WEBVTT

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<v Speaker 1>When we enabled our customers on PayPal and Venmo to

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<v Speaker 1>buy hold slid spend cryptocurrency on the platform. We extended

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<v Speaker 1>that to a couple of other countries a little bit

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<v Speaker 1>later on, and we use that as a real opportunity

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<v Speaker 1>to bring that asset class to our customers and also

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<v Speaker 1>internally to get some more visibility and experience with the technology.

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<v Speaker 2>This content is brought to you by bitco, which is

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<v Speaker 2>one of the top crypto custodians in the crypto industry.

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<v Speaker 2>Bitco works with many big companies and brands such as

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<v Speaker 2>Pantera Capital, Bitstam, and bitcoin Ira. Nike also selected Bitgo

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<v Speaker 2>to power its wallets for its NFTs and bitco has

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<v Speaker 2>many great services such as hot wallets, custodial wallets, self

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<v Speaker 2>managed cold wallets, and NFT wallets. Many institutions trust bitgo

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<v Speaker 2>with its top level security and incredible services such as

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<v Speaker 2>being able to deploy your capital while it's in custody,

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<v Speaker 2>which includes lending, borrowing, trading, staking, DeFi access and more.

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<v Speaker 2>If you'd like to learn more about bitco, please visit

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<v Speaker 2>bitgo dot com link in a description. Welcome into the

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<v Speaker 2>Thinking Crypto Podcast. I'm your host, Tony Edward and my

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<v Speaker 2>guest today is Edwin Aoki, who's the CTEO of PayPal's Blockchain,

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<v Speaker 2>Crypto and Digital Currencies unit. Edwin, great to have you on.

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<v Speaker 1>It's great to be here, Edwin.

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<v Speaker 2>I am very excited to speak with you. PayPal is

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<v Speaker 2>doing some amazing things as it relates to crypto, and

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<v Speaker 2>of course you have a stable coin py USC. I

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<v Speaker 2>have a lot of questions for you around these things,

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<v Speaker 2>but before we get there, tell us a bit about yourself,

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<v Speaker 2>where you're from, and what's your professional background.

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<v Speaker 1>Sure, I've been here at PayPal for a little over

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<v Speaker 1>fourteen years now, which seems like forever. Been in this

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<v Speaker 1>role for about four coming on five years of that.

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<v Speaker 1>Prior to that, I was PayPal's chief architect, looking over

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<v Speaker 1>architecture and prize technology across all of our divisions and

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<v Speaker 1>business units. Before that, had a lot of fun times

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<v Speaker 1>at Netscape, which was acquired by AOL, was there for

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<v Speaker 1>a while into it Apple, a few startups here in

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<v Speaker 1>Silicon Valley. Got to be sort of in and around

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<v Speaker 1>a lot of fun pivotal moments in the dawn of

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<v Speaker 1>the consumer Internet.

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<v Speaker 2>So it seems you've always had a passion for tech.

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<v Speaker 2>You were in Web one point zero into Web two

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<v Speaker 2>and now Web three.

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<v Speaker 1>Yeah, that's right. We didn't think of it as Web

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<v Speaker 1>one point you know, back then, but yeah, I sort

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<v Speaker 1>of fell into that. And I've been really fortunate to

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<v Speaker 1>be with a number of really smart people, and I'm

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<v Speaker 1>number of really what turned out to be influential companies

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<v Speaker 1>in the space.

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<v Speaker 2>You know, I've interviewed quite a few alumni from Netscape,

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<v Speaker 2>and of course, you know, you have Mark and Dreesen

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<v Speaker 2>and these folks have a sixteen Z. But it's amazing

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<v Speaker 2>how many people from Netscape are here building Mike Belshi

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<v Speaker 2>and the name goes on Bill Bill from Abra and

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<v Speaker 2>much more.

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<v Speaker 1>Yeah, you know, I think that a lot of that

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<v Speaker 1>stems from some of the idealism that a lot of

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<v Speaker 1>us had in those early days around really being able

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<v Speaker 1>to democratize what was at the time communications and publishing,

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<v Speaker 1>and that sort of extends naturally into you know, ultimately

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<v Speaker 1>democratizing financial services and identity and other areas that I

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<v Speaker 1>think blockchain and crypto really touch on.

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<v Speaker 2>So do you see that, you know, this space, this

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<v Speaker 2>technology of blockchain is indeed Web three, that this is

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<v Speaker 2>what Web three will be about, you know, things being tokenized,

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<v Speaker 2>value being token ouised on the blockchain, the ability to

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<v Speaker 2>transact with blockchain, and so forth.

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<v Speaker 1>Yeah, you know, I think actually we're still probably pretty

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<v Speaker 1>early on in the evolution of Web three, and these

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<v Speaker 1>kind of the kinds of things that often aren't really

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<v Speaker 1>apparent until after you get a little bit further out.

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<v Speaker 1>You know, I don't think that we saw thought Web

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<v Speaker 1>two was Web two until Web three came along. Yes,

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<v Speaker 1>So you know, clearly I think there's a trend there

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<v Speaker 1>in terms of decentralization, distribution, you know, really also looking

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<v Speaker 1>at sort of where technology and innovation comes from in

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<v Speaker 1>terms of the north South divide. But I don't know

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<v Speaker 1>that we'll really know exactly what sort of the heart

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<v Speaker 1>of Web three h is until we're a little bit

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<v Speaker 1>maybe even until we're a little bit further out of

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<v Speaker 1>it and we get to look back with a little

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<v Speaker 1>bit more perspective.

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<v Speaker 2>Yeah, that's true, because oftentimes you don't know what's going

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<v Speaker 2>to stick and what's going to get adoption. Right, there

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<v Speaker 2>were so many ideas in these in Web one and

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<v Speaker 2>Web two point zero, but it's kind of you have

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<v Speaker 2>to look back in hindsight and say, oh, I see

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<v Speaker 2>this is what worked and what consumers wanted.

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<v Speaker 1>Yeah, that's right. I mean I think that, you know,

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<v Speaker 1>for a while, there are a couple of years ago

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<v Speaker 1>NFTs were supposed to be the big thing Web three.

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<v Speaker 1>Those might come back because certainly being able to have

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<v Speaker 1>individual sort of digital goods is important, but that seems

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<v Speaker 1>to have died down a little bit at the moment

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<v Speaker 1>for obvious reasons. A lot of the talk is around bitcoin,

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<v Speaker 1>but whether or not that ends up being the defining

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<v Speaker 1>aspect of Web three or there's something else. I think

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<v Speaker 1>that we'll know a little bit more in the in

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<v Speaker 1>the rear of your mirror.

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<v Speaker 2>What was your first encounter with bitcoin or crypto and

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<v Speaker 2>what was your aha moment?

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<v Speaker 1>Yeah, you know, actually I think it was my husband

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<v Speaker 1>that introduced me to bitcoin a long time ago. I

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<v Speaker 1>will admit that at the time, I saw it really

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<v Speaker 1>as a store of value, a commodity, much like gold

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<v Speaker 1>or other kinds of assets, and you know, I thought

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<v Speaker 1>it was interesting, but nothing particularly revolutionary at the time.

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<v Speaker 1>In my previous role as PayPal's chief architect, I had

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<v Speaker 1>the privilege of overseeing our sort of horizon to research

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<v Speaker 1>and innovation unit, and there we started looking at blockchain

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<v Speaker 1>sort of as a core technology really around that distributed

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<v Speaker 1>data and decentralized computing model, and we started getting really

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<v Speaker 1>excited about that, not just for value exchange and crypto,

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<v Speaker 1>but really around a number of different axes. And I

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<v Speaker 1>think it was there when it really started to come

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<v Speaker 1>together that it addition to the ethos of decentralization that

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<v Speaker 1>the speed, the lower cost, the transparency, the programmability of

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<v Speaker 1>this could have real dramatic implications for payments. And obviously

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<v Speaker 1>PayPal is a payments company. We're really interested in being

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<v Speaker 1>able to understand what's coming next in this space and

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<v Speaker 1>being able to lead that space. And I think that

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<v Speaker 1>sort of those two things together really sort of brought

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<v Speaker 1>it home that hey, here was a foundational technology that

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<v Speaker 1>was sort of interesting in itself, but there were also

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<v Speaker 1>some really important use cases that could enable that suddenly

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<v Speaker 1>made it real.

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<v Speaker 2>Now PayPal has been ramping up your efforts around crypto

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<v Speaker 2>and blockchain and so forth. Can you give us an

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<v Speaker 2>overview of all the different initiatives you guys have running.

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<v Speaker 2>I know there's crypto trading, stable coins, and if there's

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<v Speaker 2>anything else you want to highlight.

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<v Speaker 1>Yeah, sure. So you know, we started to get into

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<v Speaker 1>this space in the retail context in twenty twenty when

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<v Speaker 1>we enabled our customers on PayPal and Venmo to buy, hold, sell,

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<v Speaker 1>and spend cryptocurrency on the platform. We extended that to

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<v Speaker 1>a couple of other countries a little bit later on,

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<v Speaker 1>and we used that as a real opportunity to bring

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<v Speaker 1>that asset class to our customers and also internally to

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<v Speaker 1>get some more visibility and experience with the technology, and

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<v Speaker 1>that really led up, i think, to twenty twenty three

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<v Speaker 1>when we launched PayPal USD, our stable coin that you mentioned,

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<v Speaker 1>which we call p y u s D, which really

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<v Speaker 1>sort of culminates the thinking around our view that digital

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<v Speaker 1>assets and digital currencies can be a real game changer

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<v Speaker 1>in the payments space, and since then we've been really

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<v Speaker 1>i think proving that out through a number of use

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<v Speaker 1>cases and applications. In April, we added that as a

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<v Speaker 1>funding source to our remittance platform Zoom that allowed for

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<v Speaker 1>customers on the pay Pal platform to make their international

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<v Speaker 1>remittance transfers with zero transaction fees when they fund with

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<v Speaker 1>p y u s D. We added the Salona blockchain

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<v Speaker 1>as a base protocol to p y u s D

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<v Speaker 1>back in May. That brings sort of a different set

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<v Speaker 1>of runtime characteristics around speed and cost and scale to

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<v Speaker 1>the platform. And then most recently in the last few months,

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<v Speaker 1>we've really ramped that up by making our first business payments.

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<v Speaker 1>You mentioned I think in the pre show that we

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<v Speaker 1>settled an invoice with Ernst and Young e Y using

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<v Speaker 1>p y U s D thanks to our friends over

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<v Speaker 1>at SAP and coin based prime. That really starts to show,

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<v Speaker 1>I think, how business to business payments can work, you know,

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<v Speaker 1>with twenty four to seven settlement and instant finality or

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<v Speaker 1>near instant finality. In a broader context, we added E

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<v Speaker 1>and S support. I think also in September it was

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<v Speaker 1>we launched the bisell Hold product for our merchant base

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<v Speaker 1>in the US, and then just this week we have

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<v Speaker 1>started to use p y U s D with our

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<v Speaker 1>distribution partners on Zoom, starting with Subuana and yellow Card,

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<v Speaker 1>to allow for you know, that behind the scenes leg

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<v Speaker 1>of funding those in sorry, those international remittances to operate

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<v Speaker 1>on these more efficient, more cost effective uh uh settlement rails.

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<v Speaker 2>Now, I know some people are going to listen to

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<v Speaker 2>this and they're gonna say, wait a minute, I've used

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<v Speaker 2>PayPal over the years, why do I need a stable coin.

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<v Speaker 2>What is the purpose and why does PayPal even need that?

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<v Speaker 2>They have so many customers, they're doing so many millions

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<v Speaker 2>of transactions with merchants and users, And I know the

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<v Speaker 2>answer to that, but I want to make sure folks

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<v Speaker 2>who are new today's asset class, uh, you know, they

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<v Speaker 2>understand that the behind the scenes, how the sausage is

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<v Speaker 2>made that what's the problem being solved with with with

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<v Speaker 2>digital assets and stable coins?

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<v Speaker 1>Yeah, I mean, I think it's a great question, Tony.

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<v Speaker 1>And you know, if you think about folks that use PayPal,

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<v Speaker 1>particularly in a lot of the developed world, you already

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<v Speaker 1>experienced the benefits of having what appears to you to

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<v Speaker 1>be instantaneous settlement, you know, a digital wallet that that

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<v Speaker 1>works most of the places that you want to be

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<v Speaker 1>able to transact and to have the speed and safety

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<v Speaker 1>and convenience of something that just works with a smartphone

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<v Speaker 1>in your pocket. When we think about p y U,

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<v Speaker 1>s D, we think of it in some sense as

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<v Speaker 1>sort of taking that balance that people really know and

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<v Speaker 1>love about PayPal and being able to tokenize that and

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<v Speaker 1>externalize that outside of the PayPal platform. So even though

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<v Speaker 1>we may want PayPal to be available to every single

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<v Speaker 1>person on the planet. The reality is that at the moment,

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<v Speaker 1>not yet, what we can do with p y U

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<v Speaker 1>s D though, is that we can start to bring

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<v Speaker 1>some of the convenience, some of the the form factor

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<v Speaker 1>and the ability to be able to move funds quickly

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<v Speaker 1>and easily across different sets of payment rails around the

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<v Speaker 1>world to a larger group of individuals, people who either

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<v Speaker 1>may not have access to PayPal, people may who may

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<v Speaker 1>not choose to use PayPal, or entire industries and verticals

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<v Speaker 1>which today might not think of PayPal as their first choice.

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<v Speaker 1>So I mentioned the business to business payment that we

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<v Speaker 1>made with e Y. Typically today, you know, a huge

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<v Speaker 1>amount of the commerce transactions that happened between enterprises don't

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<v Speaker 1>use PayPal. They don't, in fact use digital settlement rails

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<v Speaker 1>for the most part at all. They're still using wire

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<v Speaker 1>transfers or bank payments or invoices and money payment orders

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<v Speaker 1>in order to transact sort of in day to day business.

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<v Speaker 1>And you know, you and I know Tony that behind

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<v Speaker 1>the scenes, those things take time. Wire transfers take a

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<v Speaker 1>while to settle, they can be expensive, particularly with small businesses.

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<v Speaker 1>They can lead to cash flow and sort of money

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<v Speaker 1>movement challenges as they work their way through the financial system,

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<v Speaker 1>and we think that stable coins really offer an alternative

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<v Speaker 1>that streamlines that ability and really makes it easier for

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<v Speaker 1>businesses and individuals of all sizes to be able to

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<v Speaker 1>have greater control over their assets and really experience the

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<v Speaker 1>benefits of something like PayPal in a much wider realm.

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<v Speaker 2>So in addition to the ability to obviously settle faster,

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<v Speaker 2>it is a more twenty four to seven asset class

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<v Speaker 2>and technology where you know, these scenes can be sent

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<v Speaker 2>settled instantly through these stable coins. Are you planning to

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<v Speaker 2>offer other services with these stable coins like yield or

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<v Speaker 2>anything like that.

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<v Speaker 1>Yeah, you know, Tony, I mean, we always are listening

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<v Speaker 1>to what our customers are are asking us to do.

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<v Speaker 1>We obviously start with, you know, a view that is

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<v Speaker 1>really coming back from those customer needs, and you know,

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<v Speaker 1>for that, we've really or we really use that to

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<v Speaker 1>focus on some of the key things that we've introduced

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<v Speaker 1>in the last year around commerce, being able to move

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<v Speaker 1>to a faster transaction settlement time with lower network fees

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<v Speaker 1>on Salana, creating greater utility around you know, payment based interactions,

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<v Speaker 1>really streamlining a lot of these things behind the scenes

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<v Speaker 1>so that we can make payments easier for customers. You know,

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<v Speaker 1>as we uh hear more from our customers, as we

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<v Speaker 1>get greater clarity in the regulatory markets, h and as

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<v Speaker 1>we look to you know, all the innovation that's happening

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<v Speaker 1>in the industry. You know, we'll obviously look at new

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<v Speaker 1>features that are going to bring new kinds of benefits

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<v Speaker 1>and new kinds of opportunities to the market.

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<v Speaker 2>And you mentioned moving to Solana. Are there plans to

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<v Speaker 2>add other blockchains? Given that it seems we're headed to

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<v Speaker 2>a multichain world, there won't be one blockchain to rule

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<v Speaker 2>them all, so to speak.

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<v Speaker 1>Yeah, I mean, we started py usd with the intention

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<v Speaker 1>of being multichain. Obviously, we love the Ethereum community in

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<v Speaker 1>the Arc twenties. We started there because of the distribution

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<v Speaker 1>and the wide developer support and the innovation that happens there.

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<v Speaker 1>We knew at the time that we also wanted to

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<v Speaker 1>be able to bring in alternatives that had lower network

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<v Speaker 1>fees and higher throughput that would be needed for settlements.

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<v Speaker 1>We were also really enamored with the work the Salona

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<v Speaker 1>Foundation did on token extensions, which we think are really

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<v Speaker 1>important technical aspects that help bring features like greater privacy

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<v Speaker 1>and greater program ability for payments, which we think will

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<v Speaker 1>be important. And as we hear from our developer communities,

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<v Speaker 1>from our customers around the other environments and ecosystems that

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<v Speaker 1>they want to use p y U s D and

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<v Speaker 1>obviously we'll consider that we're in conversations all the time

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<v Speaker 1>with pretty much everybody in the ecosystem, as you might imagine,

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<v Speaker 1>and you know, we'll see what comes out of that.

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<v Speaker 2>M Now, in regards to market share, Edwin, I mean,

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<v Speaker 2>I think it's all secret. There is a race now

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<v Speaker 2>with stable coin issu ins, and everyone is trying to

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<v Speaker 2>launch your own stable coin. Yeah, and you know, obviously

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<v Speaker 2>the leader so to speak, if you want to call

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<v Speaker 2>that right now is us d T has been for

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<v Speaker 2>a long time. Then there's us d C. How are

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<v Speaker 2>you planning to get more of steel market share from

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<v Speaker 2>those folks?

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<v Speaker 1>You know, it's actually really great to see I think

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<v Speaker 1>the validation of stable coins, and I think really the

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<v Speaker 1>industry really coming to the same kinds of conclusions that

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<v Speaker 1>we came to a while back around the utility of

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<v Speaker 1>this and the ability to really start thinking about payments

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<v Speaker 1>use cases, because again you know, a lot of the

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<v Speaker 1>stable coins that and the conversations that are happening now

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<v Speaker 1>have been around the utility of stable coins rather than

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<v Speaker 1>the store of value that you know, a lot of

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<v Speaker 1>the discussion was a couple of years ago. Even in

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<v Speaker 1>the space, it might surprise you that market cap and

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<v Speaker 1>market share is not the primary thing that we're going

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<v Speaker 1>for with p y U s D. Really, we slipped

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<v Speaker 1>out to do this as a token for payments, as

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<v Speaker 1>a way to move value around, so we're much more

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<v Speaker 1>interested in being able to drive movement of the token.

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<v Speaker 1>We're much more interested in the use cases like around

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<v Speaker 1>the euy or sebuanna and yellow card, where folks are

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<v Speaker 1>using p y U s D to solve real problems

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<v Speaker 1>in the payments and commerce space. Naturally, we think that

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<v Speaker 1>as that picks up, that the market share will come

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<v Speaker 1>from that. But our primary focus is really around these

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<v Speaker 1>utility uh uh, these utility applications and being able to

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<v Speaker 1>bring this into the movement of real world value, and

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<v Speaker 1>then market share we think will come secondarily from that. Yeah.

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<v Speaker 2>Absolutely, I love what you said about solving you know,

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<v Speaker 2>a real world problem, and obviously you have a large

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<v Speaker 2>customer base already and are are you talking to other

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<v Speaker 2>enterprises like e Y and looking to do pilots and

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<v Speaker 2>things like that.

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<v Speaker 1>Absolutely, I mean I think that, you know, what we

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<v Speaker 1>showed with SAP is the ability to really start invoicing

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<v Speaker 1>and thinking in a fully digital realm. You know, it's

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<v Speaker 1>I think it's really been instructive for us. You know, SAP,

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<v Speaker 1>I think they have all of the Fortune five hundred

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<v Speaker 1>if you know, if not all, then then certainly a

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<v Speaker 1>substantial majority of that. And I think that one of

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<v Speaker 1>the things that's really interesting for us around that is

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<v Speaker 1>that we're looking to bring P y U, s D

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<v Speaker 1>and digital assets into places where people already are. So

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<v Speaker 1>if you are a large enterprise, you're already using SAPs

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<v Speaker 1>ERP system. If you are a retail customer, for example

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<v Speaker 1>here in the United States, you are probably already using

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<v Speaker 1>PayPal or Vemo. Our whole aspect here is that, you know,

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<v Speaker 1>we're not trying to get people to do something radically

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<v Speaker 1>different from what they've been doing before, because habits die hard.

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<v Speaker 1>What we're looking to do is make those experiences better,

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<v Speaker 1>less expensive, faster, safer through the use of these technologies,

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<v Speaker 1>some of which will be visible to customers and some

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<v Speaker 1>of which will be sort of buried in the back end,

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<v Speaker 1>but we'll just make things more efficient under the covers.

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<v Speaker 1>And so you know, for us, what we're looking to

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<v Speaker 1>do is to work with partners UH, to work across

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<v Speaker 1>our customer base, and to work across services within the

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<v Speaker 1>PayPal ecosystem, so that using p y U s D

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<v Speaker 1>and using digital assets, like I said, is just as

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<v Speaker 1>easy and convenience is using your balance, or just as

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<v Speaker 1>easy and convenient as using any other payment method that

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<v Speaker 1>you use today. Yeah.

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<v Speaker 2>Absolutely, talk to us about the relationship or the dynamic

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<v Speaker 2>between PayPal and Venmo and is there going to be

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<v Speaker 2>anything unique as it relates to crypto or the use

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<v Speaker 2>of p y U s E or is just going

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<v Speaker 2>to be kind of the same strategy.

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<v Speaker 1>Yeah, well, I mean obviously, you know, Venmo and PayPal

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<v Speaker 1>serve slightly different audiences today. You know, Venmo is a

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<v Speaker 1>much more social experience. It's a it's an area that

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<v Speaker 1>you know, gets used a lot for personal person transactions.

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<v Speaker 1>A lot of where crypto in its early days was

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<v Speaker 1>used around sort of peer to peer activities. We see

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<v Speaker 1>a lot of activity there, the ability to actually move

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<v Speaker 1>funds from PayPal to Venmo and vice versa was facilitated

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<v Speaker 1>on our platform for the first time through p y

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<v Speaker 1>u s D. So a lot of people don't know

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<v Speaker 1>that if you are a PayPal or a Venmo user,

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<v Speaker 1>you can transfer p y u s D without fees

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<v Speaker 1>between accounts on those platforms today and it happens instantaneously,

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<v Speaker 1>and it happens really seamlessly in that regard. But you know,

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<v Speaker 1>we look to bring features that are appropriate to those

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<v Speaker 1>platforms to life. Uh, and we are excited about expanding

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<v Speaker 1>both the PayPal and the Vemo platforms, you know, with

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<v Speaker 1>all of the new things that we're working on. And

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<v Speaker 1>as I said, stay tuned, there's a lot more to come.

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<v Speaker 2>Yeah, I'm a user of both platforms and Venmo. To

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<v Speaker 2>your point, there's more of that social aspect. And I

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<v Speaker 2>was thinking, I'm just thinking out loud, but you know

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<v Speaker 2>that it would be amazing if the regulatory laws and

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<v Speaker 2>all these things in our alignment, but to have some

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<v Speaker 2>sort of social trading platform that's regulated with crypto and

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<v Speaker 2>I can send money, but I can also highlight, hey,

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<v Speaker 2>I bought some bitcoin, or I'm doing this whatever may be,

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<v Speaker 2>or I have this NFT. I feel that would be

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<v Speaker 2>an easy plug into Venmo, but just thinking out loud.

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<v Speaker 1>Yeah, well, I mean, look, we'll take that into into consideration.

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<v Speaker 1>But I mean already today, if you are buying and

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<v Speaker 1>selling bitcoin or one of the other supported currencies on

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<v Speaker 1>the platform, you have the option of exposing that as

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<v Speaker 1>part of your Venmo social feed and starting a conversation

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<v Speaker 1>around that, just as you can and with any other

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<v Speaker 1>of the Venmo transactions. And you know, I think that

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<v Speaker 1>that the crypto demographic is very well matched to the

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<v Speaker 1>Vemo demographic. And you know, again we've been really excited

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<v Speaker 1>about how those things come together. You know, on the

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<v Speaker 1>Venmo platform, for example, you can if you have the

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<v Speaker 1>Vemo credit card, you can choose to receive your rewards

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<v Speaker 1>and crypto off of that. And you know, we've seen

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<v Speaker 1>a lot of folks really being especially as bitcoin has risen,

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<v Speaker 1>some of the people that have chosen to receive their

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<v Speaker 1>Venmo card rewards and bitcoin, you know a year ago,

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<v Speaker 1>are really I think appreciating head choice today.

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<v Speaker 2>Jumping back to p y u s D, tell us

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<v Speaker 2>a bit about the reserves behind p y u s

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<v Speaker 2>C because that's of course a big element of stable

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<v Speaker 2>coins and a lot of people are they have eyeballs

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<v Speaker 2>on this now because stable coin legislation is being worked

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<v Speaker 2>on in the US. The has passed a version, So

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<v Speaker 2>tell us about what the reserves is made of.

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<v Speaker 1>Yeah, I mean, you know, I think that you talked

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<v Speaker 1>a little bit about this with Charles from Paxos a

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<v Speaker 1>little while ago on your podcast. But you know, our

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<v Speaker 1>reserves are held entirely of used dollar denominated assets in

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<v Speaker 1>US bank accounts in a in segregated accounts that are

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<v Speaker 1>intended to be bankruptcy remote in trust. So you know,

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<v Speaker 1>this is pretty much the gold standard in how we

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<v Speaker 1>manage reserves and how we ensure that we are holding

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<v Speaker 1>a dollar's worth of funds for every dollar of tokens

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<v Speaker 1>that get issued, and those reserves, how the costodients hold

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<v Speaker 1>the reserves, all of that is, you know, as you know,

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00:24:48.559 --> 00:24:52.839
<v Speaker 1>very crucial to maintaining that dollar equivalence. It's overseen by

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<v Speaker 1>the New York Department of Financial Services. All the reports

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<v Speaker 1>are audited and available through the website of our issue

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<v Speaker 1>or PACSO, and we're very very proud of, I think

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<v Speaker 1>the level of care and attention that we've put into

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<v Speaker 1>that process because we think that it's crucial to really

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<v Speaker 1>helping people to have the confidence that you know, this

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<v Speaker 1>is this has been built and designed in a way

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<v Speaker 1>that is worthy of of of their trust and.

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<v Speaker 2>PayPal absolutely, And what are your thoughts on possibly the

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<v Speaker 2>legislation coming in very soon in the United States, which

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<v Speaker 2>I think would be very good for the market, protect consumers,

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<v Speaker 2>but allow innovators and builders to you know, be able

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<v Speaker 2>to do their thing without having to look over your shoulder.

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<v Speaker 1>Yeah. I mean, we've always had a compliance and regulatory

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<v Speaker 1>first approach to the work that we've done here. You know,

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<v Speaker 1>we have we're the recipients of New York's first conditional

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<v Speaker 1>bit license. We were the first company then convert that

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<v Speaker 1>into a full bit license, and so, you know, being

423
00:26:02.960 --> 00:26:07.359
<v Speaker 1>able to have a strong regulatory foundation and clear regulatory

424
00:26:07.400 --> 00:26:11.119
<v Speaker 1>guidelines have always been important to us. You know, I

425
00:26:11.160 --> 00:26:13.279
<v Speaker 1>think that it remains to be seen exactly what the

426
00:26:13.359 --> 00:26:15.920
<v Speaker 1>shape of that is. There's a number of bills moving

427
00:26:15.960 --> 00:26:19.920
<v Speaker 1>through Congress here in the United States, and you know,

428
00:26:19.960 --> 00:26:24.960
<v Speaker 1>we're committed to following that process and and uh sharing

429
00:26:25.000 --> 00:26:29.559
<v Speaker 1>our learning as where appropriate and then hopefully seeing something that,

430
00:26:30.799 --> 00:26:34.839
<v Speaker 1>like you said, encourages that innovation but manages to protect

431
00:26:34.880 --> 00:26:38.039
<v Speaker 1>consumers and and provide clarity for US as an industry.

432
00:26:38.640 --> 00:26:41.640
<v Speaker 2>Now, I know maybe is too early to probably think

433
00:26:41.680 --> 00:26:44.079
<v Speaker 2>about this, but are you planning to launch a p

434
00:26:44.359 --> 00:26:46.880
<v Speaker 2>Y E U R you know the euro?

435
00:26:47.920 --> 00:26:50.400
<v Speaker 1>You know, we get that a lot tony and I

436
00:26:50.440 --> 00:26:52.720
<v Speaker 1>think that you know, as I said before, we're going

437
00:26:52.799 --> 00:26:55.559
<v Speaker 1>to follow where our customers go and what they're asking for.

438
00:26:56.079 --> 00:26:58.839
<v Speaker 1>But I think it's important to just sort of recognize

439
00:26:58.880 --> 00:27:02.640
<v Speaker 1>that today. You know, if you think about stable coins,

440
00:27:03.960 --> 00:27:09.240
<v Speaker 1>they're really used as the other side in many cases

441
00:27:09.319 --> 00:27:13.400
<v Speaker 1>of crypto transactions, whether in the DeFi space or in trading,

442
00:27:14.440 --> 00:27:17.759
<v Speaker 1>and our ambition is to really use stable coins as

443
00:27:17.799 --> 00:27:22.079
<v Speaker 1>part of global commerce. And today both of those use

444
00:27:22.119 --> 00:27:27.319
<v Speaker 1>cases are primarily denominated in dollars, So the liquidity is

445
00:27:27.480 --> 00:27:32.039
<v Speaker 1>deepest on crypto between for example, bitcoin and US D

446
00:27:32.400 --> 00:27:35.920
<v Speaker 1>versus bitcoin and euro, or bitcoin and EN. So most

447
00:27:35.920 --> 00:27:38.880
<v Speaker 1>of the trading happens in dollar denominating exchanges in dollar

448
00:27:38.920 --> 00:27:42.960
<v Speaker 1>denominated pairs. And if you look at sort of where

449
00:27:43.400 --> 00:27:46.880
<v Speaker 1>you know, global commodities are priced, if you look at

450
00:27:46.880 --> 00:27:50.359
<v Speaker 1>sort of how global trade works, the dollar is the

451
00:27:50.480 --> 00:27:53.559
<v Speaker 1>US sorry, the dollar is the world's reserve currency, but

452
00:27:53.599 --> 00:27:57.119
<v Speaker 1>it's also primarily the world's transaction currency. When you think

453
00:27:57.160 --> 00:28:00.680
<v Speaker 1>about cross border and so you know, the and and

454
00:28:00.799 --> 00:28:04.640
<v Speaker 1>the need for dollar denominated assets and dollar denominated digital

455
00:28:04.880 --> 00:28:10.759
<v Speaker 1>goods I think is still largely outweighs you know, some

456
00:28:10.839 --> 00:28:14.680
<v Speaker 1>of the work that's happening inside of even very large

457
00:28:14.720 --> 00:28:19.160
<v Speaker 1>trading blocks like the EU or or other parts of Asia.

458
00:28:19.680 --> 00:28:25.000
<v Speaker 1>And so I think that you know, we will you know,

459
00:28:25.079 --> 00:28:32.119
<v Speaker 1>continue to serve that space. And uh, as the need

460
00:28:32.240 --> 00:28:35.640
<v Speaker 1>and as the desire for more regional or local currencies

461
00:28:35.680 --> 00:28:38.839
<v Speaker 1>comes on board, we will absolutely respond to that. But

462
00:28:39.000 --> 00:28:42.200
<v Speaker 1>right now, I think that the biggest area of opportunity

463
00:28:42.200 --> 00:28:44.279
<v Speaker 1>and the biggest area of demand is in dollars.

464
00:28:44.960 --> 00:28:47.279
<v Speaker 2>Yeah. Absolutely, And I think in d C there's a

465
00:28:47.319 --> 00:28:49.839
<v Speaker 2>lot of talks now of you know, how the United

466
00:28:49.880 --> 00:28:53.119
<v Speaker 2>States can preserve the world reserve currency status, and stable

467
00:28:53.160 --> 00:28:54.920
<v Speaker 2>coins will play a big part of that. Because the

468
00:28:54.960 --> 00:28:57.079
<v Speaker 2>world wants dollars and you can give it to them

469
00:28:57.559 --> 00:29:02.359
<v Speaker 2>in a faster, cheaper, instant settlement format that that that's

470
00:29:02.359 --> 00:29:02.680
<v Speaker 2>a win.

471
00:29:02.960 --> 00:29:05.680
<v Speaker 1>So absolutely absolutely.

472
00:29:06.119 --> 00:29:12.960
<v Speaker 2>Now, uh a question I'm really curious about. Yeah, Elon Musk,

473
00:29:13.039 --> 00:29:15.400
<v Speaker 2>one of the founders of PayPal, and even Peter Thiel,

474
00:29:15.640 --> 00:29:18.799
<v Speaker 2>one of the founders of PayPal, Uh, are you in

475
00:29:18.880 --> 00:29:22.119
<v Speaker 2>talks with them to use p y u s D

476
00:29:22.200 --> 00:29:24.880
<v Speaker 2>in any way. Most mostly this question is about Elon

477
00:29:24.960 --> 00:29:28.480
<v Speaker 2>because he has X, he has UH, he has enterprises

478
00:29:28.599 --> 00:29:31.240
<v Speaker 2>like Tesla and and and space X and so forth.

479
00:29:31.839 --> 00:29:33.920
<v Speaker 2>Are there any conversations happening.

480
00:29:34.279 --> 00:29:37.039
<v Speaker 1>You know, I'm on the technology side, Tony, so I

481
00:29:37.039 --> 00:29:39.359
<v Speaker 1>don't know if I don't know of any of those

482
00:29:39.359 --> 00:29:42.720
<v Speaker 1>conversations that are happening. You know, I think that we welcome,

483
00:29:43.319 --> 00:29:45.160
<v Speaker 1>as I said, p y U s D is really

484
00:29:45.200 --> 00:29:51.119
<v Speaker 1>designed for commerce, whether that is from you know, UH,

485
00:29:51.279 --> 00:29:56.839
<v Speaker 1>consumers to small businesses, whether that's between large enterprises you know,

486
00:29:57.000 --> 00:29:59.880
<v Speaker 1>or or other sort of larger payments that that happened

487
00:29:59.880 --> 00:30:05.240
<v Speaker 1>in the larger global supply chain. I'm sure we would

488
00:30:05.319 --> 00:30:09.440
<v Speaker 1>welcome sort of any opportunity to you know, make those

489
00:30:09.599 --> 00:30:13.119
<v Speaker 1>more efficient, whether that's for Elon or anybody else. But

490
00:30:13.160 --> 00:30:15.880
<v Speaker 1>I'm not aware of anything specific that we're having a

491
00:30:15.880 --> 00:30:17.960
<v Speaker 1>conversation with them about. Well.

492
00:30:18.119 --> 00:30:21.400
<v Speaker 2>As a user of PayPal, Venmo and X, if I

493
00:30:21.480 --> 00:30:24.039
<v Speaker 2>could tip someone in p y U s D on X, hey,

494
00:30:24.119 --> 00:30:28.480
<v Speaker 2>great tweeter, great information, or send somebody some money instantly

495
00:30:28.519 --> 00:30:30.759
<v Speaker 2>with p y U s E, I would be using

496
00:30:30.839 --> 00:30:34.480
<v Speaker 2>that product, so.

497
00:30:33.279 --> 00:30:36.039
<v Speaker 1>Fair enough, you know, it's really interesting that you mentioned that, Tony,

498
00:30:36.079 --> 00:30:39.240
<v Speaker 1>because we had a p y u s D hakathon

499
00:30:39.799 --> 00:30:46.200
<v Speaker 1>a little while ago and one of the finalists and

500
00:30:46.240 --> 00:30:48.079
<v Speaker 1>I was sort of lucky enough to be one of

501
00:30:48.079 --> 00:30:49.839
<v Speaker 1>the judges, and one of the things that we were

502
00:30:49.880 --> 00:30:54.880
<v Speaker 1>seeing was the ability for on the Forecaster platform, which

503
00:30:55.000 --> 00:30:59.519
<v Speaker 1>some of your listeners may know that is sort of

504
00:30:59.599 --> 00:31:05.920
<v Speaker 1>a decent centralized social network built on Web three principles.

505
00:31:06.359 --> 00:31:09.599
<v Speaker 1>One of the finalists has a tipping platform on that

506
00:31:09.880 --> 00:31:12.279
<v Speaker 1>using p y u s D, and so, you know,

507
00:31:12.359 --> 00:31:16.839
<v Speaker 1>I think it shows that there is a real opportunity

508
00:31:16.880 --> 00:31:20.640
<v Speaker 1>to use these open source mechanisms and you know, these

509
00:31:20.680 --> 00:31:23.160
<v Speaker 1>open protocols that p y u s D is built on,

510
00:31:23.720 --> 00:31:28.279
<v Speaker 1>and start to bring whether that's tipping, whether that's commerce,

511
00:31:28.400 --> 00:31:30.920
<v Speaker 1>whether that's some of these other sorts of use cases

512
00:31:32.160 --> 00:31:35.319
<v Speaker 1>into places like social networks that you know, maybe we

513
00:31:35.319 --> 00:31:40.599
<v Speaker 1>weren't necessarily thinking about or isn't really our core business,

514
00:31:40.680 --> 00:31:44.920
<v Speaker 1>but that everybody needs payments, right, and so if we're

515
00:31:44.920 --> 00:31:51.359
<v Speaker 1>able to make payments easier, easier to use, easier to integrate, faster,

516
00:31:51.480 --> 00:31:54.319
<v Speaker 1>and cheaper to settle, that's going to be a win

517
00:31:54.400 --> 00:31:55.039
<v Speaker 1>for everybody.

518
00:31:55.599 --> 00:31:57.680
<v Speaker 2>Yeah, and I can't wait for today where there's more

519
00:31:57.759 --> 00:32:02.000
<v Speaker 2>interoperability between these platforms and they all into grate blockchain,

520
00:32:02.079 --> 00:32:04.480
<v Speaker 2>and I can easily, like I said, just maybe I

521
00:32:04.559 --> 00:32:07.599
<v Speaker 2>just do a simple command and it sends you add

522
00:32:07.640 --> 00:32:11.680
<v Speaker 2>when five p y USD on Twitter or somebody once

523
00:32:11.680 --> 00:32:14.319
<v Speaker 2>again that I like their content or whatever it is,

524
00:32:14.519 --> 00:32:17.680
<v Speaker 2>or buy something from them, and it's that easy. I

525
00:32:17.720 --> 00:32:19.839
<v Speaker 2>don't have to Okay, I need to log into this app,

526
00:32:19.839 --> 00:32:21.839
<v Speaker 2>I need to give me your wallet address. I don't

527
00:32:21.839 --> 00:32:23.039
<v Speaker 2>have to do all those things.

528
00:32:24.000 --> 00:32:26.519
<v Speaker 1>Yeah, and you know, I think that the fact is

529
00:32:26.599 --> 00:32:29.799
<v Speaker 1>that when we think about things like micro payments or

530
00:32:29.839 --> 00:32:32.839
<v Speaker 1>streaming payments, that's where digital currencies can really come into

531
00:32:32.880 --> 00:32:36.160
<v Speaker 1>its own. You don't have a lot of the fixed

532
00:32:36.200 --> 00:32:42.480
<v Speaker 1>overhead that comes from you know, traditional payments methods. Like

533
00:32:42.519 --> 00:32:44.519
<v Speaker 1>you said, it can be instantaneous and so you can

534
00:32:44.559 --> 00:32:48.200
<v Speaker 1>really get that feedback loop going much more readily. You

535
00:32:48.240 --> 00:32:52.119
<v Speaker 1>don't necessarily have to have accounts and subscriptions set up

536
00:32:52.160 --> 00:32:55.200
<v Speaker 1>in advance. And so, yeah, we really do see that

537
00:32:55.279 --> 00:33:00.000
<v Speaker 1>there's an opportunity, I think, particularly in the creator space,

538
00:33:00.319 --> 00:33:07.480
<v Speaker 1>particularly in social uh that digital currencies can really start

539
00:33:07.480 --> 00:33:12.240
<v Speaker 1>to move value in a much more effective way that's

540
00:33:12.319 --> 00:33:15.400
<v Speaker 1>matched to sort of the Internet and matched to the

541
00:33:16.160 --> 00:33:21.519
<v Speaker 1>distribution of media and content today, and we're starting to

542
00:33:21.559 --> 00:33:25.359
<v Speaker 1>see some of that happen'd love to see more of it.

543
00:33:25.359 --> 00:33:27.599
<v Speaker 1>It would be great to start to be able to

544
00:33:27.599 --> 00:33:30.759
<v Speaker 1>have tips coming into your podcast, Tony with T Y

545
00:33:30.880 --> 00:33:33.759
<v Speaker 1>U s D. Maybe sometimes soon.

546
00:33:34.599 --> 00:33:38.119
<v Speaker 2>That'd be great. If you're if you guys are working

547
00:33:38.240 --> 00:33:40.240
<v Speaker 2>on something that's you know, you're in the beta format.

548
00:33:40.279 --> 00:33:41.920
<v Speaker 2>I would love to help test it out for you,

549
00:33:41.960 --> 00:33:43.039
<v Speaker 2>So keep me in mind.

550
00:33:43.079 --> 00:33:44.960
<v Speaker 1>All right, all right, we'll do that.

551
00:33:46.279 --> 00:33:51.640
<v Speaker 2>Now, a more macro view question here, what does the

552
00:33:51.799 --> 00:33:54.920
<v Speaker 2>future payments look like? For PayPal? And you touch a

553
00:33:54.920 --> 00:33:59.039
<v Speaker 2>bit on it, right, and web monetization, micro payments and

554
00:33:59.079 --> 00:34:02.480
<v Speaker 2>things like that, but with stable coins, with digital assets

555
00:34:02.480 --> 00:34:04.839
<v Speaker 2>and so forth. You know, what do you I guess

556
00:34:04.960 --> 00:34:07.880
<v Speaker 2>let's put a timeline. How do you see this market

557
00:34:07.960 --> 00:34:08.679
<v Speaker 2>in five years?

558
00:34:10.320 --> 00:34:13.159
<v Speaker 1>Yeah? I mean, you know, I think, Tony, if you'd

559
00:34:13.199 --> 00:34:16.199
<v Speaker 1>asked us five years ago whether or not we'd be

560
00:34:16.320 --> 00:34:19.920
<v Speaker 1>looking at bitcoin pushing one hundred K today, I don't

561
00:34:20.000 --> 00:34:22.719
<v Speaker 1>know that we would have predicted that. So that's a

562
00:34:22.719 --> 00:34:24.800
<v Speaker 1>pretty long time frame in this business, as you know,

563
00:34:26.519 --> 00:34:30.119
<v Speaker 1>you know, we've been always about being able to offer

564
00:34:30.320 --> 00:34:34.159
<v Speaker 1>our consumers and merchants choice and so we want to

565
00:34:34.440 --> 00:34:38.079
<v Speaker 1>have the maximum amount of flexibility in how people choose

566
00:34:38.119 --> 00:34:41.440
<v Speaker 1>to pay for things. We want to have our merchants

567
00:34:41.519 --> 00:34:45.320
<v Speaker 1>have the ultimate flexibility and how they choose to get paid,

568
00:34:45.920 --> 00:34:49.840
<v Speaker 1>and PayPal acts as the sort of universal translation layer

569
00:34:49.960 --> 00:34:54.239
<v Speaker 1>that removes all the friction between those two choices, so

570
00:34:54.880 --> 00:34:58.159
<v Speaker 1>you know, whether that is across borders, whether that is

571
00:34:58.199 --> 00:35:02.679
<v Speaker 1>across currencies, whether that across payment types. You know, PayPal

572
00:35:02.800 --> 00:35:07.400
<v Speaker 1>is really in the business of really making it easy

573
00:35:07.679 --> 00:35:11.760
<v Speaker 1>for those senders of value and receivers of value to

574
00:35:12.000 --> 00:35:16.440
<v Speaker 1>come together and take all that complexity out of the

575
00:35:16.440 --> 00:35:19.559
<v Speaker 1>middle of that. We see the p y U s

576
00:35:19.639 --> 00:35:22.400
<v Speaker 1>d A is a really important enabler for that because,

577
00:35:22.519 --> 00:35:25.559
<v Speaker 1>as we've talked about, it enables for that connection to

578
00:35:25.639 --> 00:35:32.519
<v Speaker 1>happen faster, cheaper, safe, more transparently. It allows for greater

579
00:35:32.599 --> 00:35:36.199
<v Speaker 1>programmability along the way so that you can really see

580
00:35:37.559 --> 00:35:40.599
<v Speaker 1>cause and effect and and and and really interesting use

581
00:35:40.639 --> 00:35:43.760
<v Speaker 1>cases that are maybe triggered by supply chains or triggered

582
00:35:43.800 --> 00:35:49.280
<v Speaker 1>by other sort of events that are happening outside UH payments,

583
00:35:49.280 --> 00:35:54.199
<v Speaker 1>but insights or a greater commerce sphere, and you know,

584
00:35:54.400 --> 00:35:59.440
<v Speaker 1>we see that that that PayPal can be that enabler

585
00:35:59.599 --> 00:36:04.599
<v Speaker 1>for more chants for consumers as we've always done, just

586
00:36:04.639 --> 00:36:07.079
<v Speaker 1>sort of eliminated all that complexity along the way. So,

587
00:36:07.559 --> 00:36:10.599
<v Speaker 1>you know, one thing that you might imagine, you know

588
00:36:10.719 --> 00:36:15.760
<v Speaker 1>today when you think about you know, you get an

589
00:36:15.760 --> 00:36:18.079
<v Speaker 1>Amazon package at your door, and the way that you

590
00:36:18.199 --> 00:36:20.199
<v Speaker 1>know that you've got that package is because you get

591
00:36:20.199 --> 00:36:24.079
<v Speaker 1>an email with a with a photo of the package.

592
00:36:24.360 --> 00:36:28.800
<v Speaker 1>You could imagine actually that you know, through greater integration

593
00:36:29.000 --> 00:36:32.679
<v Speaker 1>with blockchain based supply chains, that you know that full

594
00:36:32.760 --> 00:36:35.360
<v Speaker 1>logistics path can be tracked all the way to your

595
00:36:35.400 --> 00:36:39.320
<v Speaker 1>door and you are not really relying on the delivery

596
00:36:39.400 --> 00:36:41.719
<v Speaker 1>drivers sort of being able to take a photo and

597
00:36:41.760 --> 00:36:44.599
<v Speaker 1>send it to you. But when that package is delivered,

598
00:36:45.239 --> 00:36:50.000
<v Speaker 1>your payment can instantly be transmitted and that can actually

599
00:36:50.000 --> 00:36:52.119
<v Speaker 1>flow all the way back through the supply chain to

600
00:36:52.280 --> 00:36:57.280
<v Speaker 1>the original producer of the good. And because that happens

601
00:36:57.360 --> 00:37:01.360
<v Speaker 1>instantaneously or near instantaneously, you remove a lot of the

602
00:37:01.360 --> 00:37:05.960
<v Speaker 1>inefficiencies around you know, you're able to get to a

603
00:37:06.000 --> 00:37:08.360
<v Speaker 1>much more just in time payments, add just in time

604
00:37:08.400 --> 00:37:13.599
<v Speaker 1>manufacturing and chain and just in time economy. That removes

605
00:37:13.599 --> 00:37:18.519
<v Speaker 1>a lot of the inefficiencies around capital capture, around cost

606
00:37:18.559 --> 00:37:22.199
<v Speaker 1>of payments, and around these delays that sort of happen

607
00:37:22.519 --> 00:37:25.119
<v Speaker 1>and are built into the way that payments works today.

608
00:37:26.519 --> 00:37:28.760
<v Speaker 1>And I think that when we can get there, we

609
00:37:28.920 --> 00:37:33.440
<v Speaker 1>have better cash flow for small businesses, we have much

610
00:37:33.480 --> 00:37:37.760
<v Speaker 1>more predictability and visibility for consumers, and the payment system

611
00:37:37.840 --> 00:37:40.920
<v Speaker 1>just works better for everyone. And that's what we're in

612
00:37:40.920 --> 00:37:41.639
<v Speaker 1>the businesses for.

613
00:37:42.360 --> 00:37:45.719
<v Speaker 2>What are your thoughts and this is another macro question,

614
00:37:45.800 --> 00:37:48.559
<v Speaker 2>but it's you know, AI and robotics and so forth.

615
00:37:49.000 --> 00:37:51.960
<v Speaker 2>In this more digital world where headed in and more

616
00:37:52.000 --> 00:37:55.239
<v Speaker 2>technological world where things are going to be automated, it

617
00:37:55.320 --> 00:37:58.400
<v Speaker 2>seems the perfect time. It is a perfect timing here

618
00:37:58.400 --> 00:38:01.239
<v Speaker 2>because you have blockchain, you have stable coins in crypto

619
00:38:01.320 --> 00:38:06.559
<v Speaker 2>which can help facilitate payments maybe between AI agents or robots,

620
00:38:06.599 --> 00:38:10.039
<v Speaker 2>and you know what Elon's doing with all these things.

621
00:38:11.039 --> 00:38:13.599
<v Speaker 2>Do you see crypto, you know, playing a big role

622
00:38:13.760 --> 00:38:16.280
<v Speaker 2>in that economy so to speak?

623
00:38:17.440 --> 00:38:19.519
<v Speaker 1>Absolutely, I mean, I think we're really bullish on AI

624
00:38:19.639 --> 00:38:24.719
<v Speaker 1>here at PayPal. But to your point, you can't give

625
00:38:25.440 --> 00:38:29.440
<v Speaker 1>a chap bought a credit card, right and even if

626
00:38:29.480 --> 00:38:33.360
<v Speaker 1>you could, sort of how you're able to really tie

627
00:38:34.400 --> 00:38:39.800
<v Speaker 1>payments at the speed of the internet with the activities

628
00:38:39.840 --> 00:38:43.760
<v Speaker 1>that you know, those autonomous agents are starting to perform

629
00:38:43.800 --> 00:38:49.400
<v Speaker 1>on your behalf. There's a mismatch, there's an impedious mismatch

630
00:38:49.440 --> 00:38:52.039
<v Speaker 1>there between sort of the speed and the and the

631
00:38:52.079 --> 00:38:55.199
<v Speaker 1>mediums that are used for payments today and what we

632
00:38:55.280 --> 00:39:00.159
<v Speaker 1>need in a truly connected, sort of autonomous world. And

633
00:39:00.199 --> 00:39:02.440
<v Speaker 1>so you know, there are a number of companies out

634
00:39:02.440 --> 00:39:06.920
<v Speaker 1>there that are starting to look at crypto for agent

635
00:39:07.000 --> 00:39:14.000
<v Speaker 1>based payments. If you go tell your LLM based agent

636
00:39:14.199 --> 00:39:17.400
<v Speaker 1>to go make a purchase for you or to book

637
00:39:17.400 --> 00:39:21.440
<v Speaker 1>a trip, how are they going to pay for that right?

638
00:39:21.639 --> 00:39:24.639
<v Speaker 1>And how are they going to be able to carry

639
00:39:24.639 --> 00:39:27.519
<v Speaker 1>out your instructions to the extent that commerce is involved.

640
00:39:28.360 --> 00:39:30.079
<v Speaker 1>And so those are the kinds of things that I

641
00:39:30.119 --> 00:39:33.840
<v Speaker 1>do think that the programmability of these tools really starts

642
00:39:33.880 --> 00:39:38.920
<v Speaker 1>to enable. They're much more easier to integrate. Like I said,

643
00:39:38.960 --> 00:39:42.599
<v Speaker 1>settlement happens instantaneously, and so you don't have to worry

644
00:39:42.599 --> 00:39:47.119
<v Speaker 1>about a lot of the sort of forward on delays

645
00:39:47.159 --> 00:39:50.159
<v Speaker 1>and other sorts of things that the payment systems traditionally

646
00:39:50.199 --> 00:39:53.199
<v Speaker 1>have to think about. And that just makes it a

647
00:39:53.280 --> 00:39:58.679
<v Speaker 1>much more seamless and natural environment for these agents and

648
00:39:58.760 --> 00:40:01.199
<v Speaker 1>the developers of these agents to work in. So yeah,

649
00:40:01.239 --> 00:40:05.920
<v Speaker 1>we absolutely see a lot of potential there, and we're

650
00:40:05.920 --> 00:40:09.519
<v Speaker 1>committed to working with the ecosystem to flesh out these

651
00:40:09.599 --> 00:40:13.119
<v Speaker 1>use cases when they come in. You know, we'd love

652
00:40:13.159 --> 00:40:17.840
<v Speaker 1>to see traditional PayPal partners like Uber or or door

653
00:40:17.960 --> 00:40:21.480
<v Speaker 1>Dash or others as they start to go more into

654
00:40:21.519 --> 00:40:26.639
<v Speaker 1>these areas around autonomy, to see how that how that

655
00:40:26.679 --> 00:40:27.239
<v Speaker 1>plays out.

656
00:40:29.079 --> 00:40:30.840
<v Speaker 2>What's on your room map for the remainder of twenty

657
00:40:30.880 --> 00:40:32.840
<v Speaker 2>twenty four and maybe early twenty twenty five.

658
00:40:34.360 --> 00:40:36.400
<v Speaker 1>Yeah, well, again, we're going to continue to build out

659
00:40:36.400 --> 00:40:43.239
<v Speaker 1>these use cases around both business and retail aspects. We're

660
00:40:43.280 --> 00:40:48.320
<v Speaker 1>going to you know, build out the capabilities that we

661
00:40:48.440 --> 00:40:51.400
<v Speaker 1>think and that we're hearing from our customers that they're

662
00:40:51.480 --> 00:40:55.079
<v Speaker 1>looking for. And you know, our goal is going to

663
00:40:55.079 --> 00:40:58.960
<v Speaker 1>be to continue to make py usd the best possible

664
00:41:00.079 --> 00:41:04.519
<v Speaker 1>stable coin for payments and value exchange across the global economy.

665
00:41:04.960 --> 00:41:05.360
<v Speaker 1>Mm hmm.

666
00:41:05.719 --> 00:41:08.519
<v Speaker 2>And when I got some wrap up questions here for you. First,

667
00:41:08.559 --> 00:41:10.920
<v Speaker 2>if you could your own metaverse, what would the theme be?

668
00:41:13.480 --> 00:41:14.239
<v Speaker 2>Where would you put.

669
00:41:14.079 --> 00:41:19.039
<v Speaker 1>Your should know that, yeah, you should know that metaverse

670
00:41:19.119 --> 00:41:25.559
<v Speaker 1>is my second least favorite word. My least favorite word

671
00:41:25.639 --> 00:41:30.440
<v Speaker 1>is glamping, by the way, But yeah, you know, I

672
00:41:31.239 --> 00:41:36.239
<v Speaker 1>my other passion really is around wildlife conservation and really

673
00:41:36.360 --> 00:41:40.800
<v Speaker 1>around specifically around big cats. So I think my metaverse

674
00:41:40.800 --> 00:41:45.639
<v Speaker 1>would be focused on really trying to get into sort

675
00:41:45.639 --> 00:41:50.159
<v Speaker 1>of the the world of conservation and trying to figure

676
00:41:50.159 --> 00:41:53.239
<v Speaker 1>out how do we bring more awareness and visibility to

677
00:41:53.320 --> 00:41:56.639
<v Speaker 1>some of the conflicts that are happening in that space,

678
00:41:57.519 --> 00:42:02.480
<v Speaker 1>with an eye towards generating more sort of crowdsource solutions

679
00:42:02.480 --> 00:42:03.079
<v Speaker 1>in that area.

680
00:42:04.440 --> 00:42:07.280
<v Speaker 2>Got some rapid fire questions for you. First is favorite food?

681
00:42:09.760 --> 00:42:11.000
<v Speaker 1>Oh, I love a good steak.

682
00:42:12.400 --> 00:42:13.960
<v Speaker 2>Favorite musician or band.

683
00:42:15.639 --> 00:42:17.599
<v Speaker 1>I gotta go with the classics. Let me go with

684
00:42:17.880 --> 00:42:18.559
<v Speaker 1>Elton John.

685
00:42:18.840 --> 00:42:21.119
<v Speaker 2>I think favorite movie.

686
00:42:27.760 --> 00:42:29.400
<v Speaker 1>You know, I'm not sure this is my favorite, but

687
00:42:29.400 --> 00:42:32.920
<v Speaker 1>I'm gonna say Toy Story, both because it's a great

688
00:42:33.239 --> 00:42:36.559
<v Speaker 1>it's a great story, but also just a really amazing

689
00:42:36.679 --> 00:42:41.559
<v Speaker 1>technology demonstration of the time as the first animated feature film,

690
00:42:41.559 --> 00:42:45.400
<v Speaker 1>and I think it represents a really pivotal moment in

691
00:42:45.719 --> 00:42:48.280
<v Speaker 1>the way that we think about filmmaking animation.

692
00:42:48.920 --> 00:42:51.639
<v Speaker 2>It was way ahead of the time, and it's absolutely

693
00:42:51.679 --> 00:42:55.199
<v Speaker 2>absolutely as an adult, like my daughter watches sometime and

694
00:42:55.239 --> 00:42:57.079
<v Speaker 2>I'm like, I sit down, I'm like, man, this is

695
00:42:57.119 --> 00:42:58.840
<v Speaker 2>so good because I could relate.

696
00:42:58.599 --> 00:43:00.880
<v Speaker 1>To it so much. Yeah, Yeah, and you kind of

697
00:43:00.880 --> 00:43:03.920
<v Speaker 1>forget that it's animated or sorry that it's computer animated,

698
00:43:03.960 --> 00:43:05.719
<v Speaker 1>but then when you go back and think about sort

699
00:43:05.719 --> 00:43:08.280
<v Speaker 1>of what that took at the time, just a just

700
00:43:08.280 --> 00:43:11.440
<v Speaker 1>an amazing technical tour de force and a good movie

701
00:43:11.440 --> 00:43:11.800
<v Speaker 1>to boot.

702
00:43:12.280 --> 00:43:14.039
<v Speaker 2>Absolutely favorite book.

703
00:43:16.920 --> 00:43:20.280
<v Speaker 1>Uh you know, I'm I've just started a book that

704
00:43:20.360 --> 00:43:26.559
<v Speaker 1>I'm actually pretty fascinated called Recoding America Jennifer Paulka I

705
00:43:26.599 --> 00:43:32.519
<v Speaker 1>think it is, and it's about sort of how digital technology,

706
00:43:33.199 --> 00:43:37.519
<v Speaker 1>not specifically blockchain, but you know, really how do we

707
00:43:38.039 --> 00:43:41.760
<v Speaker 1>apply technology into some of the problems that we're seeing

708
00:43:42.119 --> 00:43:46.599
<v Speaker 1>across society and government and what are the opportunities and

709
00:43:46.639 --> 00:43:49.320
<v Speaker 1>responsibilities that we have as technologists in that space.

710
00:43:50.159 --> 00:43:52.800
<v Speaker 2>I'll check that out. And when you're not working a papal,

711
00:43:52.840 --> 00:43:53.679
<v Speaker 2>what are you doing for fun?

712
00:43:55.519 --> 00:43:58.440
<v Speaker 1>Like I said, my my other passion is big cats,

713
00:43:59.239 --> 00:44:04.000
<v Speaker 1>and so I actually volunteer up at a retirement home

714
00:44:04.079 --> 00:44:09.800
<v Speaker 1>for big cats where we look after folks that animals

715
00:44:09.800 --> 00:44:12.360
<v Speaker 1>that come out of the entertainment industry or other sorts

716
00:44:12.400 --> 00:44:17.880
<v Speaker 1>of performance arts and give them a good life after

717
00:44:17.920 --> 00:44:22.440
<v Speaker 1>they're done with that, to live out their golden years.

718
00:44:23.079 --> 00:44:26.360
<v Speaker 2>I love that. I'm jealous because I'm a big animal fan.

719
00:44:26.480 --> 00:44:29.199
<v Speaker 2>I love cats, so that's really amazing.

720
00:44:30.159 --> 00:44:32.239
<v Speaker 1>Come on buy some time. I'll give you a tour.

721
00:44:32.679 --> 00:44:35.760
<v Speaker 2>I will definitely take give on that offer. Edwin, absolute

722
00:44:35.800 --> 00:44:38.599
<v Speaker 2>pleasure chatting with you. Thank you so much. I really

723
00:44:38.639 --> 00:44:40.880
<v Speaker 2>love what PayPal is doing and I have to have

724
00:44:40.960 --> 00:44:43.400
<v Speaker 2>you back on because you guys are certainly doing a

725
00:44:43.480 --> 00:44:45.519
<v Speaker 2>lot of cutting edge things. Thank you so much for

726
00:44:45.599 --> 00:44:46.000
<v Speaker 2>joining me.

727
00:44:46.840 --> 00:44:48.639
<v Speaker 1>Thanks for the opportunity. It was great to be here.

728
00:45:00.199 --> 00:45:04.159
<v Speaker 2>There's eighty thus post eight thus t