WEBVTT

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<v Speaker 1>In many ways, Payanier is the original stable. We collect

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<v Speaker 1>funds we give the customers that pay in your account

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<v Speaker 1>balance and then plug it into the way that they

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<v Speaker 1>do business across the world. I think the distributed nature

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<v Speaker 1>of blockchain creates some new opportunities for some of those

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<v Speaker 1>services to move totally digital, and that's awesome.

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<v Speaker 2>It seems like enterprises com Latch are unstable quin. So

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<v Speaker 2>can banks and other types of payment companies and financial institutions.

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<v Speaker 2>Do you think there might be some consolidation over time.

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<v Speaker 1>It's a really good question. I think it comes back

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<v Speaker 1>to how you view the role of stable quins.

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<v Speaker 2>This episode is brought to you by Treasure. Treasure makes

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<v Speaker 2>I'm a big fan of this hardware wallet. So if

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<v Speaker 2>you'd like to learn more, visit the link in the description. Hey, folks,

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<v Speaker 2>welcome into the Thinking Crypto Podcast. I'm your host Tony

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<v Speaker 2>Edward and joining me today's Rob Morgan, who is the

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<v Speaker 2>head of stable coin strategy at Pioneer. Rob. Great to

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<v Speaker 2>have you, hey, Jony, Thanks for having me. Yeah, Rob,

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<v Speaker 2>excited to talk about payments and stable coins and this

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<v Speaker 2>brand new world that we are all immersed into. But

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<v Speaker 2>I'd love to kick it off with your background. Tell

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<v Speaker 2>us a bit about where you're from, where you grow

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<v Speaker 2>up in your professional.

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<v Speaker 1>Backer awesome happy too. So I am from Boston, Massachusetts,

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<v Speaker 1>originally have grown up all over the country, spent some

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<v Speaker 1>time in Salt Lake, currently based in Washington, d C.

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<v Speaker 1>With my wife and dog, my yellow labrador Rocky.

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<v Speaker 2>Very cool, and then I saw you spend some time

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<v Speaker 2>at the ABA the American Bankers Association. Tell us about

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<v Speaker 2>that experience in working with the banking sector. Yeah, so

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<v Speaker 2>I have spent my career at the intersection of banking,

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<v Speaker 2>technology and regulation. Most of my career is much more

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<v Speaker 2>on the banking side than the crypto side, although I've

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<v Speaker 2>found my job has always been to try to translate

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<v Speaker 2>between the two and in many cases bring banks along

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<v Speaker 2>with what's new and what's coming down the pipeline to

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<v Speaker 2>help them innovate move faster. So I spent twelve years

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<v Speaker 2>at the ABA, where I built and led our Office

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<v Speaker 2>of Innovation. So that meant doing really three things. One

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<v Speaker 2>was helping banks work with new stage startup to see

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<v Speaker 2>what new technology was coming, how can we integrate that

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<v Speaker 2>technology create partnerships. Two, we actually ran a corporate venture

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<v Speaker 2>fund to make investments that in technology that we thought

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<v Speaker 2>was beneficial for the banking industry as a whole. And

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<v Speaker 2>then three was trying to push for regulatory clarity to

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<v Speaker 2>help banks actually move forward in the space and open

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<v Speaker 2>up the path for banks to do new and innovative things.

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<v Speaker 2>Which is which is not always easy in a highly

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<v Speaker 2>regulated environment. Absolutely, and so you know, talking about your

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<v Speaker 2>role of looking at innovation and helping these banks to

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<v Speaker 2>look at these different technologies and the emerging technologies and

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<v Speaker 2>so forth, at what point was your encounter with crypto

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<v Speaker 2>or blockchain tech? And at that point it maybe could

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<v Speaker 2>tell us how did you come across it and what

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<v Speaker 2>was your like your next steps after you had like,

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<v Speaker 2>let's say your Aha moment to say, hey, banks, this

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<v Speaker 2>is something you need to look at.

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<v Speaker 1>Yeah, so I had come across, you know, being sort

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<v Speaker 1>of the innovation person in the banking space, got all

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<v Speaker 1>of the questions of like, hey, what is this bitcoin thing?

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<v Speaker 1>From really early on, I would say the Aha moment

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<v Speaker 1>was probably right around you'd call it twenty fourteen twenty fifteen.

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<v Speaker 1>We were working really closely with groups of community banks

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<v Speaker 1>to look at how they engage with their core systems.

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<v Speaker 1>So for those banks, they all rely on one ledger

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<v Speaker 1>that is usually an on premise server. It is run

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<v Speaker 1>by typically one of three companies. I think you know,

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<v Speaker 1>something like eighty five percent of the four thousand, seven

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<v Speaker 1>hundred banks in the US run on one of these

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<v Speaker 1>three systems. These systems typically and traditionally were closed well ecosystems.

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<v Speaker 1>And we had this moment where a banker was telling

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<v Speaker 1>us that he had asked for API access to some

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<v Speaker 1>of his customer data and the response he got from

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<v Speaker 1>the vendor was, what are you going to do with it?

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<v Speaker 1>We need to know so we know how much to

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<v Speaker 1>charge you for your own data. And that was sort

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<v Speaker 1>of the aha moment of the banking system being built

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<v Speaker 1>in these proprietary ledgers that even the bank themselves can't access.

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<v Speaker 1>How powerful having that distributed ledger technology could be in

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<v Speaker 1>creating something that is modern, that is extensible across the

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<v Speaker 1>whole ecosystem, and that can facilitate open innovation in a way.

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<v Speaker 1>This sort of traditional banking core model really could.

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<v Speaker 2>Absolutely and rob you know, initially, I think a lot

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<v Speaker 2>of banks seem to not want to embrace this technology.

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<v Speaker 2>There was a bit of knee jerk reaction, well, well

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<v Speaker 2>we don't like this, and you know it's used for

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<v Speaker 2>money laundering and so forth. But now we now in

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<v Speaker 2>twenty twenty five and even you know, most of last year,

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<v Speaker 2>a lot of these banks are integrating blockchain, building their

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<v Speaker 2>own private permission chain connecting to public chains launching stable coins, custody,

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<v Speaker 2>you name it, tokenization and much more. What's it like

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<v Speaker 2>to see, you know, the banking sector embracing this technology,

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<v Speaker 2>So it's really exciting.

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<v Speaker 1>Right after ABA, I spent two years three years working

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<v Speaker 1>with a group of mid sized regional community banks on

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<v Speaker 1>tokenized departments, So a period of time where the banking

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<v Speaker 1>regulators were not particularly inclined to lean into this technology.

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<v Speaker 1>And so I think there has always been a group

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<v Speaker 1>of banks that have been forward leaning, that have been

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<v Speaker 1>thoughtful about the role that this technology can play in

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<v Speaker 1>helping them build a better future for financial services. So

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<v Speaker 1>no surprise that the industry has by and large come around.

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<v Speaker 1>My focus throughout the years has always been how can

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<v Speaker 1>we help banks embrace this new tech use it to

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<v Speaker 1>build sort of a more open and better future together.

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<v Speaker 1>I do think you always with any field, you see

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<v Speaker 1>concern around what does this mean for my existing business?

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<v Speaker 1>And the players that you see push back and try

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<v Speaker 1>to push competition out often aren't the ones that survive

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<v Speaker 1>in the long run. I will say in the banking space,

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<v Speaker 1>there are a number of bank CEOs I've talked to

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<v Speaker 1>throughout the years, even since that sort of twenty fourteen

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<v Speaker 1>moment who have said, look, how do we use this

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<v Speaker 1>to create the bank of the future, as opposed to

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<v Speaker 1>how do we push it out? So my view is

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<v Speaker 1>that lens has always been there, even if there was

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<v Speaker 1>a point where this felt new and scary and we

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<v Speaker 1>saw pushback from the industry. I think it's only natural

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<v Speaker 1>that as we get regulatory clarity that will allow banks

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<v Speaker 1>to move forward alongside some of the non banks in

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<v Speaker 1>the space, you're going to see the banks lean in

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<v Speaker 1>and really try to embrace their ability to use this

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<v Speaker 1>technology to better serve their customer.

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<v Speaker 2>Pardon the interruption. Hi, I'm Tony. I'm the host of

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<v Speaker 2>the Thinking Crypto podcast. I wanted to ask you if

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<v Speaker 2>you can please support the podcast by hitting the like

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<v Speaker 2>button subscribing. If you haven't as yet, you can leave

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<v Speaker 2>a comment below as well. And if you're listening on

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<v Speaker 2>get your podcasts, please be sure to follow and hit

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<v Speaker 2>the five star rating. I'll let you get back to

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<v Speaker 2>the content. Thank you so much.

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<v Speaker 1>Rob.

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<v Speaker 2>There's a trend that we're seeing that there's less brick

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<v Speaker 2>and mortar locations for banks because the majority of people

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<v Speaker 2>are going digital right, they can do a lot of

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<v Speaker 2>their banking on their mobile phone or their desktop, and

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<v Speaker 2>stable coins and come along. You know, how do you

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<v Speaker 2>see banking This is a hard question fifteen twenty years

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<v Speaker 2>from now. Is it a continued trend of less brick

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<v Speaker 2>and mortar. Yes, there's still going to be some, but

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<v Speaker 2>there's more decentralized finance. The banks are facilitating this, and

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<v Speaker 2>there's more global lending and credit markets and things along

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<v Speaker 2>those lines that's accessible to the everyday person.

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<v Speaker 1>Yeah. So it's a good question, right, there are some

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<v Speaker 1>things we probably know about the future of banking. If

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<v Speaker 1>we look at the banking system in the US, we've

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<v Speaker 1>seen a ton of consolidation over the years and we

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<v Speaker 1>see that continuing. But really, you know, we have I

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<v Speaker 1>think it's four thy seven hundred banks, maybe fewer now

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<v Speaker 1>I haven't checked the statistic in the recent quarters. But

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<v Speaker 1>one of the strengths of the US banking system is

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<v Speaker 1>its diversity. You look at other countries and they have

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<v Speaker 1>maybe three banks. And so it's really easy when we say,

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<v Speaker 1>you know, banks in the US, to think of monoliths

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<v Speaker 1>sort of the large banks that may be more of

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<v Speaker 1>us engage with or that own a large chunk of

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<v Speaker 1>the market. But the reality is, with the diversity of banks,

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<v Speaker 1>you have community banks that are embedded into those communities.

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<v Speaker 1>While some of those services will move digital, I view

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<v Speaker 1>stable coin, blockchain and crypto generally as something that can

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<v Speaker 1>empower them to better serve their communities. So those institutions

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<v Speaker 1>add real value. Right if there is a farmer down

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<v Speaker 1>the street that needs a loan, they may have the

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<v Speaker 1>ability to know in this community this credit looks this

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<v Speaker 1>way and to make a loan that no one else

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<v Speaker 1>in the world could because they're there, they have that

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<v Speaker 1>relationship and they're based in that community. That is incredibly powerful.

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<v Speaker 1>I think it's a benefit that our system has as

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<v Speaker 1>we digitize. I think there's an opportunity to leverage what

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<v Speaker 1>makes those banks great, supercharge it by lowering their costs,

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<v Speaker 1>given them more flexible infrastructure so that they can go

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<v Speaker 1>deliver financial services faster, more efficiently to the communities that

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<v Speaker 1>they serve. So in my mind, similar to I think

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<v Speaker 1>we always think of Excel has always been part of banking,

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<v Speaker 1>but there was a period in time where all the

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<v Speaker 1>accountants were very nervous that Excel was going to put

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<v Speaker 1>them out of business. The reality is that's just not true. Right.

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<v Speaker 1>What we've seen through wave after wave of technology is

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<v Speaker 1>that it's often an empower that lets us get back

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<v Speaker 1>to the important relationship based pieces of the business. I

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<v Speaker 1>think the distributed nature of blockchain creates some new opportunities

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<v Speaker 1>for some of those services to move totally digital, and

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<v Speaker 1>that's awesome. There's new markets there. There are also opportunities

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<v Speaker 1>for sort of the high touched local model that I

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<v Speaker 1>think will help banks be more competitive, not less as

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<v Speaker 1>we move forward.

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<v Speaker 2>Yeah, well said not to mention AI, where you can

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<v Speaker 2>have both blockchain and AI help to enhance those services

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<v Speaker 2>as you mentioned, and better serve the consumer and open

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<v Speaker 2>up new options. So it's like a brave new world.

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<v Speaker 2>But there's a huge opportunity here to kind of build

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<v Speaker 2>on the legacy and make it better.

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<v Speaker 1>Couldn't agree more.

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<v Speaker 2>So, Rob tell us about Pioneer. What is Pioneer, What

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<v Speaker 2>are the services you provide and how are you using

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<v Speaker 2>blockchain and crypto and stable coins and things along those lines.

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<v Speaker 1>So Payoneer is a global financial services company that helps

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<v Speaker 1>connect SMBs to the global economy. So what we see

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<v Speaker 1>is that increasingly SMBs operate globally, but that financial systems don't,

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<v Speaker 1>and so we help bridge our SMB customers ambition to

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<v Speaker 1>serve a global market to really a fully connected financial

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<v Speaker 1>services experience that allows them to operate seamlessly across the world,

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<v Speaker 1>where their money follows them the same way their business does.

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<v Speaker 1>So Payoneer works with SMB customers, helps them reach new markets,

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<v Speaker 1>collect payment in those markets, manage their funds globally, and

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<v Speaker 1>pay out both their employees, their vendors, and all of

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<v Speaker 1>their other costs in the markets where they operate. So

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<v Speaker 1>in many ways, Payoneer is the original stable coin, right.

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<v Speaker 1>We collect funds, we give the customers that pay in

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<v Speaker 1>your account balance, and then plug it into the way

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<v Speaker 1>that they do business across the world. We are sort

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<v Speaker 1>of deeply and carefully watching the stable coin space as

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<v Speaker 1>our customers begin adopting stable coin, as we see the

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<v Speaker 1>transition of stable coin from those cryptonative use cases into real,

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<v Speaker 1>real world use cases. We want Pioneer to be able

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<v Speaker 1>to help our customers engage with this new form of

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<v Speaker 1>payments the same way that we do every other currency

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<v Speaker 1>every other market that are our customers engage in. So

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<v Speaker 1>we're watching the market carefully, keep an eye in the

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<v Speaker 1>space I think we'll have more coming in the coming

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<v Speaker 1>weeks and months here.

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<v Speaker 2>Got it. So it sounds like you're in the building

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<v Speaker 2>phase of setting up the infrastructure to support these SMBs,

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<v Speaker 2>and in addition to those businesses being able to accept

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<v Speaker 2>stable coins and transacting them and so forth, I'm assuming

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<v Speaker 2>you will also look at integrating them on the back

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<v Speaker 2>end of your system to move money faster.

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<v Speaker 1>Yeah, So we'll share any specific updates when we get them.

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<v Speaker 1>What I would say more generally is if you think

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<v Speaker 1>about the role that pay in your play is in

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<v Speaker 1>the ecosystem today, we simplify what is a very complex

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<v Speaker 1>world of cross border payments. So how I can collect

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<v Speaker 1>money in country A, manage that globally pay it out

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<v Speaker 1>in country B. There's often five or six different steps.

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<v Speaker 1>There are often three or four bank accounts in different

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<v Speaker 1>countries that are all connected. We abstract all of that

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<v Speaker 1>complexity in the FIAT ecosystem today. Our view is that

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<v Speaker 1>stable coin is a really powerful tool to speed up

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<v Speaker 1>to add transparency to global commerce. But for many of

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<v Speaker 1>these businesses it doesn't actually simplify right the need for

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<v Speaker 1>on ramping stable coin into a wallet, for managing a

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<v Speaker 1>wallet and keys for being able to send receive into

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<v Speaker 1>that wallet, creating interoperability with other currencies, other markets, and

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<v Speaker 1>then ultimately off ramping. There's a lot that needs to

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<v Speaker 1>be done, and so our view is that Pioneer's role

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<v Speaker 1>is to help our customers operate their business without having

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<v Speaker 1>to think about where and how the money is moving.

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<v Speaker 1>We think there's an opportunity for us to simplify that

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<v Speaker 1>complexity in stable coin the same way we do in

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<v Speaker 1>FIAT today.

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<v Speaker 2>And we're seeing stable coins being adopted at a rapid pace.

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<v Speaker 2>The market cap has grown significantly. I'm you know, waiting

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<v Speaker 2>to see, if you know, over in the next couple

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<v Speaker 2>of years we hit a one trillion dollar market cap,

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<v Speaker 2>you know. For example, one major adoption news was YouTube

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<v Speaker 2>integrating the PayPal p y usc stable coin. What are

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<v Speaker 2>your thoughts on that? And you know, can we expect

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<v Speaker 2>maybe other big retailers and platforms like your amazons and

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<v Speaker 2>so forth to integrate stable coins.

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<v Speaker 1>Yeah, so I think the key for stable coin for us,

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<v Speaker 1>that type of adoption is what gets me really excited.

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<v Speaker 1>Right at the end of the day, you only create

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<v Speaker 1>value in payments when you help people sell products, hire employees,

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<v Speaker 1>or invest for the future. Right, when you're moving real

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<v Speaker 1>world goods and services and products. If you can do

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<v Speaker 1>that more efficiently, then you're creating real value, right, You're

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<v Speaker 1>creating jobs, you're helping people sort of reach towards that

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<v Speaker 1>vision of the future. That's where it becomes really exciting.

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<v Speaker 1>And so as we see real world integrations where stable

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<v Speaker 1>coin is not being used because it's cool and new,

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<v Speaker 1>but where it's actually solving someone's business problem today, that's

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<v Speaker 1>where we get excited and that's where we think we

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<v Speaker 1>can help our customers. So I think there are sort

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<v Speaker 1>of two main developments that are pushing that adoption and

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<v Speaker 1>the use of real world of stable coin to solve

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<v Speaker 1>real world financial services problems. The first is the passage

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<v Speaker 1>of the Genius Act in the US, the additional regulatory

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<v Speaker 1>clarity and the certainty around a framework for regulated money

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<v Speaker 1>in the stable coin and blockchain space. That's a huge

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<v Speaker 1>advancement as someone who spent a big chunk of the

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<v Speaker 1>last few years trying to be able to adopt this

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<v Speaker 1>technology for banks to solve their problems. Without that regulatory clarity,

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<v Speaker 1>it becomes really hard and it becomes really hard to

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<v Speaker 1>interoperate with the other systems that those businesses use every day.

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<v Speaker 1>The second is sort of market clarity that follows that

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<v Speaker 1>increased adoption and the ability to have your customers or

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<v Speaker 1>your suppliers operating in the same medium, The ability to

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<v Speaker 1>have that sort of embedded nature. I think YouTube is

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<v Speaker 1>a really interesting one. The ability to embed those payments

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<v Speaker 1>in a way that existing rails can't. Right, it's not

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<v Speaker 1>just that this is faster or cheaper, but it's a

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<v Speaker 1>totally new rail that can actually help operate at a

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<v Speaker 1>code level, the way your business operates. And so, in

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<v Speaker 1>my mind, these payments innovations stable cooin incredibly innovative, but

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<v Speaker 1>it becomes most useful when it actually does something that

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<v Speaker 1>other rails can not, just does it a little faster

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<v Speaker 1>or a little cheaper.

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<v Speaker 2>What are your take on there being maybe too much

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<v Speaker 2>saturation in the stable coin market. It may be too

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<v Speaker 2>early to answer this question, but it seems like enterprises

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<v Speaker 2>collacture unstable coin, So can banks and other types of

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<v Speaker 2>payment companies and financial institutions. Do you think there might

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<v Speaker 2>be some consolidation over time? Yeah, so it's a really

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<v Speaker 2>good question. I think it comes back to how you

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<v Speaker 2>view the role of stable coins.

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<v Speaker 1>Right. If we've view stable coin as a payment rail,

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<v Speaker 1>we probably don't need five two hundred different payment rails,

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<v Speaker 1>and so I suspect when we're using stable coin as

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<v Speaker 1>a payment rail, we will see continued consolidation into a

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<v Speaker 1>handful of chains and a handful of tokens that will

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<v Speaker 1>facilitate most of the money movement. What we also see

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<v Speaker 1>is that stable coins used as a store of value

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<v Speaker 1>in a lot of cases, and in that case, as

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<v Speaker 1>we look at money globally, we do see a lot

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<v Speaker 1>of those options today. We already have digital dollars in

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<v Speaker 1>the form of bank deposits. They might all be denominated

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<v Speaker 1>in USD but a dollar at JP Morgan is not

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<v Speaker 1>the same as a dollar at City and we have

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<v Speaker 1>multiple form factors for that money today. I don't think

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<v Speaker 1>stable coin changes that. So I think we will continue

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<v Speaker 1>to see a proliferation of different stable coins that are

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<v Speaker 1>use case specific, that are maybe held in different ecosystems.

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<v Speaker 1>But I also think we'll see groups coalesce around major chains,

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<v Speaker 1>major tokens for types of transaction.

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<v Speaker 2>And with the growing adoption of stable coins, you know,

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<v Speaker 2>mostly of the dominant stable coins that right now are

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<v Speaker 2>the US dollar ones right and the US dollars the

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<v Speaker 2>well reserve currency. But as the ecosystem grows and we

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<v Speaker 2>head into this token economy, if you want to call

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<v Speaker 2>it that, all running on blockchain rails. Do you see

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<v Speaker 2>digital euros and you know whatever else country will besides

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<v Speaker 2>to launch your own stable coins, And it's kind of

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<v Speaker 2>working like the FX market. Everybody has their own digital

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<v Speaker 2>version of their fiat currency and there's interoperability or an

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<v Speaker 2>upgrade version of the FX market.

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<v Speaker 1>Yeah. So what I will say is, I think the

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<v Speaker 1>US in particular has been on the front foot here

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<v Speaker 1>and the legislation that we've talked a little bit and

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<v Speaker 1>will probably continue to do so about the Genius Act.

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<v Speaker 1>I think the Genius Act created clarity that will enhance

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<v Speaker 1>the dollar's role as the global reserve currency. By having

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<v Speaker 1>this regulatory framework that the rest of the world will fallow,

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<v Speaker 1>I think that will supercharge USD stable coin use as

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<v Speaker 1>a global tool to make commerce easier. So I'm optimistic

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<v Speaker 1>that I think USD stable coins will continue to play

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<v Speaker 1>a really key role. Now the question becomes how do

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<v Speaker 1>those then interact with the rest of the world where payments, prices, etc.

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<v Speaker 1>Aren't done in USD. I think what we start to

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<v Speaker 1>see is a world where there are multiple tokens in

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<v Speaker 1>those jurisdictions. One of the big challenges we see today

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<v Speaker 1>for businesses that operate globally is the ability to offer him.

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<v Speaker 1>So if I am a business in Vietnam that is

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<v Speaker 1>paid in stable coin, I might have USDC in my wallet,

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<v Speaker 1>but my costs are Vietnamese dong in my local economy,

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<v Speaker 1>and so a real challenge in the adoption and use

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<v Speaker 1>of stable coin globally is, as a business that wants

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<v Speaker 1>to get paid in this new form factor, how do

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<v Speaker 1>I actually take it and operate my business the way

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<v Speaker 1>I do today? So importantly like today, their best option

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<v Speaker 1>is to go to an exchange in Vietnam, hope that

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<v Speaker 1>there are enough buyers of USDC for Vietnamese dong to

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<v Speaker 1>complete the transaction, and then wait for those funds to

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<v Speaker 1>settle in a local bank. Then finally they can use

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<v Speaker 1>that to pay their employees to go buy materials. I

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<v Speaker 1>think what we see is a few options right. In

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<v Speaker 1>some cases there will be better infrastructure for those businesses

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<v Speaker 1>to accept USDC and convert them to Vietnamese dong, where

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<v Speaker 1>I think we will start to see more proliferation of

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<v Speaker 1>new denominations for currency is as off ramping tokens, So

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<v Speaker 1>I think we'll see increased use of say Vietnamese dong

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<v Speaker 1>token that exists in that ecosystem that helps facilitate the

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00:20:40.039 --> 00:20:45.960
<v Speaker 1>move from USDC into that local economy and facilitates that

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<v Speaker 1>sort of off ramping into the various jurisdiction where those

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<v Speaker 1>businesses open.

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<v Speaker 2>Yeah, that absolutely makes sense. And I'm assuming you folks

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<v Speaker 2>at Pioneer, you know, thinking about your strategy and assisting

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<v Speaker 2>with all those things.

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<v Speaker 1>Right, So, as we look at Payoneer's business, I think

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<v Speaker 1>a lot of the work that we do in the

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<v Speaker 1>FIAT space today answers a lot of complexity that exists

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<v Speaker 1>in the stable coin space. And what I will say is,

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00:21:10.599 --> 00:21:12.279
<v Speaker 1>I think there are a few strengths that we have

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00:21:13.119 --> 00:21:15.799
<v Speaker 1>that position us to help answer a lot of the

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00:21:15.799 --> 00:21:19.319
<v Speaker 1>complexities for global businesses that want to operate in stable coins.

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00:21:19.680 --> 00:21:23.119
<v Speaker 1>So the first is that last mile question. How do

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00:21:23.200 --> 00:21:25.599
<v Speaker 1>you deliver fiat last mile for a business paid in

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00:21:25.640 --> 00:21:30.240
<v Speaker 1>stable coin? Today? Payoneer helps global businesses that collect money abroad,

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00:21:30.759 --> 00:21:32.920
<v Speaker 1>manage it and pay out in one hundred and ninety

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<v Speaker 1>markets around the world. So we have incredible call last

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<v Speaker 1>mile reach to be able to deliver fiat. I think

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<v Speaker 1>that's one really important piece. Two is the customer relationships

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00:21:43.359 --> 00:21:46.559
<v Speaker 1>that we've built, the partnership that we have with our

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<v Speaker 1>SMB customers. We have huge reach into that market that

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<v Speaker 1>is just starting to see adoption in the stable coin space.

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<v Speaker 1>As we've seen in stable cooin broadly, distribution is in

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<v Speaker 1>many cases what determines winners in this market. We have

414
00:22:00.759 --> 00:22:04.319
<v Speaker 1>distribution into key corridors where there is product market fit

415
00:22:04.440 --> 00:22:09.279
<v Speaker 1>stable coin. The third is compliance. We have built a

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00:22:09.319 --> 00:22:13.279
<v Speaker 1>global compliance infrastructure that allows us to onboard customers around

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00:22:13.279 --> 00:22:15.160
<v Speaker 1>the world in a way that is consistent with the

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00:22:15.200 --> 00:22:18.960
<v Speaker 1>expectations from US banking regulators, so that those companies can

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<v Speaker 1>access the banking system and importantly, the nexus that exists

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<v Speaker 1>in the US today, so as I think genius raises

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<v Speaker 1>the bar for everyone, we have the ability to help

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<v Speaker 1>bring those customers into this ecosystem in a way that

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<v Speaker 1>is consistent with regulatory expectations. And I think the last

424
00:22:37.319 --> 00:22:40.359
<v Speaker 1>and most important is the simplicity. As we see the

425
00:22:40.400 --> 00:22:44.480
<v Speaker 1>adoption of stable coin. Our business today is simplifying payments

426
00:22:44.519 --> 00:22:47.240
<v Speaker 1>around the world, making it for our customers so it

427
00:22:47.400 --> 00:22:52.880
<v Speaker 1>just works whether payment is in JPY, Euro, usd We

428
00:22:52.960 --> 00:22:55.559
<v Speaker 1>think that there's the ability to further simplify this. I

429
00:22:55.640 --> 00:22:58.000
<v Speaker 1>doubt that in the future there are businesses that will

430
00:22:58.240 --> 00:23:01.319
<v Speaker 1>purely exist in FIAT or really exist and stable coin.

431
00:23:01.759 --> 00:23:03.599
<v Speaker 1>The question is going to be how can you simplify

432
00:23:03.640 --> 00:23:07.599
<v Speaker 1>across both and allow businesses to engage seamlessly around the world.

433
00:23:08.680 --> 00:23:10.799
<v Speaker 1>So we think Pioneers really well positioned to answer what

434
00:23:10.839 --> 00:23:13.440
<v Speaker 1>I think are those sort of four key questions for

435
00:23:13.519 --> 00:23:16.200
<v Speaker 1>adoption of stable coin for cross border commerce.

436
00:23:16.480 --> 00:23:20.880
<v Speaker 2>Absolutely. I read recently that Pioneer has partnered with City

437
00:23:20.920 --> 00:23:26.240
<v Speaker 2>Bank to implement blockchain enabled treasury transfers through City Token Services.

438
00:23:26.640 --> 00:23:29.559
<v Speaker 2>But can you tell us, Daron, how you've been working together. Yeah,

439
00:23:29.599 --> 00:23:33.200
<v Speaker 2>so we're really excited about the partnership. We are leveraging

440
00:23:33.319 --> 00:23:36.799
<v Speaker 2>City Token Services to help us move funds around the

441
00:23:36.839 --> 00:23:41.240
<v Speaker 2>world to make those last mile deliveries more efficient. So

442
00:23:41.400 --> 00:23:44.240
<v Speaker 2>the partnership lets us serve our customers more reliably. We

443
00:23:44.359 --> 00:23:52.359
<v Speaker 2>use their blockchain enabled treasury transfers to get faster transaction, speed, automation, transparency.

444
00:23:53.160 --> 00:23:57.119
<v Speaker 2>The blockchain sort of reduces the cash management FX risk,

445
00:23:57.240 --> 00:23:59.960
<v Speaker 2>all of those pieces that we have to consider it

446
00:24:00.680 --> 00:24:02.799
<v Speaker 2>and adds efficiency on the back end that we can

447
00:24:02.839 --> 00:24:06.519
<v Speaker 2>then pass along to our customers. Are you able to

448
00:24:06.559 --> 00:24:09.160
<v Speaker 2>disclose if you're working with different banks or cities like

449
00:24:09.200 --> 00:24:12.519
<v Speaker 2>your primary partner in doing these so Panier works with

450
00:24:12.559 --> 00:24:15.440
<v Speaker 2>the network of banks around the world. City is one

451
00:24:15.480 --> 00:24:16.240
<v Speaker 2>of those banks that.

452
00:24:16.200 --> 00:24:18.519
<v Speaker 1>We work with. But as you can imagine, you know,

453
00:24:18.599 --> 00:24:21.799
<v Speaker 1>delivering funds into Japan, there's a bank will work within

454
00:24:21.839 --> 00:24:24.240
<v Speaker 1>that market there to deliver those months. So we have

455
00:24:24.720 --> 00:24:26.319
<v Speaker 1>you know, I think that's one of the benefits pay

456
00:24:26.319 --> 00:24:29.359
<v Speaker 1>in your has is a robust global banking network that

457
00:24:29.480 --> 00:24:31.559
<v Speaker 1>allows us to serve customers in those one hundred and

458
00:24:31.599 --> 00:24:32.279
<v Speaker 1>ninety countries.

459
00:24:33.000 --> 00:24:35.279
<v Speaker 2>Rob you brought up the Genius Act earlier, right, and

460
00:24:35.559 --> 00:24:37.960
<v Speaker 2>the implications of that and how important it was to

461
00:24:38.240 --> 00:24:40.960
<v Speaker 2>have those clear rules and the guard wills in place,

462
00:24:41.039 --> 00:24:44.839
<v Speaker 2>and certainly it's the benefit of the US dollar and

463
00:24:44.920 --> 00:24:49.359
<v Speaker 2>much more. However, the American Bankers Association and you know,

464
00:24:49.400 --> 00:24:51.720
<v Speaker 2>the banking lobby and so forth have had some issues

465
00:24:51.799 --> 00:24:53.960
<v Speaker 2>with some of the things that are included in at

466
00:24:53.960 --> 00:24:57.519
<v Speaker 2>Genius Act, such as stable coin yield and rewards. You know,

467
00:24:57.559 --> 00:24:59.480
<v Speaker 2>giving your background, the ABA will love to get your

468
00:24:59.480 --> 00:25:02.559
<v Speaker 2>thoughts about what happened here and kind of the re litigation.

469
00:25:02.880 --> 00:25:05.759
<v Speaker 2>You know what the banks not really paying attention to that,

470
00:25:05.960 --> 00:25:10.039
<v Speaker 2>and do to have valid concerns possibly like a lot

471
00:25:10.039 --> 00:25:13.079
<v Speaker 2>of funds leading to banks and going into stable coin

472
00:25:13.160 --> 00:25:14.920
<v Speaker 2>platforms where people can earn yield.

473
00:25:15.200 --> 00:25:17.680
<v Speaker 1>Yeah, so it's a good question, right, And whenever there

474
00:25:17.759 --> 00:25:21.359
<v Speaker 1>is new regulation that sets up sort of a new

475
00:25:21.400 --> 00:25:25.079
<v Speaker 1>structure for money movement, everyone wants to weigh in, and

476
00:25:25.119 --> 00:25:28.000
<v Speaker 1>there's always a you know, there's a dance that happens

477
00:25:28.039 --> 00:25:32.160
<v Speaker 1>to make sure that we're both allowing new products to

478
00:25:32.200 --> 00:25:36.119
<v Speaker 1>market fast enough and creating a regulatory structure that facilitates innovation,

479
00:25:36.200 --> 00:25:39.759
<v Speaker 1>that facilitates new thinking, balanced against the need to maintain

480
00:25:39.799 --> 00:25:42.839
<v Speaker 1>consumer and customer protection, that the way these things are

481
00:25:42.880 --> 00:25:45.599
<v Speaker 1>rolled out or done responsibly, that there isn't sort of

482
00:25:45.599 --> 00:25:49.960
<v Speaker 1>a gap in oversight that would otherwise exist. So there's

483
00:25:50.160 --> 00:25:52.640
<v Speaker 1>always a debate around this. I've spent a good chunk

484
00:25:52.680 --> 00:25:55.799
<v Speaker 1>of the last few years testifying before Congress and others

485
00:25:56.279 --> 00:25:59.920
<v Speaker 1>trying to help think about how we create a responsible

486
00:26:00.160 --> 00:26:03.519
<v Speaker 1>regulatory structure for this new form of money. There will

487
00:26:03.559 --> 00:26:06.519
<v Speaker 1>be I think, hotspots throughout that debate, and it will

488
00:26:06.559 --> 00:26:09.759
<v Speaker 1>be ongoing. But I think most importantly what we see

489
00:26:09.799 --> 00:26:14.000
<v Speaker 1>is really continued progress and continued buy in on ensuring

490
00:26:14.039 --> 00:26:18.200
<v Speaker 1>this new path exists for banks and non banks to

491
00:26:18.279 --> 00:26:21.880
<v Speaker 1>leverage this technology in a safe, responsible and regulated environment.

492
00:26:22.440 --> 00:26:26.000
<v Speaker 1>I think we've seen both the clarity that comes from

493
00:26:26.079 --> 00:26:29.799
<v Speaker 1>that regulation create more enthusiasm in the market. We've also

494
00:26:29.839 --> 00:26:32.519
<v Speaker 1>been really encouraged by the move's bank regulators have made

495
00:26:32.839 --> 00:26:35.480
<v Speaker 1>to move quickly on implementing that. I think that path

496
00:26:35.559 --> 00:26:38.759
<v Speaker 1>creates additional clarity. I will say what we saw during

497
00:26:38.759 --> 00:26:42.039
<v Speaker 1>my time at USDF was a lack of clarity around

498
00:26:42.079 --> 00:26:45.039
<v Speaker 1>how both banks and non banks could leverage stable coins right.

499
00:26:45.119 --> 00:26:48.119
<v Speaker 1>The lack of regulatory structure meant that when you went

500
00:26:48.160 --> 00:26:52.920
<v Speaker 1>to a banking regulator as a bank, you were told well,

501
00:26:52.960 --> 00:26:55.279
<v Speaker 1>ask again in about six months or we're thinking about

502
00:26:55.279 --> 00:26:58.759
<v Speaker 1>your response. And as a bank, when you're told effectively

503
00:26:58.839 --> 00:27:04.440
<v Speaker 1>noet veto through through a non answer right, you don't

504
00:27:04.440 --> 00:27:06.519
<v Speaker 1>feel like you can participate now. So I think in

505
00:27:06.559 --> 00:27:09.920
<v Speaker 1>some ways there's a concern that from the banking industry,

506
00:27:10.160 --> 00:27:12.799
<v Speaker 1>if we can't adopt this technology, others will and we'll

507
00:27:12.799 --> 00:27:15.720
<v Speaker 1>be left behind. In my mind, the right answer is

508
00:27:15.759 --> 00:27:19.079
<v Speaker 1>to enable everyone to adopt this new technology and compete.

509
00:27:19.440 --> 00:27:21.559
<v Speaker 1>We certainly need to make sure the right guardrails are

510
00:27:21.559 --> 00:27:24.079
<v Speaker 1>there to make sure this is well regulated, well protected.

511
00:27:24.480 --> 00:27:28.759
<v Speaker 1>But let's create a regulatory structure that facilitates responsible innovation,

512
00:27:29.359 --> 00:27:32.440
<v Speaker 1>allows those into market, and creates a level playing field.

513
00:27:33.160 --> 00:27:36.599
<v Speaker 2>Yeah, well said, And well, I guess we'll see how

514
00:27:36.680 --> 00:27:39.400
<v Speaker 2>this all pins out with the crypto market structure and

515
00:27:39.440 --> 00:27:42.720
<v Speaker 2>what compromise and things are reached. I know there was

516
00:27:42.720 --> 00:27:45.720
<v Speaker 2>a delay in the markup last week, but you know,

517
00:27:45.839 --> 00:27:48.359
<v Speaker 2>talks are still happening, the dialogues that we are going forward.

518
00:27:49.279 --> 00:27:51.039
<v Speaker 2>But I guess we'll have to wait and see what

519
00:27:51.440 --> 00:27:54.359
<v Speaker 2>the type of resolution they come to. Yeah, we're all

520
00:27:54.359 --> 00:27:58.079
<v Speaker 2>waiting and watching here for sure. Rob. You know, you

521
00:27:58.160 --> 00:28:01.480
<v Speaker 2>have a lot of experience and the payments sector and

522
00:28:01.759 --> 00:28:04.640
<v Speaker 2>the history of payments and so forth, so I'm curious

523
00:28:04.720 --> 00:28:07.960
<v Speaker 2>what your outlook is for the future of payments and

524
00:28:08.240 --> 00:28:12.559
<v Speaker 2>how stable coins and crypto might be integrated into the sector.

525
00:28:13.039 --> 00:28:16.680
<v Speaker 2>So let's say it's twenty thirty five, am I going

526
00:28:16.680 --> 00:28:20.599
<v Speaker 2>to Starbucks paying for a coffee? Not necessarily I'm choosing

527
00:28:20.640 --> 00:28:22.720
<v Speaker 2>to use a stable coin, but stable coins may be

528
00:28:23.000 --> 00:28:26.079
<v Speaker 2>powering the movement of the money behind the scenes where

529
00:28:26.119 --> 00:28:28.960
<v Speaker 2>my credit card or whatever app I'm using. Is it

530
00:28:29.000 --> 00:28:29.640
<v Speaker 2>something like that?

531
00:28:30.000 --> 00:28:32.799
<v Speaker 1>And beyond Yeah, It's a great example, and I think

532
00:28:32.839 --> 00:28:35.319
<v Speaker 1>you already hit on what my answer will be is,

533
00:28:35.880 --> 00:28:38.799
<v Speaker 1>as a customer, you probably don't even know. Right, we

534
00:28:38.839 --> 00:28:43.160
<v Speaker 1>win in innovation and in payments when the customer doesn't

535
00:28:43.160 --> 00:28:46.359
<v Speaker 1>even think about their money. Right, No one wakes up

536
00:28:46.359 --> 00:28:48.440
<v Speaker 1>in the morning and gets out of that excited to

537
00:28:48.440 --> 00:28:51.279
<v Speaker 1>go to their bank. Right. The bank exists so that

538
00:28:51.319 --> 00:28:54.880
<v Speaker 1>the customer can go execute on their ambition. Right, if

539
00:28:54.920 --> 00:28:57.079
<v Speaker 1>it is a small business, they wake up thinking about

540
00:28:57.079 --> 00:28:59.480
<v Speaker 1>how can I sell my customer's product that adds value

541
00:28:59.519 --> 00:29:02.319
<v Speaker 1>to their lives, not how do I manage financial services

542
00:29:02.319 --> 00:29:05.240
<v Speaker 1>on the back end. And so in my mind, in

543
00:29:05.720 --> 00:29:10.000
<v Speaker 1>ten years, stable coin has the opportunity to help simplify

544
00:29:10.079 --> 00:29:12.359
<v Speaker 1>some of that complexity. There's a lot of work we

545
00:29:12.400 --> 00:29:15.440
<v Speaker 1>all need to do to make that the case, but

546
00:29:15.799 --> 00:29:18.279
<v Speaker 1>I think it's a few things. Right. Money disappears into

547
00:29:18.279 --> 00:29:21.680
<v Speaker 1>the background. My business just continues to operate. Money is

548
00:29:21.720 --> 00:29:24.200
<v Speaker 1>the operating system that a lot of that business has

549
00:29:24.240 --> 00:29:26.799
<v Speaker 1>to work on. So you know, if I go to Starbucks,

550
00:29:26.799 --> 00:29:29.319
<v Speaker 1>I probably don't pick stable Coin. I may not even

551
00:29:29.319 --> 00:29:31.799
<v Speaker 1>think about it. I may have just told my AI

552
00:29:31.839 --> 00:29:34.200
<v Speaker 1>assistant that I'm going to be at Starbucks in two minutes,

553
00:29:34.400 --> 00:29:36.440
<v Speaker 1>and it may handle the transaction on the back end.

554
00:29:37.079 --> 00:29:40.400
<v Speaker 1>And so I think the more that we can integrate

555
00:29:40.440 --> 00:29:44.799
<v Speaker 1>payments into the flows that businesses and consumers use every day,

556
00:29:45.359 --> 00:29:48.119
<v Speaker 1>the more that we can abstract that complexity, take that

557
00:29:48.200 --> 00:29:51.079
<v Speaker 1>away and create a system that just works. That's where

558
00:29:51.079 --> 00:29:54.400
<v Speaker 1>we went. That's where we create real value when businesses

559
00:29:54.440 --> 00:29:57.200
<v Speaker 1>don't spend time on payments but spend time talking to

560
00:29:57.200 --> 00:30:00.599
<v Speaker 1>their customers building better products. That's how we when I think,

561
00:30:00.599 --> 00:30:04.480
<v Speaker 1>that's where the ecosystem really delivers on its promise in

562
00:30:04.839 --> 00:30:08.079
<v Speaker 1>the next five, ten and fifteen years. And do you

563
00:30:08.119 --> 00:30:11.680
<v Speaker 1>think with the instant settlement aspect and stable coins running

564
00:30:11.720 --> 00:30:14.759
<v Speaker 1>in the rails of the payments networks and so forth,

565
00:30:15.279 --> 00:30:19.559
<v Speaker 1>that people would get paid daily? Now, you know we'll

566
00:30:19.599 --> 00:30:24.119
<v Speaker 1>have to upgrade legislation and infrastructure and so forth, But

567
00:30:24.920 --> 00:30:28.799
<v Speaker 1>that because you have instant money, people can get paid

568
00:30:28.839 --> 00:30:32.240
<v Speaker 1>on a daily basis. Why not even by the minute? Right?

569
00:30:32.880 --> 00:30:35.880
<v Speaker 1>I think there's all sorts of models when you lower

570
00:30:36.200 --> 00:30:41.000
<v Speaker 1>some of the facilitate smaller and smaller transactions, or you

571
00:30:41.119 --> 00:30:43.279
<v Speaker 1>enable a lot of new different sort of payment methods,

572
00:30:43.279 --> 00:30:45.039
<v Speaker 1>et cetera. So I won't get out, I won't get

573
00:30:45.039 --> 00:30:48.640
<v Speaker 1>into the legal structure of how payments or how salaries

574
00:30:48.680 --> 00:30:51.480
<v Speaker 1>are paid. Right, I have no special view on that,

575
00:30:52.000 --> 00:30:54.559
<v Speaker 1>But what gets me excited are things like the ability

576
00:30:54.599 --> 00:30:59.119
<v Speaker 1>for micro transactions to help better unlock value as it's

577
00:30:59.160 --> 00:31:02.640
<v Speaker 1>being created. So you know, if I have a website,

578
00:31:02.680 --> 00:31:05.759
<v Speaker 1>maybe I can get paid per visitor, per click, whatever,

579
00:31:06.039 --> 00:31:08.279
<v Speaker 1>and it's not one payment at the end of the month,

580
00:31:08.359 --> 00:31:10.680
<v Speaker 1>but the minute that I generate some value that someone

581
00:31:10.839 --> 00:31:14.640
<v Speaker 1>used my content, that someone consumes one of my services,

582
00:31:14.960 --> 00:31:17.400
<v Speaker 1>even if it's just one minute of browsing a page,

583
00:31:17.799 --> 00:31:20.039
<v Speaker 1>you can create a fraction of ascent of a transaction

584
00:31:20.119 --> 00:31:22.400
<v Speaker 1>that goes along with that in real time and gives

585
00:31:22.440 --> 00:31:26.640
<v Speaker 1>someone access to the payments that to their earnings in

586
00:31:26.680 --> 00:31:29.200
<v Speaker 1>real time. Maybe it's an Uber driver who gets paid

587
00:31:29.200 --> 00:31:32.160
<v Speaker 1>by the minute and sort of sees those those funds

588
00:31:32.160 --> 00:31:34.519
<v Speaker 1>add up in real time in their account. Right. I

589
00:31:34.599 --> 00:31:37.880
<v Speaker 1>think there's a lot we can do. Most importantly, I

590
00:31:37.920 --> 00:31:41.160
<v Speaker 1>think a big piece of the future of global commerce

591
00:31:41.200 --> 00:31:44.039
<v Speaker 1>R the SMB of the future is probably AI based,

592
00:31:44.480 --> 00:31:46.880
<v Speaker 1>or at least has a heavy AI component, And so

593
00:31:46.960 --> 00:31:50.079
<v Speaker 1>having a system like stable coin that at a code

594
00:31:50.200 --> 00:31:53.160
<v Speaker 1>level can work with these new technologies, with the new

595
00:31:53.200 --> 00:31:56.440
<v Speaker 1>bit with the businesses of the future, help facilitate moving

596
00:31:56.559 --> 00:31:59.119
<v Speaker 1>value along the same way that we're seeing an evolution

597
00:31:59.200 --> 00:32:01.799
<v Speaker 1>in the way that those buses misses operate. And I

598
00:32:01.839 --> 00:32:04.400
<v Speaker 1>think stable coin has the opportunity to make sure that

599
00:32:04.440 --> 00:32:06.160
<v Speaker 1>payments keep pace well.

600
00:32:06.240 --> 00:32:09.799
<v Speaker 2>Rob as a content creator publishing content, I would love

601
00:32:10.079 --> 00:32:13.960
<v Speaker 2>to have the micro transactions and updated web monestization where

602
00:32:14.160 --> 00:32:17.599
<v Speaker 2>it's like you're to your point, get that instant payment

603
00:32:17.880 --> 00:32:19.680
<v Speaker 2>or you know, same day, I don't have to wait

604
00:32:19.759 --> 00:32:22.599
<v Speaker 2>weeks or months to get a payout. Absolutely, let's talk

605
00:32:22.640 --> 00:32:26.240
<v Speaker 2>about tokenization. The tokenization market is heating up. We are

606
00:32:26.240 --> 00:32:28.640
<v Speaker 2>seeing a lot of assets going on chain, from goal

607
00:32:28.720 --> 00:32:31.640
<v Speaker 2>to stocks and other equities, money market funds and things

608
00:32:31.640 --> 00:32:33.960
<v Speaker 2>along those lines. I would love to get your take

609
00:32:34.000 --> 00:32:36.920
<v Speaker 2>on that market. And is payoneer looking to integrate tokenize

610
00:32:36.960 --> 00:32:38.160
<v Speaker 2>assets in any.

611
00:32:37.640 --> 00:32:40.319
<v Speaker 1>Way, Yeah, so happy to give just a general view

612
00:32:40.319 --> 00:32:42.640
<v Speaker 1>of the market at say, you know, from payoneer's perspective,

613
00:32:42.680 --> 00:32:45.839
<v Speaker 1>it's still very early and we're watching the space carefully.

614
00:32:46.640 --> 00:32:49.720
<v Speaker 1>For me, if we go back to the core value

615
00:32:49.839 --> 00:32:52.920
<v Speaker 1>that tokenization brands, right, it's the idea that we have

616
00:32:53.039 --> 00:32:56.920
<v Speaker 1>a shared ledger for a shared in public ledger that

617
00:32:57.119 --> 00:33:01.079
<v Speaker 1>simplifies the various complex systems that exist today, and so

618
00:33:01.200 --> 00:33:03.400
<v Speaker 1>we spent a lot of time on this in my

619
00:33:03.519 --> 00:33:08.480
<v Speaker 1>days at USDF working on tokenized deposits. I think blockchain

620
00:33:08.559 --> 00:33:10.960
<v Speaker 1>is too often used as the silver bullet that solves

621
00:33:10.960 --> 00:33:13.880
<v Speaker 1>all of the world's problems. But where it really I

622
00:33:13.920 --> 00:33:16.720
<v Speaker 1>think does add unique value is when you have multiple

623
00:33:16.759 --> 00:33:19.119
<v Speaker 1>parties collaborating in real time. I think of it as

624
00:33:19.119 --> 00:33:21.799
<v Speaker 1>that that shared Google doc instead of the Excel spreadsheet

625
00:33:21.799 --> 00:33:24.640
<v Speaker 1>that sits on your computer and then you send someone

626
00:33:24.640 --> 00:33:26.759
<v Speaker 1>else and you all have to work separate, right. The

627
00:33:26.759 --> 00:33:29.200
<v Speaker 1>beauty of blockchain is that we're all working together in

628
00:33:29.240 --> 00:33:32.240
<v Speaker 1>real time. And so as we think about tokenization of

629
00:33:32.319 --> 00:33:37.720
<v Speaker 1>non payments activities we think about tokenized assets areas where

630
00:33:37.759 --> 00:33:40.640
<v Speaker 1>you need that kind of collaboration in real time is

631
00:33:40.680 --> 00:33:44.559
<v Speaker 1>where I think tokenization adds the most value. So if

632
00:33:44.599 --> 00:33:48.240
<v Speaker 1>it is just you know, buying and selling product X

633
00:33:48.920 --> 00:33:52.119
<v Speaker 1>that could connect to any other payment system today, sure

634
00:33:52.160 --> 00:33:55.079
<v Speaker 1>you might have some incremental value there. Where I get

635
00:33:55.119 --> 00:33:58.160
<v Speaker 1>excited are when we see new assets that require that

636
00:33:58.240 --> 00:34:01.480
<v Speaker 1>type of real time collaboration. So one example I'll give

637
00:34:01.599 --> 00:34:05.720
<v Speaker 1>that we looked at USDF were loan participations. So you

638
00:34:05.799 --> 00:34:07.880
<v Speaker 1>might have an example where a community bank wants to

639
00:34:07.880 --> 00:34:10.760
<v Speaker 1>make a loan to one of the companies that they

640
00:34:10.760 --> 00:34:13.840
<v Speaker 1>work with, but can't right the loan is too big

641
00:34:13.880 --> 00:34:16.000
<v Speaker 1>for this community bank, and so they want to bring

642
00:34:16.079 --> 00:34:18.760
<v Speaker 1>other banks in to make that loan. In the past,

643
00:34:19.000 --> 00:34:20.840
<v Speaker 1>that would mean the first bank would have to keep

644
00:34:20.840 --> 00:34:23.599
<v Speaker 1>its own Excel spreadsheet, collect a payment from a borrow,

645
00:34:23.639 --> 00:34:27.079
<v Speaker 1>or send it to those other banks. By tokenizing that loan,

646
00:34:27.480 --> 00:34:29.440
<v Speaker 1>you now have the ability to route payments to the

647
00:34:29.480 --> 00:34:32.039
<v Speaker 1>various holders of that loan. That's where I think you

648
00:34:32.079 --> 00:34:36.199
<v Speaker 1>can unlock real opportunity. You can create lower funding costs

649
00:34:36.199 --> 00:34:39.920
<v Speaker 1>for those loans, help create better access to credit just

650
00:34:40.000 --> 00:34:42.440
<v Speaker 1>by making it easier for those banks to collaborate in

651
00:34:42.480 --> 00:34:44.880
<v Speaker 1>real time on the same system of record and to

652
00:34:44.880 --> 00:34:47.360
<v Speaker 1>have the payments followed. So I think there's a ton

653
00:34:47.400 --> 00:34:50.079
<v Speaker 1>of opportunity. I'd say I'm most excited about areas where

654
00:34:50.079 --> 00:34:53.679
<v Speaker 1>you need that kind of real time collaboration. That's where

655
00:34:53.679 --> 00:34:55.280
<v Speaker 1>it adds the most value in my mind.

656
00:34:55.559 --> 00:34:59.320
<v Speaker 2>Yeah, for sure, I know there's a lot of excitement

657
00:34:59.320 --> 00:35:02.360
<v Speaker 2>about token is A, but not everything needs to be tokenized,

658
00:35:04.000 --> 00:35:06.280
<v Speaker 2>And to your point, it needs to be markets, it

659
00:35:06.360 --> 00:35:08.280
<v Speaker 2>needs to be demand liquidity, and it has to make

660
00:35:08.320 --> 00:35:12.639
<v Speaker 2>sense you have, you know, the network effects of different participants.

661
00:35:13.039 --> 00:35:15.199
<v Speaker 2>I know, as a public company, it's not much you

662
00:35:15.239 --> 00:35:18.480
<v Speaker 2>can share them till it's you know, the information's out there.

663
00:35:18.880 --> 00:35:20.880
<v Speaker 2>But what can you highlight as far as your roldmap

664
00:35:20.920 --> 00:35:23.440
<v Speaker 2>as it relates to blockchain, stable coins, crypto and things

665
00:35:23.519 --> 00:35:23.800
<v Speaker 2>like that.

666
00:35:24.159 --> 00:35:26.400
<v Speaker 1>Yeah. So look, I think we've talked about as much

667
00:35:26.400 --> 00:35:29.400
<v Speaker 1>as we probably can there, which is we think that

668
00:35:29.519 --> 00:35:32.119
<v Speaker 1>you know, as we look at the future payments, our

669
00:35:32.159 --> 00:35:36.519
<v Speaker 1>business is simplifying the complexity of cross border trade. As

670
00:35:36.519 --> 00:35:40.000
<v Speaker 1>our customers increasingly use this technology, we want to simplify

671
00:35:40.039 --> 00:35:42.519
<v Speaker 1>that as well. We think we're well positioned to help

672
00:35:42.960 --> 00:35:46.719
<v Speaker 1>be that operating system for businesses today and tomorrow to

673
00:35:46.760 --> 00:35:48.679
<v Speaker 1>make sure money just works for that, whether it's in

674
00:35:48.719 --> 00:35:51.079
<v Speaker 1>fiat payments or stable Yeah.

675
00:35:51.159 --> 00:35:55.800
<v Speaker 2>Absolutely, Rob. I got some wrap up questions here for you. First,

676
00:35:55.800 --> 00:35:57.599
<v Speaker 2>if you could create your own metaverse, what would the

677
00:35:57.599 --> 00:35:59.880
<v Speaker 2>theme be? Well, that's a good question.

678
00:36:00.440 --> 00:36:02.800
<v Speaker 1>If I could create my own metaverse, I'm clearly too

679
00:36:02.840 --> 00:36:06.559
<v Speaker 1>focused on SMB payments, but I think and create a

680
00:36:06.639 --> 00:36:12.960
<v Speaker 1>metaverse that helps global businesses connect, share ideas, and help

681
00:36:13.039 --> 00:36:14.360
<v Speaker 1>better serve their customers.

682
00:36:14.920 --> 00:36:17.119
<v Speaker 2>And rapid fire questions favorite.

683
00:36:16.719 --> 00:36:21.000
<v Speaker 1>Food, Favorite food? Got to be pizza, favorite musician or band,

684
00:36:22.360 --> 00:36:26.719
<v Speaker 1>very into Fred again these days? Favorite movie, favorite movie,

685
00:36:27.559 --> 00:36:31.679
<v Speaker 1>ask an extreme, favorite book, Red Rising? And when you're

686
00:36:31.679 --> 00:36:34.800
<v Speaker 1>not working, what are you doing for fun? Yeah? Avid cyclists.

687
00:36:34.800 --> 00:36:37.840
<v Speaker 1>So it's not the weather today, a little too chilly

688
00:36:37.840 --> 00:36:40.440
<v Speaker 1>out there, but once it warms up, I'll be out

689
00:36:40.519 --> 00:36:41.679
<v Speaker 1>biking as much as I can.

690
00:36:41.880 --> 00:36:45.360
<v Speaker 2>Good stuff, Rob, Thank you so much. Appreciate your perspectives

691
00:36:45.400 --> 00:36:47.559
<v Speaker 2>and insights on payments, and I would love to have

692
00:36:47.639 --> 00:36:50.239
<v Speaker 2>you back on Maybe round two we can do in

693
00:36:50.280 --> 00:36:51.320
<v Speaker 2>person in New York.

694
00:36:51.800 --> 00:36:53.760
<v Speaker 1>Would love that, Tony, thanks so much for having me,

695
00:36:53.840 --> 00:36:56.280
<v Speaker 1>great conversation, Really looking forward to the next one.

696
00:36:56.679 --> 00:36:59.199
<v Speaker 2>Thank you so much for tuning in. Please hit the

697
00:36:59.320 --> 00:37:01.679
<v Speaker 2>like button subscribe if you haven't as yet. If you're

698
00:37:01.719 --> 00:37:04.719
<v Speaker 2>listening on a podcast platform such as Spotify or Apple,

699
00:37:04.920 --> 00:37:07.679
<v Speaker 2>please follow and leave a five star rating. Thank you

700
00:37:07.719 --> 00:37:08.079
<v Speaker 2>so much.