WEBVTT

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The total amount of US dollar right
now. It just US dollar loan in

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the world. If you look at
M zero, M one, M two

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money supply, that's like twenty one
to twenty two trillion dollars. So why

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am I saying this? I'm saying
this because like we're not so much thinking

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about oh my god, how is
this going to compete with, you know,

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USDC and USDT, but more about
like, hey, this pie is

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going to grow so much better,
bigger right than it is right now.

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This content is brought to you by
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Please visit bitgo dot com link in the

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description. Welcome into the Thinking Crypto
Podcast. I'm your host, Tony Edward.

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With me today is Marcus Infinger,
who is the SVP at Ripple X

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Marcus. Great to have you on. Hey, Tony, thanks so much

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for having me on. And yeah, hi, hi to everybody out there.

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Yeah, Marcus, I'm excited to
speak with you. Obviously, Ripple

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has the launch of a stable coin
on its horizons, and I have a

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lot of questions for you on that, but I would love to get to

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know you a bit better. Tell
us about your background and where you're from.

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Yes, so I'm from the middle
of Heidilands. I was born and

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raising, Switzerland, six hundred meters
above sea level, six hundred people village,

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more cows than humans. And yeah, beautiful panoramic views on the mountains.

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Only now I realize you know how
marvelous actually that spot is. Yeah,

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that's awesome. And as far as
your professional background, I notice you

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spent time at Credit Sueeze. Tell
us a bit about that. Oh man,

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you're throwing me onder the bus like
a few minutes in. You start

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with Credit Suite. Actually, my
career started with UBS and by the way,

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for the record, UBS is still
alive and obviously, as you know

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many of you out there, no
UBIS has aquired Credit Sueeze. But yeah,

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I you know, I spent most
of my career actually our credits is

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absolutely right. I was in for
an exchange, working from the trading force,

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advising customers on for an exchange,
training strategies, leading teams, and

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then at some point came to London. Now, what was your first encounter

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with bitcoin or cryptocurrencies and what was
your ahamo? My first encounter was me

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being very ignorant about it, and
that taught me like a pretty yeah,

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a pretty serious less It was back
in twenty thirteen, twenty fourteen. I

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was at Credit Suez and it was
one of the you know it guys nerds

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talking to me about bitcoin and started
like kind of debate. You know,

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I'm in foreign exchange. How we're
dealing like with billions of dollars every day?

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You want to teach me about money, you want to debate you get

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amount money. At some point I
ran out of the arguments and I was

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just like, you know, it
left me wondering, but it, you

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know, unfortunately didn't left me curious
enough to really dive into the rabbit hole

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there. It's definitely something I'll remember
for the rest of my life. Always

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listen, you know, to nerds
and then, you know, back in

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twenty seventeen, that's when I really
got into the rabbit hole. I've been

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in there ever since. Now.
You have a lot of experience in trad

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five. I love you. If
you can tell us a bit about the

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contrast I work in TraFi and now
in the crypto blockchain industry, and maybe

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this this question kind of answers itself, but what are the things you see

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that crypto solves that some of the
problems you encountered in the past. Yeah,

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So if I reflect on sort of
like my last five years in the

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financial industry, and by the way, I you know, I love that

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background. You know, lots of
smart people. I still have many friends.

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If I reflect on the last five
years, I increasingly, you know,

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kind of like felt a little bit
of a lack of like purpose in

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terms of like, hey, why
are we doing what we're doing here?

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And then separately as well, I
felt like, hey, we're kind of

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like preserving what we have and we're
not really you know, trying hard to

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create new things. And you know, I was working in a large financial

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institution. It's hard to steer big
tanker ships in a different direction obviously,

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but so yeah, I kind of
like reflect a little bit like this,

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and you know, to some degree
the purpose has become about money and making

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money. And when I started to
engage with Ripple, which I was basically

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put in touch with it through a
recruiting agency, I was just like really

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amazed about the conversations in terms of
like looking at you know, hey,

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how can we make money and finance
better in the first place, and creating

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something working with a powerful technology to
transform financial markets. And that got me.

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Yeah, obviously intrigue them kept me
here for for five years now.

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In terms of you know, the
problems, I would say, you know,

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the financial system works at least as
far as I have experienced it in

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the West, being born and grown
up in Switzerland, and you know,

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now and now in London, I
feel at large it works. However,

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I feel as well too at the
court it's stuck in the pre Internet era,

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full of friction. If you look
at you know, kind of like

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just some examples as its takes the
beaks to get issued days to get settled

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because an arm and a leg.
I'm just giving an example. Obviously,

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we're pretty strongly involved in the remittance
business using blockchain technology. They're still like

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six percent on average or transaction,
and we're doing it for a fraction of

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that in the fraction of a time, right, So I think that's kind

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of like still where there's just a
ton of opportunity and if you think about

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it, you know, there's really
a lot of power around like financial markets

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in terms of the role they play
in our society and seeking for ways to

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make everything more efficient contribute to more
productive economy will then feed you know,

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just like better quality of light and
I'm more and more prosperous society for everyone.

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And that's kind of like why I'm
here, what gets me going every

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day, honestly, And so I
think blockchain can play a major role in

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terms of just like you know,
introducing that next paradigm shift for financial markets,

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adding more efficiency, similar to what
previous innovations have done, like you

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know, the introduction of money versus
partnering you know, obviously a long long

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time ago and things like this.
Yeah, and what are your thoughts on

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some of the biggest names in the
financial industry and banking industry getting involved.

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I mean, just yesterday we got
news at Goldman Sachs they're going to launch

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tokenization projects. We've got black Rock
tokenizing. Just it seems folks for waking

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up that this is the future.
We need to get on board. So

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look, we've we've always we as
Ripple, have always had the belief that

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this transformation is going to come through
collaboration with the system as opposed to disruption

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of the system, like the financial
like the global economy is too much of

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a big deal to just say like, hey, we're coming to this drop

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and hoping for the system to implode
and then everybody to move on to a

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blockchain powered like you know, peer
pre peered DeFi economy. You know,

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like I noticed people out there who
who who are who feel there's a lot

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that's wrong about the current system.
I joined Ripple because Ripple is always believed

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in like collaborating with the system and
traditional financial institutions, you know, to

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inform this together, and it's a
collaborative effort. So I very much welcome

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what we're seeing. And what I'm
particularly excited about is, you know,

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we've seen this year clear shift from
traditional financial institutions moving beyond the point of

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offering crypto as an investment class to
their customers. But now they really want

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to make the move into solving actual
frictions by entering to the game of tokenization,

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you know, to give an example, biddle By by Blackrock has many

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ways for me, been a bigger
deal than a spot Bitcoin ETF and I'm

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you know, both have been a
big deal. But for me, this

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is opening the floodgates for traditional financial
institutions to now utilize blockchains to solve financial

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frictions, to make assets more efficient, and the most exciting about it from

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my perspective, it's happening on public
blockchains and direction of travel. I feel

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it's towards public blockchains like the xop
letter that we obviously work with that revolt.

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Now, let's talk a bit a
bit more about organization, because I

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would love to get your POV on
that. My thoughts are, you know,

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this is going to make global markets
truly global, versus it being siloed

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or just certain jurisdictions in countries participating. It's going to open up tertiary markets,

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excuse me, secondary and tertiary markets. You might have twenty four to

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seven trading, no more opening or
closing bell on the wall street. Is

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that kind of what we're headed to? Yeah, one hundred percent. Look

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if you again just quickly rewind,
like, so, what are the pain

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points of the existing financial system.
It's fragmented, it's full of red tape

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at the core. It predates the
Internet age. You know, ASTs take

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a long time to get issued and
several and blockchains have a couple of future

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advantages, right they are global,
out of the gay and they can be

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super super efficient. The except letter, which is the blockchain that we primarily

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work with, and it's one of
the oldest lay one leading blockchains, as

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you know, hopefully know is you
know, has been sending transactions in three

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to five seconds throughout the last twelve
years for a fraction of ascent billions of

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transactions. There's something magical about that, right, And so if you can

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obviously make sure that this technology can
be applied in a way that it's compatible

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with the existing financial you know,
regulatory frameworks, user safety, you can

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just see how powerful the efficiency gains
can be for traditional financial institutions as well.

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And obviously it's going to require a
combination of the two things right to

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kind of like get to a place
where it can actually be applical today in

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the real world as opposed to like
in a parallel economy or in some you

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know, utopian future. So to
say, are there any Ripple x partners

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or folks that you're working on with
with some cool tokenization projects that you can

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highlight. Yeah, So it's it's
a definitely, very much a focus area

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for us. We've made a few
announcements recently. One of them was Zonics

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formerly hon As Tacts, which is
like you know, tokenization as a service

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platform. It's integrated with the XPL, collaborating with us to bring real old

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assets on the XPL. There's another
project called mel Goold integrating with the XPL

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to offer staple coints back by Gold
and Silver. And the one that we

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most recently announced are sort of like
xop letter Ecosystem Flagship event APEX is a

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collaboration with Arjas, which is the
first uk FCA regulate the Digital Asset Exchange

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custodium broker and so in this collaboration, we'll look to bring hundreds of millions

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of dollars with real world assets on
the xp elect you like token is money

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market funds, and they have some
pretty significant partnerships already in place with for

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example, Aberdeen, which is one
of the largest asset manager in the UK,

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they have a distribution agreement with black
Rock and so you can you can

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see how, you know, by
collaboration off the crypto sort of like native

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industry. With TRAP five, there's
now yeah, hundreds, say, if

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not billions of dollars of financial assets
coming on chain, and yeah, it

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super excited to see that. Hard
question for you, Mark, is what's

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your timeline? You know, as
far as all of these banks, all

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these financial institutions running with some form
of tokenization, stop sponds, commodities,

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all these things tokenize, is it
a ten year window? You know if

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we parallel it with the adoption of
the internet, right, but we are

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on a faster infrastructure now versus dial
up in the nineties, you know,

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are you looking at eight to ten
years? So it depends on kind of

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like what sort of level we're talking
about, right, if we're talking about,

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hey, trillions of dollars of real
world financial assets being on chain and

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they're being used, you know,
in useful economic activity on a daily basis.

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In the trillions I think that's that's
ten years out. What I'm personally

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very encouraged to see is in the
conversation we're having with traditional financial institutions,

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and that's a big difference between now
and previous years, is that now traditional

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financial institutions stay no longer interested in
talking about proof of concepts. They're interested

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in talking about production use cases,
and they come with actually use cases tied

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up. Like you know, I
give you one example, the other engagement

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the NASA manager and they want to
tokenize money market funds and then those who

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used by another bank as a form
of collateral, the more efficient for an

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exchange and repail business in terms of
you know, the credit efficiencies, credit

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risk management efficiencies that can bring,
et cetera. And so that's just really

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awesome to see. The other side
of it is that you know, you

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can see how these highly regulated assets
are entering into DeFi communities and are being

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used by defile users, right,
And that's obviously a major distribution force that

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I think as well, you know, with more elegant sort of like compliance

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features coming on chain, we're by
the way building some of these as well,

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like the centralized identity. We're doing
research and seral knowledge proof and things

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like this so that you can see
how secondary market activation can happen into DeFi

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communities. And then really you know, get to harness the beneficiencies of like

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broader access, you know, lower
barriers to entry and you know, rehab

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patheticating things using these sort of assets
as collateral. And so pretty pretty excited

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about both of these sort of paths
to adoption right within the Trap five.

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But then also kind of like fueling
and empowering more active DeFi economy. Yeah,

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absolutely, and a big part of
that is, of course stable coins.

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And obviously I want to segue this
is a good segue into Ripple's upcoming

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stable coin r l U s D. Let's start off with what's the goal

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for Ripple in launching the stable coin. Yes, so there's a couple of

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things here. The metal point is
we believe stable coins play a very important

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role in terms of bridging the gap
between trat FI and crypto and sort of

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like you know, really fueling and
kickstarting you know, this transformation towards a

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more efficient financial system. And it's
as such, you know, a natural

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step for Ripple to to to move
into based on the track record we have

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working with trat FI around payments.
You know, we're facilitating billions of dollars

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of real world payments with financial institutions
obviously today, and so the goal is

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really to you know, to on
the one hand, use that stable coin

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for our payments to do more alongside
as it's like XRP. And on the

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other hand as well, you know, it's been one of the key feedback

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from the developer community and the xp
ledger ecosystem that you know, they're looking

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for compliance first, highly trusted,
high grade stable coins you know, in

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in in there to help act as
a settlement asset against these real world financial

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assets that were now seeing you know, coming into this ecosystem, you know,

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better assets for liquidity and the decentralized
exchange that's native in the xp ledger,

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including the automated market maker we worked
with the community on which was released

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earlier this year. And so the
goal is really to kind of like see

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this institutional grade DeFi economy adoption and
useful economic activity on the XP ledger,

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and on the other hand, obviously
ripple using that in the institutional use case

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around and you know, cross for
the payments and you just do yeah,

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way more volumes in the future and
offer redundancy to customers. Yeah, that

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absolutely makes sense. And like you
said, it just fits into Ripple's pedigree

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of payments in the vision that you
know the company has had for so long

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to confirm this, this stable coin
will be available to both institutions and retail

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It will be in the open market
where anybody can pretty much leverage it.

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Yes, so it will be the
ideas. It's going to be launched later

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this year. It's going to be
available on several exchanges. We hold several

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several licenses. That's sort of like
back you know, this institutional braid really

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trusted compliance first aspects to it.
Recently acquired standard custody and with that a

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New York trust lies and we have
like forty you know, money transmitted license

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in the US, we have an
m AS payment license draw and then so

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this Ripple stable coin can be expected
to be listed on several exchanges. Minting

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directly with Ripple will be available for
like institutional grade enterprise customers. Yeah,

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in in in the early stages as
well. Now you mentioned the acquisition of

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certain custodian standard custody. I know
there's Medico as well. Tell Us about

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how the reserves for the stable coin
will be custodied and what will the reserves

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ben consist of. Yes, so
so we'll definitely look to kind of like

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you know, uh, you know, be given the compliance first sort of

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like mindset that we have been operating
on the since the day one, will

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definitely look to be on par with
you know, the best industry standards,

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will look to produce monthly audits.
It's going to be back by cash equivalents,

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you know, like treasuries, vl
US dollars and so forth, and

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you know, it's going to be
evolving like with other tivon US dollar stable

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coins in terms of like how these
can be integrated and backed, you know,

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working with the financial system together over
time and just kind of like solving

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for you know, higher trusts.
In terms of the vehicle it represents for

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use in in you know, DeFi
use cases and institutional great use cases mhm.

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And in regards to a market availability, I'm assuming it will be available

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globally. And I guess the sec
tertiary or secondary question to that is with

248
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the recent issue of the EU stable
coin regulations and so forth, and there's

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potentially some coming into that in the
United States. How is Ripple ensuring it's

250
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going to be in alignment with those
Yeah, so look for the risk of

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sounding a bit repetitive here, but
like compliance is very important for us.

252
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We are a compliant first company.
We have been since tay one. We

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have been engaging with regulators and we
will continue to engage with regulators around the

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world. And so you know,
we're definitely covering the relevant angles to make

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sure the Ripple stable Coin is compliant
wherever it's offered, and we're going to

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be you know, working towards increasing
the scope geographic scope over time obviously,

257
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and we're in a lucky position that
you know, a lot of the work

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we've done around payments can be leveraged
directly for the Ripple stable coin in terms

259
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of the licenses we acquired, in
terms of the regulatory relationships and formal partnerships

260
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we've been building over the last ten
years, and so we'll definitely look to

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you know, lean into app and
harness all all these you know, partnerships

262
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we built, including also on off
ramping. By the way, we've built

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up a huge network of on off
ramping functions for our payments product, and

264
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so that's going to surf as well
as well in terms of, like,

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you know, solving as much problems
in the world as possible with this new

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launch off the Ripple USOLO stable coin. So along those lines, I think

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you hinted towards growing. My next
question would be how are you planning to

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gain market share against established players like
Circle and Tether and the paypals that just

269
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launched less. I love that question. I'll start by saying, the global

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stable coin market gap is what around
like one hundred and fifty billion the total

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amount of US dollar right now,
just US dollar loan in the world.

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If you look at M zero,
M one and to money supply, that's

273
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like twenty one to twenty two trillion
dollars. So why am I saying this.

274
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I'm saying this because like we're not
so much thinking about, oh my

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god, how is this going to
compete with you know, USDC and UST,

276
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but more about like, hey,
this pie is going to grow so

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much better, bigger right than it
is right now. And so we look

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at you know, we think USDC
is going to continue to be here and

279
00:24:30.119 --> 00:24:36.720
that's great. We look at these
dynamics more as like co opetition than you

280
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know, competition and you know,
we're we feel very confident in terms of

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like the pedigree we have as a
company, the track record we've built,

282
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the use cases we have already built
up over you know, a decade now

283
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that this Ripple stable clind will play
an important role in terms of like transforming

284
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financial markets. And one of the
things that as far as blockchains, you're

285
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launching on obviously the XRP later,
but also ethereum tell us about the decision

286
00:25:10.799 --> 00:25:14.920
to include etherorem and then are the
plans to expand to other blockchains as things

287
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as time progressive. Yeah, so
look, I think the first segment I

288
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want to make is we are and
we will continue to be XRPL. First.

289
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Why is that because we believe XRPL
has been designed with you know,

290
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like compliance in mind, with like
institutional great features in mind. And I

291
00:25:37.279 --> 00:25:40.880
can give you examples to that.
And it's kind of like demonstrated by the

292
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fact that Ripple is one of the
few large scale enterprise grade use cases live

293
00:25:48.319 --> 00:25:55.440
you know, fueling billions of dollars
of useful economic activity powered by the XRP

294
00:25:55.559 --> 00:25:59.319
letter, right, And so we
believe it's designed to do these things really

295
00:25:59.359 --> 00:26:06.200
well. We also believe that you
know, the future of the financial system

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powered by blockchain technology will be multi
chain and not the kind of like one

297
00:26:10.880 --> 00:26:12.839
chain to rule them all. You
know, that will be kind of like

298
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recreating the same problem almost that we
have with you know, the traditional financial

299
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system, which suffers from fragmentations into
networks that don't really seamlessly interoperate with each

300
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other. And so we think you
know, an issuance on etherory and will

301
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provide cross chain interoperability which will benefit
you know, the economy at large,

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00:26:40.319 --> 00:26:47.160
and obviously it will benefit also the
XPL Ripple, the industry at bigger scale

303
00:26:47.200 --> 00:26:52.920
and so and obviously Ethereum is sort
of like, you know, one of

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00:26:52.960 --> 00:26:59.920
the chains with the most dominant sort
of like unchained financial activity in our day

305
00:27:00.279 --> 00:27:03.839
h right now. So that's kind
of like why it made sense for us

306
00:27:03.920 --> 00:27:07.640
to go for these two chains.
And over time, you know, that

307
00:27:07.680 --> 00:27:12.039
may grow. But again X and
P letter is you know, the blockchain

308
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the number one blockchain of choice for
Ripple, and that's going to continue to

309
00:27:15.720 --> 00:27:19.559
be the case, and that's what
we're predominantly focused on. Yeah, for

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sure. Now in the United States, there's not clarity around stable coins or

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00:27:25.839 --> 00:27:29.559
market structure, right it's a bit
of a mess with the SEC. You

312
00:27:29.599 --> 00:27:34.680
get the industry suing the SEC,
the SEC suing the industry until Congress acts,

313
00:27:34.880 --> 00:27:38.519
you know, everybody's trying to figure
things out here. Are there any

314
00:27:38.599 --> 00:27:44.680
concerns that the SEC may come after
Ripple regarding the stable coin because there have

315
00:27:44.799 --> 00:27:48.839
been some comments and Chair answer that
he believes stable coins are securities. Now

316
00:27:48.920 --> 00:27:55.759
that's not an official directive from the
SEC, but there's certainly uncertainty in the

317
00:27:55.839 --> 00:28:00.480
air. Yeah, I wouldn't say
there's concerns. Know, it's obviously unfortunate

318
00:28:02.240 --> 00:28:07.960
that the SEC has played a role
of like, you know, stifling innovation

319
00:28:08.039 --> 00:28:11.680
quite a bit over the last couple
of years. You know, if you

320
00:28:11.720 --> 00:28:17.799
look at that through the lens of
you know, innovation and also just particularly

321
00:28:17.839 --> 00:28:22.359
the crypto industry. Yeah, it's
definitely not been a positive thing and it's

322
00:28:22.640 --> 00:28:29.000
just unfortunate to see it feels like
the US could be way more leading,

323
00:28:29.200 --> 00:28:33.119
a leading force, may more dominance, similar to what has happened in the

324
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Internet era, right, And I
would say, you know, that's paid

325
00:28:37.519 --> 00:28:41.759
off very well for the US at
large, and so you know, again

326
00:28:41.880 --> 00:28:47.519
we're like we're launching the Ripples stable
kon like we've launched any of our products

327
00:28:47.519 --> 00:28:51.880
with a compliance first mindset. We
are in touch with the relevant regulates and

328
00:28:52.000 --> 00:28:56.519
will continue to be, and we'll
make sure we play by the book like

329
00:28:56.559 --> 00:29:03.319
we have with payments and everything else
we've been doing. Now, let's talk

330
00:29:03.359 --> 00:29:07.759
a bit about stable coin adoption and
what the future looks like. I have

331
00:29:07.359 --> 00:29:11.319
many thoughts about it, but I
know that I'm in the crypto bubble where

332
00:29:11.319 --> 00:29:15.920
I'm thinking about the tokens a lot. But then I think about the average

333
00:29:15.960 --> 00:29:18.920
person on the street. They don't
necessarily need to know that a stable coin

334
00:29:19.039 --> 00:29:22.119
is what they're using, but maybe
it's running behind the scenes. It's providing

335
00:29:22.119 --> 00:29:26.319
the instant settlement, it's fast,
it's cheaper than the solutions out there,

336
00:29:26.359 --> 00:29:32.319
and it's less friction. Do you
envision it as that you know that the

337
00:29:32.400 --> 00:29:37.599
majority of people outside of crypto,
they will not necessarily know that they're using

338
00:29:37.599 --> 00:29:41.599
a stable coin, but it just
runs behind the scenes. Yeah, thank

339
00:29:41.640 --> 00:29:45.440
you for saying that. I think
you know if you look at the state

340
00:29:45.480 --> 00:29:49.480
of our industry. So the first
thing I will say is we need to

341
00:29:49.519 --> 00:29:55.559
bring these worlds together. Right Like
crypto and blockchain as a technology is not

342
00:29:55.559 --> 00:30:02.319
going to transform the financial system if
we just focus on the crypto worse and

343
00:30:02.400 --> 00:30:06.480
we kind of like client drive it
from there. The second thing I will

344
00:30:06.519 --> 00:30:11.319
say is, you know, like
with the Internet, for blockchain technology to

345
00:30:11.519 --> 00:30:18.200
power the financial system at large,
people shouldn't have to go through clunky you

346
00:30:18.240 --> 00:30:25.119
know, user interfaces and need to
learn about blockchain technology stuff shiites work right,

347
00:30:25.160 --> 00:30:27.799
And so I think we as an
industry, you know, we've gotten

348
00:30:27.839 --> 00:30:32.799
to a point where, hey,
we've reached critical mass. It's pretty clear

349
00:30:32.839 --> 00:30:37.440
to anyone right now, including regulators, crypto and blockchain technology is here to

350
00:30:37.599 --> 00:30:42.559
stay, and it's sort of happening. I think the next you know,

351
00:30:42.880 --> 00:30:48.680
like five or ten years, what
we increasingly need to think about us innovatives

352
00:30:48.720 --> 00:30:53.519
in the crypto industry is this notion
of abstraction and abstracting away the layers.

353
00:30:55.039 --> 00:31:00.359
So people don't really understand, you
know, that they're now operating on a

354
00:31:00.440 --> 00:31:04.279
blockchain power it sort of like financial
infrastructure. But they just realized, wow,

355
00:31:04.400 --> 00:31:10.759
stuff is so much faster. Stuff
is you know, so much cheaper,

356
00:31:11.279 --> 00:31:14.880
and it's so much more accessible.
And I think, like, you

357
00:31:14.920 --> 00:31:18.559
know, we're on the path to
get there, but there's still lots lots

358
00:31:18.599 --> 00:31:22.079
of work ahead. And the logic
I kind of have is like, hey,

359
00:31:22.200 --> 00:31:27.000
the more time we can spend in
terms of the value chain of use

360
00:31:27.039 --> 00:31:32.880
cases on a blockchain power, financial
infrastructure, the more we get to harness

361
00:31:33.160 --> 00:31:38.119
you know, all the beautiful things
around efficiencies, access and all these things.

362
00:31:40.200 --> 00:31:42.359
But it's going to be a trade
off in the beginning in terms of

363
00:31:42.480 --> 00:31:49.079
like how much decentralization and these aspects
we can you know, basically use and

364
00:31:49.119 --> 00:31:55.200
how much intermediation is still required to
make sure users are safe, you know,

365
00:31:55.359 --> 00:31:59.680
it's compliant with regulatory frameworks and things
like that, and that pendulum will

366
00:31:59.680 --> 00:32:02.720
probably you know, just to move
over time. And so what we really

367
00:32:02.759 --> 00:32:07.400
care about and what we have been
caring about since the begainning is we want

368
00:32:07.440 --> 00:32:13.200
to make a difference in the real
economy today using blockchain technology, and therefore

369
00:32:13.240 --> 00:32:15.160
we want to work with the system, and you know, sometimes that means

370
00:32:15.200 --> 00:32:21.599
compromising a little bit of like pure
peer to peer and building in some trust

371
00:32:21.680 --> 00:32:24.799
anchors to get to you know,
to kind of like make a difference today.

372
00:32:27.039 --> 00:32:30.119
I don't know if you can answer
this question, and you probably can't

373
00:32:30.160 --> 00:32:34.960
tell us much. But Ripple obviously
he's working with some big institutions around the

374
00:32:34.960 --> 00:32:38.720
globe. Are you already in talks
about how they can potentially use this stable

375
00:32:38.799 --> 00:32:43.240
coin and kind of what we're talking
about it is running behind the scenes.

376
00:32:43.519 --> 00:32:49.279
Let's do a small trial and error
test for this market and see how customers

377
00:32:49.480 --> 00:32:51.920
like it. You know, if
it's running behind the app, you know,

378
00:32:52.400 --> 00:32:54.000
whether it's one of your bank clients, your credit card clients, and

379
00:32:54.039 --> 00:32:58.839
so forth. Yeah. So,
so look, with our payments product,

380
00:32:59.240 --> 00:33:06.480
we have already we introduced some stable
coins, you know, as an alternative

381
00:33:06.799 --> 00:33:12.640
or addition to XRP, and so
we have that experience already and in some

382
00:33:12.799 --> 00:33:15.400
use cases, you know, it
works better. And what we want to

383
00:33:15.680 --> 00:33:22.200
like, what we're here to do
is solving problem around financial friction to people.

384
00:33:22.359 --> 00:33:27.880
And we focus obviously on businesses as
our primary customers, and so whenever

385
00:33:27.920 --> 00:33:30.599
we can do to solve their problem, that's what we're going to be going

386
00:33:30.680 --> 00:33:35.599
for. And XMP works really really
well, and it works well in many

387
00:33:35.640 --> 00:33:38.160
of the use cases, and we
feel, you know, by pairing it

388
00:33:38.319 --> 00:33:45.200
up with Ripple stable coin predominantly issued
on XP Ledger, we can do way

389
00:33:45.240 --> 00:33:50.920
more and that will also benefit XRP
in return. And certainly, like you

390
00:33:50.960 --> 00:33:57.559
know, we're having these conversations with
all our you know, traditional financial institutional

391
00:33:57.599 --> 00:34:02.000
customers that we have using the payment
product. And what's interesting as well is

392
00:34:02.039 --> 00:34:07.400
so if you think of Ripple,
you know, our insertion point has been

393
00:34:07.440 --> 00:34:13.519
payments. It's still our flagship product. But today Ripple is much more than

394
00:34:13.639 --> 00:34:19.840
kind of like a payments company using
crypto in the form of XP because you

395
00:34:19.880 --> 00:34:22.760
know, we we do own a
costly business. We have core competence in

396
00:34:22.800 --> 00:34:30.039
a later one blockchain that's designed to
support institutional grade financial you know, kind

397
00:34:30.039 --> 00:34:34.199
of like use cases. And so
if you pair all these things together,

398
00:34:35.360 --> 00:34:38.960
you know, you end up with
a company that essentially playing a leading role

399
00:34:39.039 --> 00:34:45.559
as sort of like this digital asset
infrastructure provider to financial services at large,

400
00:34:45.599 --> 00:34:51.480
like a holistic sort of one stop
shop to provide simple, secure and compliance

401
00:34:51.559 --> 00:34:55.519
solutions to bring sort of like track
file chain. M Yeah, I mean,

402
00:34:55.519 --> 00:35:01.840
it's exciting, what's coming. It's
a brave new world. And then

403
00:35:01.920 --> 00:35:06.239
let's talk a bit about the XRPL, because you know, there was things

404
00:35:06.280 --> 00:35:12.880
like automated market making am amm excuse
me launched earlier this year. Tell us

405
00:35:12.880 --> 00:35:15.280
a bit about that and how that's
been going. So maybe I can start

406
00:35:15.320 --> 00:35:20.679
with just like you know, some
macro points about the xp ledger how we're

407
00:35:20.719 --> 00:35:25.159
thinking about it. So, first
of all, we're working and contributing to

408
00:35:25.199 --> 00:35:32.360
the xp ledger alongside a community of
you know, thousands of hundreds of thousands

409
00:35:32.400 --> 00:35:39.159
of developers. There's more than one
thousand, seven hundred apps and services building

410
00:35:39.320 --> 00:35:45.079
on the xp ledger. And you
know, what we're kind of like working

411
00:35:45.119 --> 00:35:51.159
towards is to see the xp ledger
as sort of like the go to blockchain

412
00:35:51.280 --> 00:35:59.280
for institutional grade financial businesses. That's
kind of like you know, the positioning.

413
00:36:00.119 --> 00:36:07.079
The way we're working towards that with
the community is obviously there's existing features

414
00:36:07.119 --> 00:36:09.440
that you know, what's particular about
the exhibit lecture. They are all natively

415
00:36:10.000 --> 00:36:14.840
baked into the protocol, which brings
with it more security than for example,

416
00:36:15.360 --> 00:36:21.480
through a smart contract on the surface. It also helps aggregate liquidity on the

417
00:36:21.519 --> 00:36:25.440
protocol level. And so there's been
a native decentralized exchange with the Central Limit

418
00:36:25.559 --> 00:36:30.800
Order BROOK since day one, since
twenty twelve, is actually the first decentralized

419
00:36:30.840 --> 00:36:35.960
exchange in the world. We complemented
it like what you refer to with an

420
00:36:36.000 --> 00:36:43.320
automated market maker, with some really
innovative features and it has a symbiotic sort

421
00:36:43.320 --> 00:36:46.800
of black relationship with the central limit
order book. It's integrated together with the

422
00:36:46.840 --> 00:36:52.920
payments engine, and so we're super
excited that is now life and going.

423
00:36:52.360 --> 00:36:58.800
And separately, we're working together with
the community to bring other additional what we

424
00:36:58.920 --> 00:37:02.800
call institution great financial primitives on the
xp ledger. One of them that's public

425
00:37:02.840 --> 00:37:07.320
in your own is lending protocol,
so it's basically going to be again a

426
00:37:07.440 --> 00:37:16.440
native baked into the protocol lending protocol
that we're working towards. We're also released

427
00:37:16.440 --> 00:37:24.760
some compliance features like the centralized identity
standards. We provided price Oracle support,

428
00:37:25.800 --> 00:37:31.199
and again we'reducing Mother Research for just
to continue to evolve that sort of like

429
00:37:31.280 --> 00:37:39.199
institutional grade roadmap. And then so
if you have these additional financial primitives their

430
00:37:39.320 --> 00:37:45.960
institutional break coming on the protocol,
you have a growing DeFi community of developers

431
00:37:45.960 --> 00:37:50.320
that want to solve for trad fed
problems. If you have you know,

432
00:37:50.800 --> 00:37:57.440
more high grade, highly regulated financial
assets coming to the XPP ledger and companies

433
00:37:57.599 --> 00:38:04.840
like Ripple plugging more deeply directly into
xpl to power payments and beyond, then

434
00:38:04.840 --> 00:38:10.480
you can see how this creates a
fly veel of powering like you know,

435
00:38:10.639 --> 00:38:15.559
real all financial activity at scale,
and so that's kind of like what we're

436
00:38:16.079 --> 00:38:21.000
what we're working towards, and what
we're super excited about. Yeah, exciting

437
00:38:21.000 --> 00:38:23.920
stuff. I did want to ask
you, with the limited time to get

438
00:38:24.000 --> 00:38:30.280
left about et apps. Yeah,
I would love to get your perspective on

439
00:38:30.079 --> 00:38:34.880
how the impact of the big one
et aps going live. We get the

440
00:38:34.960 --> 00:38:38.039
partial approve of the etherermytfs here in
the United States, and then there's talks

441
00:38:38.079 --> 00:38:42.639
of a Solana and of course an
ex er p ETF. Want to get

442
00:38:42.639 --> 00:38:46.039
your take on all that. Yeah, So my first reaction is this is

443
00:38:46.320 --> 00:38:52.000
so exciting for everyone in the crypto
industry. It's kind of like somebody at

444
00:38:52.000 --> 00:38:57.000
the PANNEL I was Earlierer here said
it's like a free trade agreement between tat

445
00:38:57.079 --> 00:39:00.000
FYE and crypto, and I think
that was pretty pretty well described. I

446
00:39:00.039 --> 00:39:05.079
think it's as well a huge testament
in terms of like, you know,

447
00:39:05.199 --> 00:39:08.320
how far we've come, and also
that like, hey, you know,

448
00:39:08.519 --> 00:39:14.599
crypto as an investment class is mainstream, right, It's no longer just like

449
00:39:15.159 --> 00:39:21.440
yeah, somewhere somewhere random, some
people, some crazies are invessing in crypto.

450
00:39:21.960 --> 00:39:24.440
I think like something like forty percent
of people in the US now on

451
00:39:24.760 --> 00:39:30.960
crypto, So I think that's kind
of like we've reached mainstream. My second

452
00:39:31.000 --> 00:39:37.119
reaction to it is like, hey, all of this is only where something

453
00:39:37.280 --> 00:39:43.360
if crypto solves problems at scale and
if this stuff is actually useful, right,

454
00:39:43.440 --> 00:39:46.360
the value of crypto is a direct
correlation to the you know, the

455
00:39:46.400 --> 00:39:53.199
size of the problem these blockchain networks
and native assets are able to solve.

456
00:39:53.280 --> 00:39:58.960
And that's what I'm focused on with
as my role of repelex, Like I

457
00:39:59.000 --> 00:40:04.320
want to solve real we all financial
problems using blockchain technology. And that's kind

458
00:40:04.360 --> 00:40:07.920
of like, yeah, what gets
me super excited. But yeah, it

459
00:40:07.000 --> 00:40:14.800
was amazing to see the turnaround on
the on the EU you know ETF and

460
00:40:14.920 --> 00:40:19.039
look, I you know, in
relation to XP, I think XP is

461
00:40:19.159 --> 00:40:23.599
obviously, you know, a pretty
evident candidate. It's one of the has

462
00:40:23.639 --> 00:40:29.039
been one of the leading cryptocurrencies in
terms of like market cap, in terms

463
00:40:29.039 --> 00:40:35.400
of like you know, daily volume
for twelve years now. And it's the

464
00:40:35.639 --> 00:40:40.480
only asset, you know, crypto
asset that had to go through that level

465
00:40:40.519 --> 00:40:49.519
of scrutiny, regulatory through the courts
and obtained that level of clarity with the

466
00:40:49.639 --> 00:40:53.960
ruling by the court last year that
XP in and by itself is not a

467
00:40:54.039 --> 00:41:00.320
security and so it feels like pretty
evident that it's somewhere on the list.

468
00:41:00.360 --> 00:41:07.719
Do you think we see that XRP
ETF in twenty twenty five? I hope

469
00:41:07.760 --> 00:41:14.079
so, I've I've no you know, firm timeline there in place. And

470
00:41:14.119 --> 00:41:17.280
again like I think, you know
on the periphery, these kind of products

471
00:41:17.320 --> 00:41:22.360
are very important. The thing that
gets me out of bed in the morning

472
00:41:22.519 --> 00:41:27.400
is how we're going to be able
to you know, build it better or

473
00:41:27.440 --> 00:41:34.320
transform towards a better financial system using
these technologies and using these assets. Yeah,

474
00:41:34.360 --> 00:41:37.920
for sure, Marcus, I got
some wrap up questions here for you.

475
00:41:37.199 --> 00:41:39.599
First, if you could create your
own metaverse, what would the theme

476
00:41:39.639 --> 00:41:46.800
be. That's a good question.
I think something like you know, traveling

477
00:41:47.360 --> 00:41:52.280
back through you know, any time
in history, or even more exciting,

478
00:41:52.760 --> 00:41:57.960
being able to explore space and like
you know, go through a wormhole,

479
00:41:58.039 --> 00:42:00.760
see what happens, jump into a
black hole and see how it feels to

480
00:42:00.760 --> 00:42:07.159
be torn into a spaghetti So that
that would be pretty awesome. Yeah,

481
00:42:07.559 --> 00:42:13.400
I have the same Those are like
mine too, like space and time to

482
00:42:13.440 --> 00:42:15.440
be able to go be immersed into
I don't know, we go back to

483
00:42:15.480 --> 00:42:19.320
the fifteen hundreds and see what life
was like. You know that that'll be

484
00:42:19.360 --> 00:42:22.800
pretty much looks like we should be
hanging out more often. Tony for sure.

485
00:42:23.840 --> 00:42:32.039
Rapid fire questions, favorite food Tayler
RENI with why truffle in Piamont Prevor

486
00:42:32.199 --> 00:42:37.679
musician or band. They're called Timothy
and Raphael. They're six and seven years

487
00:42:37.719 --> 00:42:42.679
old. They're my family band.
One place the violin, one place the

488
00:42:42.760 --> 00:42:47.320
keyboard, and they're hyperactive, so
definitely keeps you on your toes. Favorite

489
00:42:47.360 --> 00:42:52.400
movie, good question. So I'm
a space guy, as you know,

490
00:42:53.119 --> 00:42:57.920
I really liked Interstellar in terms of, like, hey, exploring the younglan,

491
00:42:58.639 --> 00:43:04.760
pushing you know, like courageously beyond
what's known, and also sort of

492
00:43:04.800 --> 00:43:08.360
like the fact that they're actually used
some of the top scientists to kind of

493
00:43:08.440 --> 00:43:14.920
like articulate and tell the whole movie. And there's also these elements about like

494
00:43:15.000 --> 00:43:22.960
you know, these very intense human
emotions about love and sacrifice and all these

495
00:43:22.000 --> 00:43:25.639
things. So I thought it was
like a really well made movie. Yeah,

496
00:43:25.679 --> 00:43:34.280
it's one of my favorite favorite book. Favorite book. I do tons

497
00:43:34.320 --> 00:43:38.119
of audiobooks. Maybe I'll tell you
the last one and I thought was really

498
00:43:38.119 --> 00:43:45.960
good, which was the Cold Star
Problem by Andrew Chen who was the head

499
00:43:45.960 --> 00:43:50.039
of growth at Uber. I think, and now it's at in Recent Horbits

500
00:43:50.519 --> 00:43:54.119
and it's a book about network effects. And I would say anyone in crypto

501
00:43:54.400 --> 00:44:00.239
working on protocols, this has got
to be a bible. It's it's just

502
00:44:00.320 --> 00:44:04.440
like, even if it's wet to
oriented that there's a lot of good lessons

503
00:44:04.519 --> 00:44:07.920
for uh yeah, for what we're
trying to do. I'll have to check

504
00:44:07.920 --> 00:44:12.199
that out because I've often talked about
Metcalfs law and network effects and how it's

505
00:44:12.239 --> 00:44:16.960
so applicable to crypto and blockchains.
Yeah, and when you're not working at

506
00:44:17.000 --> 00:44:22.079
Ripple, what are you doing for
fun? My favorite thing to do is

507
00:44:22.559 --> 00:44:30.119
skiing. Nothing beats like you know, blue sky, fresh powder, Swiss

508
00:44:30.199 --> 00:44:36.480
Alps and the ski under your your
your feet. Unfortunately, it's something I

509
00:44:36.559 --> 00:44:38.400
do like you know, a week
a year or something, so, but

510
00:44:38.800 --> 00:44:44.079
yeah, that's my favorite thing.
Awesome, Marcus, A pleasure chatting with

511
00:44:44.119 --> 00:44:47.039
you. I'm super excited for launch
of the r l USD stable coin.

512
00:44:47.599 --> 00:44:52.480
We'll have to have you back on
later this year once they got But thank

513
00:44:52.519 --> 00:44:55.000
you so much for joining me.
Thank you Tony. Spent a lot of

514
00:44:55.039 --> 00:45:10.800
fun at tak Pak. Takes a
task to task, post to stand