 --> 00:21:08.910 So it's secure. Again, trust. It's all coming down to trust. 397 00:21:09.809 --> 00:21:11.650 Yeah. And then, you know, going back to the theme 398 00:21:11.710 --> 00:21:15.210 of the masses adopting this technology, many people would want 399 00:21:15.250 --> 00:21:18.009 to know, is this okay with the government? Is it copacetic? 400 00:21:18.089 --> 00:21:19.549 Or is this, if I use this, am I going 401 00:21:19.569 --> 00:21:22.079 to be in trouble? So The government's giving the rubber 402 00:21:22.099 --> 00:21:24.819 stamp of approval will help boost adoption overall. 403 00:21:25.220 --> 00:21:25.460 Yeah. 404 00:21:25.900 --> 00:21:28.480 And I think the stablecoin market isn't just about which 405 00:21:28.559 --> 00:21:32.640 token has the largest market capitalization. It's really about which 406 00:21:32.759 --> 00:21:37.819 issuers can build trust with the exchanges, with banks, the consumers, 407 00:21:37.839 --> 00:21:38.549 your regulators. 408 00:21:38.619 --> 00:21:42.210 So this is really a huge competitive story. 409 00:21:42.250 --> 00:21:46.150 If a business wants to use stablecoins for cross-border payments 410 00:21:46.269 --> 00:21:49.509 or whatever, it's a major part of the decision. 411 00:21:50.930 --> 00:21:56.049 Yeah, absolutely. And it goes back to that

distribution aspect. 412 00:21:56.369 --> 00:21:59.950 And we're seeing these consortium stablecoins being built, like the 413 00:22:00.059 --> 00:22:03.440 Open Standard or Open Dollar, Global Dollar Network. They have 414 00:22:03.500 --> 00:22:07.640 big companies that are part of the consortium. And I'm 415 00:22:07.700 --> 00:22:11.019 curious to see over time how they take market share 416 00:22:11.500 --> 00:22:15.640 and if they're able to maybe dominate because so many 417 00:22:15.680 --> 00:22:18.859 businesses are part of that ecosystem. They can easily get 418 00:22:18.920 --> 00:22:22.200 adoption to millions of customers. But that's TBD, you know, 419 00:22:22.220 --> 00:22:23.059 to see how it plays out. 420 00:22:23.500 --> 00:22:25.299 We'll see. We'll have to see how that plays out. 421 00:22:25.339 --> 00:22:26.559 But yeah, that's interesting. 422 00:22:27.119 --> 00:22:30.250 Yeah, it's good. I mean, this is good for the consumer, right? 423 00:22:30.750 --> 00:22:34.589 Competition is good. And make sure everybody puts their best 424 00:22:34.609 --> 00:22:36.730 foot forward and does right by the customer. Because if 425 00:22:36.769 --> 00:22:39.710 you don't, this competitor is ready to steal your customers. 426 00:22:39.890 --> 00:22:40.109 Yeah. 427 00:22:40.359 --> 00:22:42.980 Well, my hope is this boosts the economy. This brings 428 00:22:43.059 --> 00:22:43.460 us back. 429 00:22:43.500 --> 00:22:46.400 You know, the rise in stable coins brings back the 430 00:22:47.000 --> 00:22:48.720 power of the United States dollar. 431 00:22:49.779 --> 00:22:53.039 Yeah. And boy, there's a whole podcast we could do 432 00:22:53.279 --> 00:22:57.059 on the geopolitical layers to this because, you know, China 433 00:22:57.099 --> 00:23:00.059 has their digital yuan. I know Russia has the digital ruble. 434 00:23:00.680 --> 00:23:04.440 So they would love to have the world reserve currency mantle. Right. 435 00:23:04.569 --> 00:23:08.869 But the U.S., you know, passing the genius ad, getting 436 00:23:09.410 --> 00:23:13.289 a lot of the stable coins pushed via the public 437 00:23:13.529 --> 00:23:17.529 market or the private market is really good for them 438 00:23:17.849 --> 00:23:19.569 and us maintaining that status. 439 00:23:19.869 --> 00:23:23.450 Yeah, and the more brands or companies, corporations like Samsung 440 00:23:23.470 --> 00:23:28.769 that keep coming out and doing this, there won't be 441 00:23:28.910 --> 00:23:31.410 betting on if clarity gets passed. There will have to 442 00:23:31.490 --> 00:23:35.359 be regulation in place simply because of who's behind it. 443 00:23:36.660 --> 00:23:42.579 Yeah, absolutely. Now, something that's both bad and good, Ledger, 444 00:23:43.019 --> 00:23:47.329 the crypto wallet firm, So unfortunately, there were some folks 445 00:23:47.390 --> 00:23:52.230 who were resellers in the South Asian market who tampered 446 00:23:52.809 --> 00:23:55.130 with the Ledger devices. And

unfortunately, a lot of people 447 00:23:55.170 --> 00:23:59.740 lost their crypto. But then Ledger just yesterday unveiled a 448 00:23:59.839 --> 00:24:04.200 smartphone-style crypto wallet amid security concerns. But I felt it 449 00:24:04.240 --> 00:24:07.619 was bad timing. There was no gap. I'm not going 450 00:24:07.640 --> 00:24:10.539 to be excited about this if I know potentially a 451 00:24:10.579 --> 00:24:12.910 lot of their devices could be tampered with. and they're 452 00:24:12.950 --> 00:24:14.890 still trying to figure out that situation. So it seems 453 00:24:14.930 --> 00:24:16.410 kind of messy here, just bad timing. 454 00:24:16.710 --> 00:24:19.950 Yeah, the timing creates a credibility challenge for Ledger, for sure. 455 00:24:20.130 --> 00:24:22.450 It needs to show customers that the new device is 456 00:24:22.509 --> 00:24:26.369 more than just this product announcement, and that it's supply chain, 457 00:24:26.450 --> 00:24:31.809 anti-tampering protections. And at the same time, I wouldn't automatically 458 00:24:31.869 --> 00:24:34.779 conclude that every Ledger device is compromised. I think the 459 00:24:34.859 --> 00:24:40.859 report incident concerned tamper devices distributed through particular channels, So 460 00:24:40.900 --> 00:24:44.980 Ledger says its own systems weren't breached, I think. So 461 00:24:45.000 --> 00:24:47.140 the larger lesson to me is that security needs to 462 00:24:47.160 --> 00:24:52.119 cover the entire customer journey, you know, from manufacturing and 463 00:24:52.160 --> 00:24:54.980 distribution to set up an ongoing use. And that's really 464 00:24:55.019 --> 00:24:57.460 what they need to clarify more than just pushing out 465 00:24:57.500 --> 00:24:59.349 this new product launch. 466 00:25:00.269 --> 00:25:03.009 That's such a great point, right? Because you can put 467 00:25:03.049 --> 00:25:06.150 out this amazing product, but if you have these scammers 468 00:25:06.170 --> 00:25:09.549 who are resellers, pretending to be resellers, and they're tampering 469 00:25:09.589 --> 00:25:11.880 with devices that People are at the end of the day, 470 00:25:12.019 --> 00:25:13.380 they don't know better. And they're like, oh, I'm going 471 00:25:13.400 --> 00:25:15.700 to put my crypto on this wallet. And then they 472 00:25:15.740 --> 00:25:17.220 lose it. Come on. Yeah. 473 00:25:17.700 --> 00:25:19.220 It wasn't clear. It wasn't clear. 474 00:25:19.240 --> 00:25:24.299 Like, I understood why, but that was very poorly pushed out. 475 00:25:25.539 --> 00:25:28.960 Yeah. And this is where, like, I feel, don't get 476 00:25:28.980 --> 00:25:32.880 me wrong, bad things and issues happen in traditional tech 477 00:25:32.920 --> 00:25:35.740 and TradFi, but not so much like this. I feel 478 00:25:35.779 --> 00:25:38.160 like if this was done by a traditional financial company 479 00:25:38.240 --> 00:25:40.380 or tech company, it wouldn't be this messy. 480 00:25:40.950 --> 00:25:44.579 No,

and that's another problem that we have. There aren't 481 00:25:44.740 --> 00:25:49.220 as many compliance standards in place. There are so many 482 00:25:49.279 --> 00:25:51.519 hoops that you have to jump through just to get started. 483 00:25:51.539 --> 00:25:54.750 And we know this, just having these people on the podcast. 484 00:25:55.750 --> 00:25:58.109 Before you publish an interview with Ryan Rugg, it has 485 00:25:58.150 --> 00:26:00.569 to go through so many people, and then you're able 486 00:26:00.609 --> 00:26:02.390 to edit it down to a place where they feel 487 00:26:02.410 --> 00:26:03.180 you can publish it. 488 00:26:03.549 --> 00:26:06.210 So imagine something like this going out. 489 00:26:06.259 --> 00:26:11.670 There's no way. Yeah. And this is where I think 490 00:26:12.369 --> 00:26:15.410 you had mentioned before, TradFi coming in will help crypto 491 00:26:15.430 --> 00:26:17.529 to mature and grow and get to that place where 492 00:26:18.269 --> 00:26:19.930 we have less and less of these things. And like 493 00:26:19.950 --> 00:26:23.289 I said, I'm going to be wrong. Issues happen in 494 00:26:23.369 --> 00:26:27.690 other industries and mature industries, but the point is less. 495 00:26:28.150 --> 00:26:29.150 Yeah, no, I agree. 496 00:26:29.190 --> 00:26:33.160 It's going to hold this industry accountable, the accountability that 497 00:26:33.180 --> 00:26:34.799 we have needed for a long time. 498 00:26:34.819 --> 00:26:36.200 Oh, for sure. 499 00:26:36.220 --> 00:26:36.299 Yeah. 500 00:26:37.369 --> 00:26:42.519 Jumping ahead, so Ripple integrates Stripe-owned Preview wallets for XRP 501 00:26:42.579 --> 00:26:45.799 and AI payments. We're seeing a lot of folks are 502 00:26:45.960 --> 00:26:48.680 setting up for the agentic economy, building crypto wallets for 503 00:26:48.740 --> 00:26:53.299 AI agents, building blockchain rails for AI agents. It's really exciting, 504 00:26:53.779 --> 00:26:58.400 and I can't wait to see these things deployed. I 505 00:26:58.440 --> 00:27:00.559 want to test it and have it. Go book me 506 00:27:00.599 --> 00:27:03.690 a flight. Go find me the cheapest agent. like go 507 00:27:03.710 --> 00:27:06.559 shop for this product and find me the most reasonable 508 00:27:06.619 --> 00:27:07.559 price and things like that. 509 00:27:08.160 --> 00:27:11.109 Yeah, I think the AI agent part is just amazing. 510 00:27:11.140 --> 00:27:13.940 I think that's going to be huge. I just wish 511 00:27:14.009 --> 00:27:16.250 people would stop putting into their brand, you know, the 512 00:27:16.309 --> 00:27:19.690 agentic law firm, the agentic this, they, because that's such 513 00:27:19.730 --> 00:27:23.990 a temporary marketing ploy that's going to be lost very 514 00:27:24.049 --> 00:27:27.349 quickly because it will just be, it'll be integrated into 515 00:27:27.509 --> 00:27:28.970 everyday websites. 516 00:27:28.990 --> 00:27:29.740 You're already seeing it. 517 00:27:29.769 --> 00:27:32.109 If you log onto Facebook, you know, now you have Muse, 518 00:27:32.170 --> 00:27:35.250 the integration of that you have, everything has been so, 519 00:27:35.950 --> 00:27:38.680 I don't think I log onto a website anymore without 520 00:27:38.740 --> 00:27:40.480 having like a little chat box come up. 521 00:27:40.519 --> 00:27:41.740 That's AI generated. 522 00:27:41.759 --> 00:27:41.839 Yeah. 523 00:27:42.349 --> 00:27:43.869 So it's great. 524 00:27:44.670 --> 00:27:47.460 Yeah, it's popping up everywhere. Like even if you go 525 00:27:47.480 --> 00:27:49.420 to Google and you search something, you know, Gemini is 526 00:27:49.460 --> 00:27:51.920 giving you the, instead of like the website results, it's 527 00:27:51.960 --> 00:27:55.099 giving you like a summary. And I've literally found myself 528 00:27:55.220 --> 00:27:57.960 not even going to websites anymore because I'm getting all 529 00:27:57.980 --> 00:27:59.569 the information from the AI summary. 530 00:27:59.630 --> 00:28:03.230 No, it's true. But sorry, back to, you know, the 531 00:28:03.250 --> 00:28:07.289 Privy wallets for XRP. And I think this is, Just great. 532 00:28:07.329 --> 00:28:10.119 And I know we'll be at Ripple Swell end of 533 00:28:10.150 --> 00:28:12.279 this month. I'm sure they'll be discussing it a lot. 534 00:28:12.299 --> 00:28:14.480 We'll be sitting down with a lot of people as well. 535 00:28:15.200 --> 00:28:19.599 We'll be able to discuss this. But it really, I mean, 536 00:28:19.640 --> 00:28:22.660 imagine having an AI agent that helps run your business. 537 00:28:22.829 --> 00:28:26.970 It needs access to data, purchase computing resources, which I 538 00:28:27.009 --> 00:28:30.529 just heard actually data centers is everything right now for compute. 539 00:28:30.589 --> 00:28:33.029 And I just, I think it was the Anthropic that 540 00:28:33.130 --> 00:28:36.960 they have now discovered a way to between networks for 541 00:28:37.160 --> 00:28:41.099 AI to become interoperable. So basically, any smart device, the 542 00:28:41.200 --> 00:28:43.500 AI agent will be able to run outside of the 543 00:28:43.539 --> 00:28:45.660 data center. Now, I'm sure there's going to be a 544 00:28:45.799 --> 00:28:47.640 whole lot of issues, you know, because then there's the 545 00:28:47.700 --> 00:28:49.440 fear mongering of super intelligence. 546 00:28:49.500 --> 00:28:51.480 And how does it stay within the networks? 547 00:28:51.519 --> 00:28:53.779 And it's not going to jump on to my, you know, 548 00:28:53.819 --> 00:28:55.980 because how many people have smart devices in their homes 549 00:28:56.049 --> 00:28:58.490 now where they're like, hey, Google, do this or hey, Alexa, 550 00:28:58.529 --> 00:29:01.259 do that, you know. And so can this AI agent 551 00:29:01.299 --> 00:29:05.240 go into other devices simply because it can? But it'll 552 00:29:05.259 --> 00:29:08.700 be interesting because with the rise of data centers, what 553

00:29:08.740 --> 00:29:09.700 does that look like? 554 00:29:10.019 --> 00:29:10.599 I don't know. 555 00:29:11.319 --> 00:29:14.980 But here again, I think that's going to prove very 556 00:29:15.039 --> 00:29:18.839 effective for something like wallet integration. Yeah. 557 00:29:19.519 --> 00:29:22.049 Well, I don't think, correct me if I'm wrong, the U.S. 558 00:29:22.069 --> 00:29:26.109 has passed any type of AI legislation as yet, right? No, no. Yeah. 559 00:29:26.869 --> 00:29:29.190 So kind of like crypto, they got to get to 560 00:29:29.750 --> 00:29:34.750 that point for AI to pass, to protect consumers. Look, 561 00:29:34.789 --> 00:29:37.069 the technology is here to stay. We have to integrate 562 00:29:37.109 --> 00:29:39.450 with it, but we got to find a balance, right? 563 00:29:39.579 --> 00:29:42.200 We got to put the legislation in place to exactly 564 00:29:42.220 --> 00:29:46.059 what you're saying, control where the AI agent goes, what 565 00:29:46.400 --> 00:29:49.839 data it can access, our privacy, right? How does it 566 00:29:49.900 --> 00:29:54.400 abide by the constitution? There's so many moving parts and 567 00:29:54.420 --> 00:29:55.089 components to this. 568 00:29:55.509 --> 00:29:58.630 Yeah, privacy is a gray area for sure, especially with 569 00:29:58.670 --> 00:30:01.269 social media nowadays. It's like, what is privacy to you? 570 00:30:02.630 --> 00:30:03.650 It's very interesting. 571 00:30:04.369 --> 00:30:07.930 Yeah, and that's where I think blockchain will help to 572 00:30:07.990 --> 00:30:12.700 police AI, honestly, to have the cryptography layer in place 573 00:30:12.740 --> 00:30:16.859 that they can't go past these guardrails. So I think 574 00:30:17.279 --> 00:30:19.779 these technologies are going to converge and they're going to 575 00:30:19.819 --> 00:30:20.480 benefit each other. 576 00:30:20.960 --> 00:30:21.839 Exactly. No, I agree. 577 00:30:22.000 --> 00:30:26.279 And even stablecoins as well, that's running on the blockchain 578 00:30:26.299 --> 00:30:32.569 infrastructure behind that. The AI-driven payment ecosystem will be so 579 00:30:32.730 --> 00:30:35.630 safe for that very reason. So people building any sort 580 00:30:35.670 --> 00:30:39.069 of financial applications or what have you, I think that's 581 00:30:39.089 --> 00:30:42.049 going to be a very meaningful new source of payment activity. 582 00:30:42.069 --> 00:30:43.109 Oh, yeah. 583 00:30:43.150 --> 00:30:46.910 Yeah, it's going to be huge. While I do believe 584 00:30:47.759 --> 00:30:49.839 some AI agents will be using credit card, but if 585 00:30:49.880 --> 00:30:54.240 you're going to a 24-7 market and doing global commerce 586 00:30:54.289 --> 00:30:56.650 and things like that, stable coins are going to be 587 00:30:57.029 --> 00:31:01.210 the big part of it. Speaking of payments, and this 588 00:31:01.250 --> 00:31:04.390 is the final item here, Solana announces major upgrade targeting 589 00:31:04.390 --> 00:31:10.119 150 millisecond transaction finality. This is huge. It's called Alpenglow upgrade. 590 00:31:10.559 --> 00:31:14.839 It's slated for October 21st, and it's aiming to reduce 591 00:31:14.980 --> 00:31:19.170 the transaction finality as mentioned. So This is huge. Speed 592 00:31:19.230 --> 00:31:22.029 is so critical for adoption. So massive for Solana. 593 00:31:22.529 --> 00:31:25.210 To put that into perspective, we're talking about a fraction 594 00:31:25.230 --> 00:31:27.710 of a second in terms of speed. So, you know, 595 00:31:27.759 --> 00:31:30.579 with the goal being to make transactions reach their final 596 00:31:30.640 --> 00:31:34.660 state much faster, which, again, is useful for the payments, trading, 597 00:31:35.079 --> 00:31:38.259 applications being built, like I mentioned. You know, but it 598 00:31:38.319 --> 00:31:41.279 is worth explaining the difference between like a transaction being 599 00:31:41.339 --> 00:31:45.500 processed and then a transaction reaching finality. So a transaction 600 00:31:45.539 --> 00:31:48.690 might appear to go through quickly. But finality is when 601 00:31:48.710 --> 00:31:52.440 the network considers it settled, which that's what people are 602 00:31:52.480 --> 00:31:56.160 reliant on for anything that they're doing. So Alpenglow is 603 00:31:56.240 --> 00:31:59.779 designed for this very reason. And I think beyond just 604 00:31:59.799 --> 00:32:03.579 the technical community, you have blockchain networks wanting to support 605 00:32:03.619 --> 00:32:07.619 that type of consumer payment. This is not just, you know, 606 00:32:07.900 --> 00:32:10.880 speed alone is not always just enough, but the network 607 00:32:10.920 --> 00:32:14.059 still needs to remain reliable, secure. So there's a bunch 608 00:32:14.079 --> 00:32:16.680 of things here that are going to make a huge difference. 609 00:32:17.819 --> 00:32:22.339 Absolutely. And this absolutely matters to TradFi, right? They don't 610 00:32:22.359 --> 00:32:25.220 want to be bogged down and a network get clogged 611 00:32:25.279 --> 00:32:27.670 and they can't get stuff done. They're looking for, I've 612 00:32:27.690 --> 00:32:29.789 seen a lot of people talk about this atomic settlement 613 00:32:30.490 --> 00:32:33.569 and no more, you know, this is again, the theme 614 00:32:33.609 --> 00:32:37.650 of going to 24-7, 365 markets, no more T plus three, 615 00:32:37.730 --> 00:32:40.839 T plus one, no instant settlement. And, but to your point, 616 00:32:41.099 --> 00:32:44.259 the blockchains need to be able to accommodate that. And 617 00:32:44.720 --> 00:32:46.599 if Solana is able to do this, this will give 618 00:32:46.640 --> 00:32:47.420 them a huge advantage. 619 00:32:47.779 --> 00:32:50.940 Yeah. And there's no, you know, the fact that there 620 00:32:50.960 --> 00:32:53.089 are two, I think this is going to start a 621 00:32:53.130 --> 00:32:56.730 domino effect for other blockchains. I really, if this upgrade, 622 00:32:57.049 --> 00:33:01.930 if this upgrade strengthens Solana's position with payments and other throughput, 623 00:33:01.950 --> 00:33:04.559 whatever they use it for, you're going to, I think 624 00:33:04.579 --> 00:33:06.660 you're going to see a lot of other people starting 625 00:33:06.700 --> 00:33:07.779 to compete with speed. 626 00:33:08.519 --> 00:33:08.859 Yeah. 627 00:33:09.599 --> 00:33:09.819 Yeah. 628 00:33:09.920 --> 00:33:12.940 Big race happening with these blockchains as they all look 629 00:33:12.960 --> 00:33:15.599 to cater for mass adoption for TradFi and more. 630 00:33:15.960 --> 00:33:16.400 Exactly. 631 00:33:16.420 --> 00:33:19.480 Yeah. Well, Amanda, lots of news items. I'm sure we're 632 00:33:19.500 --> 00:33:21.980 going to have a lot more when we next meet 633 00:33:22.039 --> 00:33:25.559 because the race is heating up here. Crypto is getting 634 00:33:25.599 --> 00:33:28.970 adoption globally by big institutions. But folks, thank you for 635 00:33:29.049 --> 00:33:30.630 tuning in. We'll catch you in the next one. 636 00:33:31.009 --> 00:33:31.710 Catch you next time. 637 00:33:31.750 --> 00:33:32.190 Thanks, Tony.