This Stablecoin Will Dominate Crypto! Global Dollar Network (USDG) with Charles Cascarilla
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IT isn't easy to launch a stable point. You seen a lot of people want to stable points, and it's hard for them to get to scale because there is an bad network. And so you get to think long hard about when you want to do IT yourself. Or could you potentially use somebody else is or potentially do something that community going, which is something we just want to ask me.

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Ensure just like a bag. So if you'd like to learn more about uphold, visit the link in the description. Welcome into the thinking crypt al podcast on your host, tony ewart.

And my guest today is Charles casual, who's the CEO and cofounder at paxos. Charles? Welcome back.

Good to see Charles.

Last time we spoke as we were talking before the recording was in twenty two very different environment, a different time in the market, right? But IT seems brighter days are here and ahead of us. Um are you surprised by the growth? This asset class and industry is scene with etf. The stable coin market is booming and much more.

Well, I mean, things have change dramatically in the last six or eight month. And I think what really kick that off was, uh, the big point. I P O, uh, which is the etf launching or etf login. And um that really, I think, set the stage for be going to become a traditional asset that can be held by institutions and a kind of both things open to a where and be very hard online at least now also had a big coin, uh E T S and E E T S uh becoming and of course we now have to change administration and uh this incoming administration is very receptive to craft and has taken a lot of campaign positions that are very proud the industry and so um from the T F through to um uh in bottle out of Prices and uh move for now all time has uh lots of exciting projects. Uh stable coin continuing interaction all the way through to now with the campaign ah there's just been a series of positive events that is really changing the backdating and landscaper to for businesses crypto and for the open environment. Six so child's paxo .

has been a leader in block in infrastructure and helping companies to launch dave coins and much more. Um but since would say twenty twenty two or even twenty twenty three, we've seen a lot of players entered a stable coin market. Uh ripple is gonna around the corner.

Vanek launched a stable coin. There's just a lot of different folks working on different things. Um uh you know is stable coin if if not the well wouldn't say the only but is that the killer APP of blockchain crypt at the moment?

yes. Uh the short answer is yes. Um the reality is everybody wants a dollar. The dollar is a killing product uh for payments and store value um uh for the average person story should say course IT appreciate over time and that's why people on gold or one of for the person in the world, the dollar are much Better currency.

And I think what's exciting about stable points is we're going from solving the u case for cyp to native people where you need a payment action that was twenty four, seven and I. Solving payment use cases for the general society, uh, where they need dollars or they need to move twenty four seven. We need to inanely ly, need to be cheer, need to move and points to me really are that kila there is used every single day, is used in whole sales, used in retail.

Um it's been used in eighty percent of F X transactions, the doors on one side, uh, the transaction. So it's really the lingua franca, if you will, of the financial system. And so having stable points begin to move from proper use cases to everyday use cases to a to payments to, uh, people who are living in countries where you can.

Our account is a tremendous innovation. And you're just at the very beginning because you're talking about not just a hundreds of violence, but think about tens of trillion of dollars if you, uh, look forward five or ten years, it's hard to imagine a world where stable coin is not the mechanism for any fear current to move. Maybe that would be able point as we understand that today could be C, V D sees that could be something completely different. Uh, but it's gonna a be an open uh system for moving payments because nobody wants the financial system that stop on in internet.

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Why get all your holiday decorations delivered through installed? Because maybe you only bought two rats, but you have to whelp windows. Or maybe your toddle got very eager with the advent endor, or maybe the inflated able snowmen didn't make IT through the snowstorm, or maybe the twinkle lights aren't twinkling. Whatever the reason this season, instincts here for host in their whole holiday hall get decorations from the home, deep cvs and moon through instincts, enjoy free delivery on your first three orders.

service fees in terms supply. Now they want to find the system that's opting on the internet and chain enable is safe, secure, central system and open way internet. And that is real game change and stable points are the mechanism to create that change.

absolutely. And Charles, i'm sure you you've seen and heard about this, but they seems there is more dialogue in D. C.

Now as to the importance of A U. S. Dollar back, stable coin or stable coins in preserving the world reserve currency status, which is the U S dollar. Uh what do you think about those conversations that are you know kind unfolding now?

I think it's very important. I think it's an important recognition um that stable coin uh holders um have more U S dollar that then they saw in review. I mean that's enormous a statement.

Uh it's up uh think maybe sixteen or seventeen now terms of uh largest holder will be still going if you talk them as one holistic c and I think that's important because the U S. Is issuing a lot of that and IT needs holders of that, that and central banks generally around the world are selling U. S.

that. But central bank selling is not indication of the demand for U. S. Dollars, retail and even whole sale.

There is more men than ever for us, the average person, once dollars they can get. And the reason is the special banking system is Operating like the post office. IT takes days and days and days four dollars to move and is high fees.

And that doesn't make any sense because all electronic dollars in the bank, we're not trying to move around physical cash. Why are taking as long as a physical world like to post but this and really black, he is now enabling your money to move at the field, the internet, just like anything else. Now don't get me wrong, money is valuable and is regulated.

And so you have to have in an over way that could place, but fundamentally is just like moving an email. And you can put the right structures in place so that I can move like an email yet have other protections. And the way the baking system and the payment system is Operating today, that's not the case and we put turn out traction in place.

But generally, if you want to move money overseas, it's many days. If you want to move money um uh between someone doing a bank account and you you're in pay big fees because of mines and last miles, the way IT works today is anybody with a smart phone can now have a world. And the first thing is in fifteen years the penetration rate of smart phones is eighty five percent of world's population.

Meanwhile, interbank and on bank people still represent about forty thousand, around thirty five to forty percent of the world's population. So the pension rate of snow phones is now higher than people getting adequate banking sources. And baking went around for center and just shows you the distribution mechanism for U.

S. Dollars has not kept up with the demand. People want the product in a different way. And by the way, if the U. S.

Now doesn't provide that, people are going to have to go get somewhere else because that a man is so much that might or or they can use A, C, B from other country. People need opening mechanism that can solve the problems daily lives and the way the dollars Operate today. IT doesn't do that, but stable points offer the capacity for the dollar to do that. And that's really positive for the dollar. In general, you have to have distribution for a great product, others SE you you're going to fall behind and you're a face with a ma and someone is gonna come in and you're going to ruck you yeah .

absolutely well put, IT. And you know we are headed to a more digital world, not a less digital world, to your point, smart phone penetration. H, I see people in developing countries that have smart phones.

They don't even have a computer, but ever a smart one. And the way people transact now digital payments, they want fast, cheap, easy to use and and obviously is the demand for the uh, world reserve currency. So respond on there.

Um what are your thoughts on stable coin legislation that is being worked on here and united states? We saw the E. U. Pass a version that kind of disrupted a bit of what tether was doing there and their positioning in e, in the e what your .

all that well um the U S. Has a little different bills on the stable coin side uh some in the senate um and uh one that has passed through the house financial services committee. And that one is something that was very stronger support and IT created to steal as a clear state pathway for firms to issue stable points.

The reason I think that is so important is because fundamentally stable points are really not rested and they are really not um all that scary. There are six point six trillion dollars of money markets ts. There's also six point three trillion dollars of banking assets that doesn't even go to a ferr regulated institution to thirteen trillion dollars either money market funds or banking assets that uh doesn't have fears overside.

And yet everything is fine and stable. Coin ts are safer. The money market funds, at least when you issue them like tax, does through a trust company or ring fence issue like we do in both out of A V in singapore.

That means if anything happens to paxo, your assets can return immediately. Uh, they are separate from our Operating business. They are held in client name, banker cy protective. Uh, something happens you get to return and that's safer than any other type of, uh, financial asset.

And so it's safe that the money market finds that exist today and certainly saver than having money in the bank where early or take up G, F, T, I, C insurance long. So there's thirteen trillion dollars and they overseen by the fend. We don't think that stable coins need to be overseen by the fed. They just need to make sure that you have a clear set of frameworks that everyone has to follow.

Um like singing is done, like I would have done, like new york is done because buying tea bills and putting them in evolved is about to say to sing in the world and then taking those tea bills and uh creating a stable point of blocking in is also really very simple to do um especially if you have an over uh oversight from a regulator uh and if you're following the right reserve requirements. All the things you need to do now europe has qualified legislation as well, as you pointed out, and that's something that we also want to be with. What unique about paxos that we have a primary regular that oversees each one of our stable points in the new york, singapore.

And that's not true for either circle or title. Uh, i'm not saying there is something wrong with our product. This is that they don't have a regulate. They don't have a regular overseas issuance.

So that makes you a little bit tRicky when you're trying to comply with different jurisdictions rules because you gotto follow the rules of the you, the rules and so are were working on that. I think it's good to have a uh set of rules. Um you know I think certain ones were more support about than others.

But from the very beginning, we've been regulated. Uh, we've first got a new year back in may twenty fifty in the first trust in the whole country that was approved Operating cyp watching. So we have clearly ask for permission, not for forgiveness.

And we've not just done that in the U. S. Around the world.

And so world for IT. But you know not all regulation is for equal. Not all regulation promotes uh, uh, healthy functional market. And that's what we want to make sure exists.

Talk is a bit about the issuance process. And what the regulars want to see is A K Y C A M L also that you have the respective reserves and there's a one to one correlation.

so to speak, I think goes to the key uh outlines. They also want to misery of very Operatin procedure. So um what are in your reserves? How are you making sure that those reserves equal the number of tokens? Uh so I wonder, want that uh and backed by what and back where um what you are diction have held in.

And then when you have customers using the product, who are those customers and what are they using? And these are the key opponents. And then how do you make sure that Operational you can handle different times to rest that might arise uh, whether for redemptions or creations for um uh hot minting and called minting.

And Sarah, so there is a whole number of things that you have to do uh for what like to the simple product. And of course, you need to make sure that you're monitoring your asset is a maintaining pg even out in the broader ecosystem. And so that's a whole process that takes a lot of specification to do, right? Uh, we've done that more than anybody.

So have now issued six different regulated stable points of different kinds. And we even toggle ze U S. Equities in the past.

So we've done so much uh to build a lot of credibility uh around how to do this. And I think that's probably were able to go. And I really have a good influence on the policy making process. But all regulators are concerned with some version of you know reserves, uh, issuance customers.

嗯， you really you mention that this state point, the market doesn't necessarily need to have federal reserve oversight. But do you think here in the united states that because there is so much control of the currency and the world being the world reserve currency as well, that they may want to plugged in to your infrastructure or even the different block chains um to monitor this, know where the current is going, how is moving around the world and so forth, once again, from the government's point of view, I don't person agree with. But you know, I am thinking about the treasury and Janet yelling and these folks, right, maybe part of the problem why they were trying to slow down cyp do through regulators is they don't they they have a blind spot. They don't know where the currently is going.

Yeah look, ultimately the U. S. Government is the issue of dollars and that makes sense that they want know where the dollars are being used.

Ah it's a liability of the U. S. Government and the taxpayers. And so um you know there's process cos around uh the government being able to see where payments are, what they're doing. Um uh that's a different debate from us as an issue and necessarily one that is something that we should be weigh in on.

And so what all the right rules around what should the government know, how do you share information happen to see information every year and we d of course be happy to uh make that available if that what is required. And I think having information sharing is totally find I think there are things that I could do like for instance, allowing uh issuing firms to have master account of the fed, which would be like the having a bank account but having big account the fed. But you just can't go into that me.

We can be borrowing from the fed, but you could have a big cut there. And they there are other countries that have done that for non bank payment surge survivors is but for big england has done revolute has an account and you know you could do that and the fed could see that all of the reserves because they've sitting in their own bank account against what you and to be very simple for them to make sure that you maintain the pig, he would be perfect. Your sure IT profile would be exactly perfect, you know.

But at the end of the day of a stable connections like ourselves and for things, we had to stay for twenty five billion hours outstanding and it's big and we were able redeemed billion dollars in one day on five or six five billion dollars day. So um you run the right profile you can manage this is not all that complex. You own t bills are over my repo overclass by treasury ism and you have an issuance.

And you know people can see what IT is we publish down to the accuse ve number. You can literally see the exact security that we own. Uh we hope that monthly, you know I could be done more frequently.

I know that is a practical, but anyways, you know you can this can be extremely transparent um and of course is not a black change. So that's all public as well. Um so there's is a lot of logic to stable coins. Um I think another thing to really the .

holidays are all about sharing with family meals, couches, stories, grammar, secret beacon pie recipe and now you can also share a cart with instar ds family carts. Everyone can add what they want to one group part from wherever they are so you don't have to go from room to room to find out who wants crawberry sauce or who should get many marshmallows for the ms or collecting votes for sugar cookies versus shortbread. Just share a car and then share the meals in the moments, download the installed up and get delivery in its fastest thirty minutes, plus enjoy free delivery on your first three orders. Service fees and terms apply.

Why get all your holiday decorations deliver through indecent? Because maybe you only bought two rats, but you have twelve windows, or maybe your todgers got very eager with the advent enda, or maybe the inflatable snowman and didn't make IT through the snow, or maybe the twinkle lights aren't twinkling. Whatever the reason this season, instincts here for host in their whole holiday hall get decorations from the home depot VS and more through installed and enjoy free delivery. On your first three orders, service fees in terms .

supply impress upon uh listening is here is the same point. Market uh is clearly getting protraction, but it's also clearly .

very what change .

is going to scale to social White level？ Yes, nobody knows. None could right now. So nobody really knows. What could you want to use another one?

Two, do you create layers and how you going to move trillions and millions and trillions of dollars and transaction every single day? Um uh, I don't think we have the right answer for that. yes.

But I can tell you the private market is going to iterate and figure that out and feel the need to solve customer problems much Better than uh, mature organization that has historically not innovated in at the speed with which the market is moving. And that's why you need the private sector. That's why you need, uh, Steve on issues, but why you also want to have a regular ory framework that creates a set of rules but doesn't stay for innovation.

absolutely. Now you mentioned um you know different l ones and so far last time we spoke and know you guys are primarily using ethier as your help one to issue these stable points. Have you expanded all the block chains like salona and oper?

We have expected we are expecting to uh salona uh arbitrium uh were uh working on a Stellar and polygon. Uh, there is a whole number of chains that we're going to be issuing on over the next h six and twelve months. You always attention between each other chain versus making sure that there is no italian that chain toward all the controls they need to put the place.

And again, because what regulator we go to our regulators and we talk them about the chain, we get IT approved as an issuance mechanism. Um you know and that's different from our regulator along someone to own. The token of the chain is about enabling issues onto the chain.

And I do think that um you IT should probably be little bit easier to issue regulate dollars on more chains. We just saw bit all get issue on a whole number of different chains as an example. That makes sense you know tether, circle or on all kinds of chains um but again, they don't have a regulator that they have to go to in order get a football in order to issue uh is commensurate with the amount of activity that were going to see.

Um but I do think that um uh there's so many different chains that people are on and matting with and using cross chain swap. And there's qualification that's happening for a stable points and uh stable points that are then being rapped into other types of the coins is just prolonged at an enormous rate. Um because, uh, you're able to customize and you know people customize their credit cards in a million ways.

What do they look like? What's going on? Why wouldn't they want to accustomed ze um on their own chain and they do.

Now you guys help paypal to launch P Y U S D. How did that relationship come about and how how did you end up getting the .

execution of this uh going 我 b see something that very exciting uh for us as the issue or and that means uh， in the background, we are running the compliance or running the resort or running the technology uh, for running the procedures. But IT has pay ells name on IT and they are the distribution partner with their name. Now is their asset.

They can go distributed as they like. This is very similar to what they will. Credit cards work.

Uh, there are so many institutions that uh, have credit cards. Almost none of them do IT in the background. They unalike other services like a line state systems or city group or or whatever.

You heard of some of these companies and yet they exist and they provide this uh, widely label service and that's what we've done here. Um we have done other White laws, paths and others. And um to me, this is a really interesting strategy for a company that has a big system.

Um certainly paypal is amongst biggest systems because they have a consumer walls, uh both on the paypal and the venture side and then they have merchants uh that they um uh solve transaction uh processing for and they do that through brain tree and um pay paying others SE. And so they have both sides, and some of the biggest cost for them is their network costs. And if they can get their customers to be able to pay more and stable point, uh, you change your cost substantially.

And now people util has their own strategy for how they they want to handle this. Um but I think you know clearly it's indicative that civil coin's have important place in the payment ecosystem for someone like payable to decide to do that have been a first mover they offer prop to to their customers. Uh years ago coming out of the last pair market and then they launch P Y U C during this past bear market, both times essentially marking the bob uh so they have done some really great innovative things uh, in the current of ecosystem, recognizing how this is going to be the future and IT will change.

Uh, cost of delivery mechanisms are the way in which, uh, customers have a daily interaction and in a very important way. And there are nothing, only one. We conversation of companies almost every day. Uh, would you want to do a stable home? Do you not want to do a stable coin um and that's a trey thing because uh IT isn't easy to want to stable point. You see a lot of people want stable points and it's hard for them to get to scale because Better never work five and so you get to think one hard about what you want to do IT yourself. Could you potentially use somebody else or potentially do something that unity something?

yeah. So on that note is that the global dollar stable coin news, where is back by Robin od crack a crack in exchange and some other uh folks like .

galaxy digit? exactly. And so the way um we've set that community point out is that there two elements.

One is that you have the actual regulated token. U S D G I should have a singapore. It's a dollar stable coin. It's issue e by a ring fence, Sandy. So then IT isn't do anything aside from issue and IT holds dollars and key bills so extremely secure one one back.

And it's a traditional dollar stable point that is potentially regulated by a primary regulator, which is the monteith's simple and we earn a fee as issue. Uh mata, and so that's the token. Then there is the network uh on the world or and that's actually open for any institution or company join so anybody can join.

The large partners were up and crack galaxy polish. There are firms, there are payment companies, there are exchanges, their custodians, anybody can join. And the concept hear is if you're a member of the network, almost all of the interest that we earn on a reserve is returned to the network members.

And that based on assets under custody as well as net minting as well as accepting the stable point and so people can earn interest um in rewards um by any of these different activities. And you're not just limited to one thing are holding baLances IT could be that growing the usages, the network by doing a lot of by receiving the stable coin as a payment mechanism. And so we also reward that as well.

But again, anybody can join. So as an open network, all the economics are returned to the network itself. Uh, we are simply the issue of gross al, member of the network, the suffered and meant to be suffered.

So what would be the benefit of this network um if i'm a lot of microsoft, right, launching my own state coin versus join this network is IT cut in backup law. Become stronger. There's more trust and having more institutions. This is more eyeballs on this and maybe I get a larger network effect.

Well, there's generally, I think two zero to one problems than anyone faces when I want to sample the first zero. One is can get your stem able to recover ze and use your new as you just created and embed IT really well within your systems. And then can you also go out into the broader world and get embody and use on broader basis? And what we found is that there those two problems are um complex, solve even uh for respected institutions.

And you're smaller, you know IT might be easier for you to solve your own network problem, but harder to solve the network. If you're bigger a you know you have more weight, but your internal number problem a quite significant and getting the external one is still meaningful. And that's the whole point of global alon network is everyone is working together.

The network is an open network, so everyone can come in, and so you, of course, I still want to have your own stable coin, and this is not exclusive. You can still use other stable coins, but the point here is that everyone is being rewarded collectively. And as the network grows, that collective pool get bigger figure as IT is allocated.

So um you are getting， I think, um from everything that we see actually Better economics by being part of a network like this. And you would if you just run around, that's always gonna the case. But I think that's generally the case.

And that's why a lot of this is institutions join. Um you know I think that they look and they thought about where what doesn't make the most sense for their businesses. And these are still very significant size institutions and for them being part of this network um was I think the answer .

yeah actually is there a cap to the number participant second uh go on this network or it's not unlimited.

It's unlimited um and everyone has the same terms. Uh so that's a great thing about you join um if you do a lot of activity, uh you can make more than something a lot of activity um and anybody can come on and so there are different tears for activity, but everyone has the same time. The whole point was, uh, this isn't about somebody owning IT. It's about the users getting the return from the world they put in and from users of video.

The holidays are all about sharing with family meals, couches, stories, grammar, secret beacon, pie recipe. And now you can also share a cart with inter cards, family carts. Everyone can add what they want to one group card from wherever they are. So you don't have to go from room to find out who wants cranberry sauce or who should get many marshmallows for the arms or collecting votes for sugar cookies versus shortbread. Share a card and then share the meals in the moment ad and up and in thirty minutes just enjoy free delivery on your first three orders, serves and terms apply.

Why get all your holiday decorations delivered through in card? Because maybe you only bought two rats, but you have twelve windows, or maybe your very eager with the advent calendar, or maybe the inflated able snowmen didn't make IT through the snowstorm, or maybe the twinkle lights aren't twinkling. Whatever the reason this season, instincts here for host in their whole holiday hall get decorations from the home, deep cvs and more through installed, and enjoy free delivery on your first three orders, service fees. In terms supply.

why singapore are not the U. S. Well.

singapore is some place that has put together a framework where makes a lot of sense, is very easy to do something as a global asset that globe globe financial. The reality is the U. S. Hasn't put in the place a stable home framework yet um and so you we're of potential users because ultimately this is a global business. Uh, stable points are a global asset.

And um you know I think there is a really important place for the u plans, but we need retry certainty, reality, clarity, rory, consistency to be able to invest not for just the next six months but the next year and next five years more important than next ten years. This is some very different, you know, for decades. And so when you think in those side of time frames, IT was hard to, yeah, absolutely sense what I love this.

H S, uh, like what I feel more comfortable using a save point where all these participants will know names like Robin. Od, I use Robin hood, I use crack in uh I know about galaxy digital, my regrets and so forth. I'm having these folks backing the network and you know monitoring so to speak, but I feel more comfortable absolutely versus one institution stable coin which may have been launched ah you know sooner oh right, I should say recently. So I love this idea.

And also what's the very important because IT has a final regulator. If something happens, us your access ever turned, you there, your assets, every other stable point. And but of the major ones, you are a creditor of an issuing entity, you're not the owner of the asset.

You are lending money to these institutions. And of course, that doesn't mean that they can pay bad, but it's something was like I could take long time for pay, right? In this case, IT is where.

Money or security also and is sometimes, uh, a little scare, but it's creating accounting certainty. What exactly is that, that you have and all those things come together to create a trust able point that can scale to what I think is a sign one lose. You know, we're not just thinking, you know, how can this work at one billion or ten billion, but how does this work at trillions?

M, absolutely. no. I I read that this is launching any theory. I'm assuming the plan is to have to go to other changes as well eventually.

exactly the first place we launched with the ferry. Um already our ruling is out on other chains. We already issued our other stable coins and chains. So it's just a question of sequencing.

Have a question. This may seem like a weird question, but very curious about IT um and you I think you touch on IT, how do stable coin uh issues like a paypal or U S. How do they make money at interest on the reserves, uh the t bills and also fees on the transaction fees on the blockers?

Yeah I think there's a couple ways you could earn in one does the same in our case, we are earning and as a mazy. So we are mentioned the reserves um we are taking an you really fee just earn all the interests and so you earn the rest, not taking a feet or say you're just keep the interest. Another mechanism could be certain times of transaction fees we don't happen to take in. But first, since you could charge a dentist so you to a and something and if you are charging charge mining be, you could charge certain transaction fees. So um you know that you're doing you could charge not necessarily even for any type of issuance and you're charging infrastructure that are providing A P I calls.

So there are different mechanisms uh, that you could do um I think what we try to do, think about where is the park going, how do you run for creating the ball will be and I think it's um hard to imagine from a historic al analogy standpoint an issue or keeping all the interest IT just doesn't make any sense。 Um to me the whole point of stable points is that you democratize access to the dollar, very powerful, very useful. But when you democratize access, the doll is almost immediately after that, that the question becomes, how do you democratize access to the rest free rate? How can you make IT that anybody can get the rusty rate? Because Frankly, everybody should be able to get the rusty rate.

Why should anybody be able to get the same return and t bills that pushing now you can if you go on money market found, but not if you're keeping your money and something that transaction enable. Uh today if you have your money and bank, you're getting zero two percent interest, the whole sale raters not say five percent. In what world does the retail wholesale spread exist at that wide of a low? You know you're like about sixty seven, a hundred percent difference between the retail all sale that is completely and honister and IT doesn't make any sense because putting your money to bank is not rest free.

You have a rest by running money in a bank. Where is with the stable point? You have no risk.

The risk is the tables that are being held in trust, very, very tiny in the grand less bank and the money market find. So you have basically the safe store in the world paying you potentially the highest return. That's where the financial system to go. That's where you should be for everybody. I can get dollars and I can get the rest free way and you can completely change the financial system and people's lives, their financial lives all over the world. They don't want uh peace so that evaluing they don't want um uh any other free currency where you have potential critical instability in one dollars, but they want also be able to enjoy and we have a math for that and that is actually really good for government issue. He is too good because but so that's necessary power but is still fundamentally what you want as a reserve currency yeah .

that absolutely makes sense. Um try and over ring up in time so I want to ask you about, uh, your outlook for twenty twenty five we ve got a procreate to president. We are appropriate to congress coming in uh and there's bills being worked on in the house and send IT. And so far, are you optimistic that we see you know a crypto boom in twenty twenty five and going into the further years .

we're gonna have a cyp al gold age. Uh, in my opinion, this is gonna be unbelievable. I hope we don't overdo IT as an industry, but this is gonna be phenomenal in terms of how that opens things up.

The U S. Has been lagging behind, uh but IT hasn't in any way uh by any means uh completely from behind. The a and U S.

Puts the right type um incentives in place and companies like ourselves were moving jobs overseas. Um and I think that is an exciting opportunity for the whole instrument for the united states. I think the key thing here is not just having a proper to presidents and a proper to congress, but have proper to regulators.

And of course, because you have proper pal congress and proper administration, you'll end up a proportional regulators. But IT takes time, time. And that means that is not going to be a light switch.

There are certain things like say, S A B one twenty one, some accounting rules or Operates two point, two point, then you can try and like you can real that back in some things might require legislation. I think that means certain is looking probably the end of twenty twenty five made in beginning of twenty twenty sex uh, for getting a bunch of legislation through. But with all of these pieces in place, you can open up the flood gates of opportunity, of projects, of innovation that has been held back really unnecessarily.

Now I think the key is just be making chance to do right, because if you overdo IT, you see you know you saw the season your own demise and that's not healthy. But um you know I would certainly take this open opportunity. And the script gold age all in long over where we just came from over two years， which was you know really um a weapon zone of the regular ory apparate industry and really unjust, an unfair way. And you know we often, but so everybody else in some different level a degree.

Yeah absolutely. I mean, IT was so brutal, but I I think the industry came together, started fighting back, uh, taking cases to to the courts and obsess spending in the election. And uh, we're seeing a big change now. Uh, what's on paxos road for the remainder twenty twenty four and early .

twenty twenty five? Well, we've had a lot that we've done so far in the fourth quarter and even the second half this year. We are yelling a stable coin out uh for U S D L with dollar that pays interest daily.

We have uh launched this uh U S D G in the global network. We also launch our stable infrastructure products um we power strike and that enables uh someone to build a pay for the sample point to a merchant and build settled out, which we do. And we're working on that payments, working on other s tax payment infrastructure here.

And so we have a number of things that were launching to really improve the user experience and scale these products, launch new change more, a lot of things that we need to uh, we spend all this time building into new jurisdictions and building new products, and we're going to keep launching products. But a lot how do we keep solving our customer problems as passage you can the only thing that can make you adoring is your ability to innovate and keep solving your problems because they don't say the same uh, that's the nature of the world we live in. Uh, more than other time. Uh, custom problem change fast and you have to just find the Better or you're going to get off behind.

Charles, amazing. And I need to have you very often because you guys are doing a lot of great things, innovating, working with some very big institutions and launching great products. So uh, is exciting. stop. And thank you so .

much for rejoining me on talking with you. Been long.

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