WEBVTT

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<v Speaker 1>The important thing here is like as we think of

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<v Speaker 1>stable coins and we think of crypto, it's just now

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<v Speaker 1>us as PayPal taking that and enhancing their experience even further.

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<v Speaker 1>I think that's the most important thing. What value do

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<v Speaker 1>I get out of it as a customer?

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<v Speaker 2>Stable points and blockchain technology? What does that mean to PayPal?

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<v Speaker 2>Is it the fabric of how payments are going to

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<v Speaker 2>move forward? Or is this a proof of concept you're testing.

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<v Speaker 1>When you think about it from a consumer's perspective, they

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<v Speaker 1>don't really need to understand the plumbing behind it. They

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<v Speaker 1>just need to understand the value.

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<v Speaker 2>This episode is brought to you by I Trust Capital.

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<v Speaker 2>losing their shirts. I mean, let's be honest, right, it

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<v Speaker 2>to many exchanges, and all the links will be in

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<v Speaker 2>a description. Check it out. Hey everyone, welcome into the

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

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<v Speaker 2>me today is May Zabane, who is the SVP and

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<v Speaker 2>General Manager of Crypto at PayPal. May has been at

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<v Speaker 2>PayPal for over eighteen years and PayPal most recently is

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<v Speaker 2>announced it's taking its pyus the stable coin global with

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<v Speaker 2>a massive launch across seventy new markets. May, great to

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<v Speaker 2>have you, Great to be here, Yeah, May, I am

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<v Speaker 2>so excited for this conversation to dive into the latest

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<v Speaker 2>news of PayPal's expansion of p y usd as well

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<v Speaker 2>as your other crypto initiatives. But I would love to

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<v Speaker 2>kick it off with your background. Tell us about where

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<v Speaker 2>you're from and your professional background. Yeah.

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<v Speaker 1>So, I'm actually originally from Jordan in the Middle East.

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<v Speaker 1>I grew up and was raised there and then came

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<v Speaker 1>to the States for I know you said background, and

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<v Speaker 1>I'm going way back, so sorry, don't worry, I'll make

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<v Speaker 1>this short. And then came to the States for college

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<v Speaker 1>and continued and landed in the rabbit hole of tech.

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<v Speaker 1>And loved it from there. So I have like hardware

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<v Speaker 1>experience that have done and then into the payments side

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<v Speaker 1>of the house and been in payments for quite a while,

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<v Speaker 1>and then that brought me into crypto because the fascinating

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<v Speaker 1>part of like how can you continue to innovate in

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<v Speaker 1>payments and how do you really drive and add value

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<v Speaker 1>back to consumers and merchants and utilizing a new technology

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<v Speaker 1>such as watchain technology and being able to do that

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<v Speaker 1>was like super exciting and a passion of mine.

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<v Speaker 2>Yeah, and this is one of the reasons I'm so

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<v Speaker 2>excited to speak with you because you have a plethor

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<v Speaker 2>of experience in payments. You've been a PayPal for a

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<v Speaker 2>very long time to so I want to like dive into,

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<v Speaker 2>you know, your pov of seeing the evolution of payments

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<v Speaker 2>and what that looks like in the future. You know,

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<v Speaker 2>where along the lines did you come across blockchain and crypto?

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<v Speaker 2>What was the aha moment for you? Yeah?

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<v Speaker 1>A lot of it kind of stems also from like

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<v Speaker 1>just my background, Like when you when you are somebody

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<v Speaker 1>that's you know, raised in an international perspective, and especially

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<v Speaker 1>like when you think of the different countries that you're

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<v Speaker 1>surrounded by So if you think about we grew up

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<v Speaker 1>actually knowing that a lot of people would use dollar

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<v Speaker 1>access to to hedge from inflation. We knew that like

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<v Speaker 1>cross border fees were expensive, like wires and time and settlement,

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<v Speaker 1>and so I grew up in that environment with that

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<v Speaker 1>pretty much being embedded is kind of the core of

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<v Speaker 1>justt of everyday life. And so when you take those

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<v Speaker 1>those were foundational, like rooted kind of problems that we

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<v Speaker 1>always knew about just money and it's connectivity and access

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<v Speaker 1>around the world and from a global perspective. And so

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<v Speaker 1>when obviously the white paper came out and then there

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<v Speaker 1>was like the bitcoin emergence and then the continuous around

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<v Speaker 1>while there could be a stable cryptocurrency, right, that then

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<v Speaker 1>ties and it still takes all these benefits like it's

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<v Speaker 1>incident transfers, it's reduced costs, it's sent to anyone anywhere

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<v Speaker 1>in the world, like it really then starts to become

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<v Speaker 1>that aha moment of Wow, these are pain points that

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<v Speaker 1>I've seen for most of my life, and now there's

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<v Speaker 1>a technology that's really starting to bridge us further and

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<v Speaker 1>closer into this global connectivity in such a meaningful way.

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<v Speaker 2>So me I want to make sure I asked this

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<v Speaker 2>question because it's not so much for me, but I

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<v Speaker 2>think more the crypto curious and that people who are

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<v Speaker 2>still learning about stable coins and all these things are

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<v Speaker 2>stable coins and blockchain technology. What does that mean to Paypalt?

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<v Speaker 2>Is it, let's say, the fabric of how payments are

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<v Speaker 2>going to move forward? Or is this a proof of

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<v Speaker 2>concept you're testing and you're doing certain things. I want

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<v Speaker 2>you to answer that question. I know the answer, but

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<v Speaker 2>I want you to give that perspective.

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<v Speaker 1>Yeah, I think it's really important when you think about

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<v Speaker 1>it today, Like from a consumer's perspective, today, money moves

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<v Speaker 1>for them in some cases, like within the PayPal wallet,

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<v Speaker 1>it is and sent in some cases they have financial

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<v Speaker 1>service as the cards, et cetera. They don't really need

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<v Speaker 1>to understand the plumbing behind it. They just need to

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<v Speaker 1>understand the value. Hey I need to send my friend money.

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<v Speaker 1>I would like it at the cheapest costs I can,

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<v Speaker 1>in the fastest way possible, and in something that they're

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<v Speaker 1>familiar with. Right, And so when you think about just that,

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<v Speaker 1>that's who we started as a company. We started connecting people,

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<v Speaker 1>We started connecting consumers and merchants. We started connecting consumers

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<v Speaker 1>and consumers to be able to move their money and

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<v Speaker 1>value and in a way that is simple and easy

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<v Speaker 1>and relatable to them.

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<v Speaker 2>And so.

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<v Speaker 1>I think the important thing here is like, as we

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<v Speaker 1>think of stable coins and we think of crypto, it's

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<v Speaker 1>just now us as PayPal taking that and enhancing their

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<v Speaker 1>experience even further. It's saying, hey, if you want to

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<v Speaker 1>now send cross border to a friend around the world

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<v Speaker 1>and in a stable currency, because that's what your friend

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<v Speaker 1>wants to receive. And by the way, you can do

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<v Speaker 1>that today through PayPal, a platform that you're familiar with,

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<v Speaker 1>and you can send it will there's no cross border fee,

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<v Speaker 1>there's no time to settle, it can arrive instantly and

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<v Speaker 1>for them. And so I think that's the most important

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<v Speaker 1>thing that any mainstream user needs to understand, not the

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<v Speaker 1>complexity or the back end or the plumbing of how

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<v Speaker 1>things work, but actually, like what value do I get

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<v Speaker 1>out of it as a customer? What are you tangibly

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<v Speaker 1>giving me, Which is something that has faster speed, something

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<v Speaker 1>that has a lower cost, something that then you're putting

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<v Speaker 1>in a platform that can be accessible to me in

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<v Speaker 1>the place that I'm used to engaging with and trust.

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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>a podcast platform such as Spotify, Apple or wherever you

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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. Absolutely, And then just recently,

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<v Speaker 2>PayPal announced the expansion of its stable coin pyu is

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<v Speaker 2>the to seventy markets worldwide. So talk to us a

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<v Speaker 2>bit about that and how that's going to improve crossborder payments.

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<v Speaker 2>You know, you highlighted some of the benefits there and

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<v Speaker 2>the strategy behind the expansion.

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<v Speaker 1>Yeah, so fundamentally, because as you said, well, like a

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<v Speaker 1>payments company with our stable point and have a distribution

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<v Speaker 1>network of consumers and merchants of like hundreds of millions

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<v Speaker 1>right around the world, and so when you think of

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<v Speaker 1>that now, it's like, Okay, how do we utilize it

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<v Speaker 1>and actually put it in people's hands so that they

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<v Speaker 1>can access it and they can find utility around it

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<v Speaker 1>and so this was a big portion of our of

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<v Speaker 1>our access strategy, a part of that which is, okay,

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<v Speaker 1>how do we now enable our PayPal wallets around the

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<v Speaker 1>world into these seventy markets to be able to hold, send, spend,

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<v Speaker 1>and earn rewards on our stable point. And by the way,

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<v Speaker 1>now if that if that consumer and that's in a

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<v Speaker 1>specific country Columbia, Peru, et cetera, now wants to send

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<v Speaker 1>it to somebody else. Now they can again, they send it,

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<v Speaker 1>they receive it in a stable value as US sollers

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<v Speaker 1>backed stable coin. They can now send it to another person.

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<v Speaker 1>And now a flywheel really starts to emerge, and there's

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<v Speaker 1>there's no costs. There's really like bare minimum costs in that.

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<v Speaker 1>So the transfer feed part of it is minimal of costs,

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<v Speaker 1>the stability of it being there's no conversion into local

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<v Speaker 1>guardsy they can when they want to, and that gives

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<v Speaker 1>them more control because now if I received it, and

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<v Speaker 1>I'm in one of those kinds trees as p y U,

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<v Speaker 1>s C, I can whenever I want to, whenever the

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<v Speaker 1>FX you know, rates are best suited for me to

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<v Speaker 1>be able to convert it. And so it really gives

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<v Speaker 1>and empowers people around the world to have more like

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<v Speaker 1>economic control. And I think that's what really like excites

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<v Speaker 1>us the most and like makes this really purposeful because

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<v Speaker 1>now you really are able to give that stability to

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<v Speaker 1>people and especially where they need it most.

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<v Speaker 2>Yeah, that is really great, and the benefits to folks

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<v Speaker 2>in many countries and developing countries and so forth. You know,

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<v Speaker 2>I think here in the United States we take for

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<v Speaker 2>granted the ability to move moneyly and we have all

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<v Speaker 2>the infrastructure, but that's not the case across the globe.

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<v Speaker 2>And I love the fact that people can earn rewards.

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<v Speaker 2>So to your point, if they're just holding on to

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<v Speaker 2>that py USD stable corn, they can actually put it

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<v Speaker 2>to work. Tell us a bit about the rewards and

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<v Speaker 2>how that functions.

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<v Speaker 1>Yeah, So we love to say this is a PayPal's

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<v Speaker 1>valueball up. We help you earn, send, spend, and we

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<v Speaker 1>want to get view that flexibility. So on the URN perspective,

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<v Speaker 1>if you hold so the amount that you hold, you

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<v Speaker 1>essentially earn annual four percent annual rewards on bo I

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<v Speaker 1>C by having that in your wallet, and you obviously

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<v Speaker 1>can then still send and spend it as you want.

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<v Speaker 1>But it really give gives at least puts your money

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<v Speaker 1>to your you know, your money value, monetary value to

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<v Speaker 1>work when you're not sending or spending it.

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<v Speaker 2>Now PayPal, of course within its network has Venmo and

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<v Speaker 2>I know you offer crypto the ability to buy sell crypto.

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<v Speaker 2>There is p yus you also available via Venmo.

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<v Speaker 1>It is actually yeah, I think we launched in twenty

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<v Speaker 1>twenty one or sorry, twenty one, crypto trading was launched

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<v Speaker 1>in Venmo and then in twenty three once we launched

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<v Speaker 1>our stable point, it was actually available in both PayPal

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<v Speaker 1>and Venmo.

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<v Speaker 2>Interesting, so does it offer the same type of capabilities or.

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<v Speaker 1>Okay, pretty much the same. Yeah. So you can buy

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<v Speaker 1>and sell different cryptocurrencies like Bitcoin and Ethereum and Solana.

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<v Speaker 1>You can also hold p y u s C, you

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<v Speaker 1>can earn on p y u s C, you can

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<v Speaker 1>you can transfer, so it it's it's definitely a great

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<v Speaker 1>capability and especially for that demographic and for Venmo users,

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<v Speaker 1>it really provides an easy way. It's a platform they

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<v Speaker 1>eleven and engage with and now it's just an extra,

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<v Speaker 1>an extra way for them to engage.

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<v Speaker 2>Kind of a customer perspective question with the rollout, are

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<v Speaker 2>the users notified that hey, the p y u s

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<v Speaker 2>these stable coin is now powering our rails. And here

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<v Speaker 2>are the benefits, like lower fees, you can earn rewards

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<v Speaker 2>or is it kind of just running behind the scenes.

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<v Speaker 2>The customer seeds is the benefits. But I think you

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<v Speaker 2>alluded to earlier. They don't necessarily need to know the piping.

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<v Speaker 1>Yeah, on this one in particular, this launch, it is

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<v Speaker 1>more customer facing, means that they would hold a p

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<v Speaker 1>y a stable point itself. It's not the back end

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<v Speaker 1>like piping of the like payments infrastructure. I do think

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<v Speaker 1>we you know, the world will go there on both sides,

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<v Speaker 1>being you know, stable coins being part of the back

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<v Speaker 1>end architecture as well as being a front and kind

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<v Speaker 1>of asset that people use and materialize. But in this case,

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<v Speaker 1>in particular, it is p y us. See this set.

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<v Speaker 1>The great news is that most people in these emergent

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<v Speaker 1>countries and different places already actually understand what stable coins

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<v Speaker 1>are have adopted it half familiarity again because people are

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<v Speaker 1>trying to find ways to provide stability for themselves. And

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<v Speaker 1>you know, US dollar accessed just as a as a

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<v Speaker 1>currency is not always accessible in certain countries for many

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<v Speaker 1>different reasons and relationships or infrastructure that's available, and so

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<v Speaker 1>I think that's where crypto it provides a little bit

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<v Speaker 1>more accessibility and access. So it's still the stability of

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<v Speaker 1>US dollar, but it's it is a cryptocurrency that is

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<v Speaker 1>open and accessible.

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<v Speaker 2>That's incredible, and it's awesome to hear that consumers in

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<v Speaker 2>other countries, they are starting to get educated and they

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<v Speaker 2>understan they're starting to understand what's happening here and how

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<v Speaker 2>stable coins and these things can change the way they

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<v Speaker 2>can get access to the US dollar and much more.

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<v Speaker 2>And you know, I just as you were saying that,

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<v Speaker 2>I thought back to two thousand and nineteen ninety nine

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<v Speaker 2>and using PayPal back then in the early days of

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<v Speaker 2>the Internet, and it's amazing how things have evolved since then.

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<v Speaker 2>It's just fascinating. It's incredible.

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<v Speaker 1>Right, There's a point in technology was like, oh, moving

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<v Speaker 1>money digitally was like a big thing, and then it

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<v Speaker 1>was oh my gosh, there's mobile payments and what does

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<v Speaker 1>that do? Right? And then there's like instore payments. You mean,

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<v Speaker 1>I can take my digital and start paying in store,

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<v Speaker 1>you know, outside of the traditional you know, became a

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<v Speaker 1>lot more of the tap and base and O Okay,

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<v Speaker 1>you know, let a lot of that. And so when

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<v Speaker 1>you think about just the evolution of just your money

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<v Speaker 1>or your value, and I think this is a bit

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<v Speaker 1>of the next frontier, which is like, how do you

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<v Speaker 1>now take we've made some of these pieces. Now it's

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<v Speaker 1>a bit of that on chain, you know version we've

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<v Speaker 1>done off liin mobile online, and now it's like, okay,

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<v Speaker 1>what does the chain application into payments look like? And

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<v Speaker 1>how do you take and freak those benefits and then

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<v Speaker 1>provide that back to customers. So I think it's actually

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<v Speaker 1>super exciting because I think when you think about the

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<v Speaker 1>world and where we are, global connectivity matters a lot instancy,

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<v Speaker 1>and you know, things are becoming more rapid and instant,

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<v Speaker 1>and that's everything of our expectations, from social to payments

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<v Speaker 1>to every aspect. And then if you even predict further

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<v Speaker 1>out like into an AI you know world, if you

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<v Speaker 1>think agent to agent and you think about some of

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<v Speaker 1>these things, it needs programmable money and a different type

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<v Speaker 1>of currency than fiat, especially if you think of micro

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<v Speaker 1>transactions and you think about things that if we believe

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<v Speaker 1>that is where the world is going, then it will

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<v Speaker 1>also need a digitally native for grammable currency, where stable

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<v Speaker 1>coins would have also a perfect fit to play in there.

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<v Speaker 2>Yeah, well said, you know, there's a lot of talk

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<v Speaker 2>of AI agents and I've even interviewed some folks who

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<v Speaker 2>are building humanoid robots and software, and guess what, They're

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<v Speaker 2>going to have a built in crypto wallet. And I

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<v Speaker 2>can't imagine those those things AI agents and humanoid robots

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<v Speaker 2>are going to be using cash and stable coins are

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<v Speaker 2>you know, the best fit with the instant settlement twenty

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<v Speaker 2>four to seven, you know, everything's running three sixty five,

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<v Speaker 2>it seems those digital we want to call it, non

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<v Speaker 2>human interactions are going to be powered by stable coins.

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<v Speaker 1>Yeah. Yeah, it's fascinating, like it's and I you know,

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<v Speaker 1>it's you know, no one knows, but obviously there's a

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<v Speaker 1>tons of like high anticipation or prediction of that, and

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<v Speaker 1>it doesn't feel considering how things have moved so fast,

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<v Speaker 1>it almost feels like it may come sooner than we think.

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<v Speaker 1>And it's just fascinating you to see how it helps

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<v Speaker 1>us evolve.

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<v Speaker 2>So do you see that maybe in ten years time,

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<v Speaker 2>stable coins are running through the rails, Consumers are educated

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<v Speaker 2>about it. If they choose to, they can leverage the

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<v Speaker 2>stable coins in different ways, but pretty much PayPal it's competitors,

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<v Speaker 2>and all the payments domestic or cross boarder are powered

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<v Speaker 2>by stable coins.

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<v Speaker 1>I think there's a world for both to interact. So

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<v Speaker 1>I don't know that stable coins solve everything. And that's

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<v Speaker 1>where I think we need to be honest and careful,

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<v Speaker 1>as you know, as we were deliberate and intentional, as

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<v Speaker 1>we you know, as builders and technologists kind of build

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<v Speaker 1>into the future, Like we shouldn't be seeking you know,

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<v Speaker 1>it's not the solution to problem that like which ones

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<v Speaker 1>is it? And then that's why cross border payments, it's

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<v Speaker 1>it's a pretty it's a pretty compelling solution when you

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<v Speaker 1>look at the costs and the settlement and the times

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<v Speaker 1>and so there definitely I think will be a world,

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<v Speaker 1>or continue to be a world where both will continue

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<v Speaker 1>to exist. And I think it's just the sharpened focus

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<v Speaker 1>of like true maximized value, because there's no point in

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<v Speaker 1>moving some things that work very efficiently onto stable cointments.

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<v Speaker 1>Like what's the point of that If it's not adding value,

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<v Speaker 1>it's not reducing costs, and it's not helping customers at

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<v Speaker 1>the end of the day. But maybe it's helping a

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<v Speaker 1>business in the back end being more efficient in their

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<v Speaker 1>treasury movement, maybe cross countries and borders, and then a

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<v Speaker 1>customer probably never needs to know, but the company itself

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<v Speaker 1>is maximizing its efficiency or saving costs, and that that's

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<v Speaker 1>super relevant. And so I think it's the application as

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<v Speaker 1>we think about it, what is the product market fit?

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<v Speaker 1>What true value do you drive in the equation? And

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<v Speaker 1>then being able to provide that out is the world

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<v Speaker 1>that we will see more of. So I think it's

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<v Speaker 1>a little bit of that pushing payments further into spaces

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<v Speaker 1>that drive that really need faster speed, need lower costs,

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<v Speaker 1>and then you'll see that emerge a lot.

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<v Speaker 2>So on that note, that's that's a great point and

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<v Speaker 2>a great segue into something I wanted to ask you about,

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<v Speaker 2>and that is TCS Blockchain and Paypals partnership where the

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<v Speaker 2>collaboration allows for more carriers to settle freight invoices faster

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<v Speaker 2>and cheaper. Tell us about that collaboration.

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<v Speaker 1>Yeah, So TCS Blockchain is doing a a fantastic job

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<v Speaker 1>of really understanding the pain points of like the trucking

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<v Speaker 1>industry and how important right like invoices are being paid instantly,

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<v Speaker 1>being able to receive money in your hands so that

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<v Speaker 1>they can can continue to operate right And so they've

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<v Speaker 1>then applied kind of the blockchain rails and to this

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<v Speaker 1>application of invoicing and now been able to give truckers

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<v Speaker 1>and give people just their value right away and to

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<v Speaker 1>be able to then operate in their financial lives. So

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<v Speaker 1>I think it was a great way for them to

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<v Speaker 1>just showcase like application and what I really loved about

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<v Speaker 1>it also it's in a different vertical a different industry

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<v Speaker 1>than we've normally and traditionally talked about like just holistically

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<v Speaker 1>as an industry as we've thought about kind of payments

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<v Speaker 1>or the application. And this is what I think is

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<v Speaker 1>super exciting now and what we'll start to see from

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<v Speaker 1>here to the next few years is the applications of

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<v Speaker 1>blockchain and stables into more and more verticals, into places

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<v Speaker 1>where there are really driving down kind of pain points.

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<v Speaker 1>And that was a great like B to B example

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<v Speaker 1>of where it helps.

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<v Speaker 2>Yeah, that's really great, And I love that this technology

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<v Speaker 2>is solving problems and you're highlighting different industries, different verticals,

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<v Speaker 2>and I think these stories have to be told because

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<v Speaker 2>so they don't usually make the headlines. Sometimes it's usually

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<v Speaker 2>something you know about the price of this coin went

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<v Speaker 2>up and things like that. So I love these type

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<v Speaker 2>of stories. Another one that's kind of close to home

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<v Speaker 2>to me is YouTube added p YUS, the stable coin

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<v Speaker 2>as a payout option for US content creators. How did

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<v Speaker 2>that come about?

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<v Speaker 1>Yeah, it's a thing that we've been very passionate about,

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<v Speaker 1>which is how do you help in cross border payments?

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<v Speaker 1>How do you provide people more access into everything that

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<v Speaker 1>we had just talked about, Right, a stable currency for

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<v Speaker 1>where they need it, so more globally if you think

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<v Speaker 1>about it, And what YouTube did is apply it within

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<v Speaker 1>their US aspect to start with, right, And so I

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<v Speaker 1>think it's we have a product called a payouts product

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<v Speaker 1>within PayPal and that has multi different ways for YouTube

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<v Speaker 1>to be able to pay out for their content creators.

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<v Speaker 1>And so we worked internally with our teams and expanded

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<v Speaker 1>to have p yusc also as an option in our

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<v Speaker 1>payouts product. So if a consumer would want for it

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<v Speaker 1>to be in their bank account, they can also obviously

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00:22:06.680 --> 00:22:09.200
<v Speaker 1>have that, and now they can also have it within

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<v Speaker 1>py USC.

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<v Speaker 2>And so.

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<v Speaker 1>We were thrilled to work with Google on this and

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<v Speaker 1>expand the payouts partnership and be able to add it

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<v Speaker 1>as an additional And what I love about that use

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<v Speaker 1>case is it starts to inspire and make it real

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<v Speaker 1>for people. It's like because that is a place that

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<v Speaker 1>I think there is a major pain point, which is

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<v Speaker 1>why we integrated the product in the first place with

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<v Speaker 1>pyosc because now all these marketplaces, all these places where

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<v Speaker 1>content creators, if you just step away from just specifically

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<v Speaker 1>on the Google one, just holistically that market on content

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<v Speaker 1>creation and gig workers they do, there's a lot that

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00:22:47.599 --> 00:22:50.799
<v Speaker 1>get paid overseas, and so that ties into our earlier

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<v Speaker 1>conversation of then now not only domestically but also internationally

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<v Speaker 1>allowing people to have choice in the way that they

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<v Speaker 1>want to get paid, and then depending on where where

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<v Speaker 1>it is is like the value that it will matter

423
00:23:04.240 --> 00:23:07.680
<v Speaker 1>most with. So I think it was a great example

424
00:23:07.720 --> 00:23:10.960
<v Speaker 1>in use case of like how to apply a stable

425
00:23:10.960 --> 00:23:15.559
<v Speaker 1>coin into into an aspect of a different again vertical

426
00:23:15.640 --> 00:23:18.440
<v Speaker 1>and way that people would give people choice.

427
00:23:19.680 --> 00:23:22.039
<v Speaker 2>Now another news item, and you guys have been done

428
00:23:22.039 --> 00:23:24.039
<v Speaker 2>a lot, so I wanted to make sure I go

429
00:23:24.079 --> 00:23:26.319
<v Speaker 2>through all of these. But we've been busy. We've been

430
00:23:26.319 --> 00:23:29.839
<v Speaker 2>busy for sure, and this one I think is pretty

431
00:23:29.839 --> 00:23:34.039
<v Speaker 2>profound with moonpay and m zero they announced p y

432
00:23:34.160 --> 00:23:37.000
<v Speaker 2>u s d X, a framework that allows developers to

433
00:23:37.039 --> 00:23:40.920
<v Speaker 2>issue application specific stable coins backed by p y u

434
00:23:41.079 --> 00:23:43.839
<v Speaker 2>s C. That's pretty incredible to tell us about that.

435
00:23:44.480 --> 00:23:48.920
<v Speaker 1>Yeah, so this is this is a great also example

436
00:23:49.319 --> 00:23:51.680
<v Speaker 1>as you said of like now you have the ability

437
00:23:51.720 --> 00:23:56.599
<v Speaker 1>for developers to build in very seamless and scalable ways

438
00:23:56.680 --> 00:23:59.680
<v Speaker 1>without taking on all the complexity. So mumpey and m

439
00:23:59.759 --> 00:24:05.960
<v Speaker 1>zero have you know, an excellent like infrastructure, have the tools,

440
00:24:06.039 --> 00:24:08.319
<v Speaker 1>have all the development to be able to offer that

441
00:24:08.480 --> 00:24:11.359
<v Speaker 1>in a platform, to be able to offer developers. And

442
00:24:11.400 --> 00:24:14.319
<v Speaker 1>so what are they offering developers. They're offering developers essentially

443
00:24:14.359 --> 00:24:18.279
<v Speaker 1>the ability to get started quickly easily, to be able

444
00:24:18.319 --> 00:24:21.480
<v Speaker 1>to have then their own stable coin and be able

445
00:24:21.519 --> 00:24:23.559
<v Speaker 1>to have their own business that they can build off

446
00:24:23.599 --> 00:24:26.839
<v Speaker 1>of in a very fast way. And ultimately that is

447
00:24:26.920 --> 00:24:32.839
<v Speaker 1>backed by pyosc, which pyosc is holistically in itself as

448
00:24:32.880 --> 00:24:36.480
<v Speaker 1>transparent reserves is like as a you know, a brand

449
00:24:36.519 --> 00:24:40.000
<v Speaker 1>halo around it. And so this partnership is perfect. It

450
00:24:40.039 --> 00:24:42.480
<v Speaker 1>takes the best of what we do, which is offering

451
00:24:42.519 --> 00:24:44.519
<v Speaker 1>our brand is stable coin, the best of what mumpe

452
00:24:44.599 --> 00:24:48.799
<v Speaker 1>and m zero do, which is providing the platform and infrastructure,

453
00:24:48.880 --> 00:24:52.240
<v Speaker 1>and they then have packaged that out into the industry

454
00:24:52.400 --> 00:24:54.920
<v Speaker 1>for developers as a tool to be able to say,

455
00:24:55.359 --> 00:24:59.000
<v Speaker 1>start building. We make this easy for you, and then

456
00:24:59.039 --> 00:25:01.480
<v Speaker 1>you can kind of build your businesses not worry about

457
00:25:01.480 --> 00:25:04.400
<v Speaker 1>these things instead of getting bogged down without actually go

458
00:25:04.440 --> 00:25:08.079
<v Speaker 1>create the experiences you know, and the ideas and bring

459
00:25:08.119 --> 00:25:11.319
<v Speaker 1>those to life. Where these developers have such creative aspects

460
00:25:11.319 --> 00:25:12.799
<v Speaker 1>of So I.

461
00:25:12.720 --> 00:25:15.039
<v Speaker 2>Want to dive a bit deeper into that just to

462
00:25:15.200 --> 00:25:18.359
<v Speaker 2>have like a real world example. So let's say I'm

463
00:25:18.400 --> 00:25:21.039
<v Speaker 2>Amazon and I want to launch my own stable coin.

464
00:25:21.480 --> 00:25:25.880
<v Speaker 2>So with this PLAT framework, I can do that kind

465
00:25:25.920 --> 00:25:28.440
<v Speaker 2>of like a layer two to p y U s

466
00:25:28.519 --> 00:25:30.880
<v Speaker 2>D with p y U s D used as the

467
00:25:30.920 --> 00:25:32.599
<v Speaker 2>reserves to back my stable coin.

468
00:25:33.200 --> 00:25:36.319
<v Speaker 1>Yeah, it's almost like poys is a reserve, yeah, reserve

469
00:25:36.359 --> 00:25:37.519
<v Speaker 1>asset around it.

470
00:25:37.599 --> 00:25:42.480
<v Speaker 2>Yet interesting, and how is the p y is the

471
00:25:42.559 --> 00:25:46.079
<v Speaker 2>custodied or is it like in a vault And I'm

472
00:25:46.079 --> 00:25:48.000
<v Speaker 2>assuming moon pay and m zero at the one doing

473
00:25:48.039 --> 00:25:50.279
<v Speaker 2>like the attestation so to speak, or to custody.

474
00:25:51.039 --> 00:25:55.759
<v Speaker 1>So p y C itself, the papsos is the issuer.

475
00:25:55.880 --> 00:25:59.240
<v Speaker 1>Papsos will do the adjustation on reserves. So none of

476
00:26:00.119 --> 00:26:04.880
<v Speaker 1>that part changes of pyusc itself, that's all transparent, that's

477
00:26:04.920 --> 00:26:09.960
<v Speaker 1>all published, that's all kind of audited throughout.

478
00:26:11.079 --> 00:26:14.880
<v Speaker 2>Interesting. So it's kind of like a stable coin as

479
00:26:14.920 --> 00:26:18.839
<v Speaker 2>a service type product where it can be almost like

480
00:26:18.839 --> 00:26:22.319
<v Speaker 2>white labeled where almost any retailer or company can do this.

481
00:26:23.160 --> 00:26:25.680
<v Speaker 1>Kind of Yeah, they've they've and what the beauty of

482
00:26:25.720 --> 00:26:28.240
<v Speaker 1>what they've done is they have the tool developer tools,

483
00:26:28.359 --> 00:26:32.119
<v Speaker 1>infrastructure to be able to provide the things needed holistically

484
00:26:32.319 --> 00:26:35.000
<v Speaker 1>and then this being as a reserve asset. And that's

485
00:26:35.000 --> 00:26:37.039
<v Speaker 1>what I think is the most powerful is like what

486
00:26:37.119 --> 00:26:40.720
<v Speaker 1>developers need is like to get started fast, to be

487
00:26:40.799 --> 00:26:43.599
<v Speaker 1>able to go create what they want but not have

488
00:26:43.640 --> 00:26:46.839
<v Speaker 1>to worry then about they have to create their own

489
00:26:47.400 --> 00:26:50.599
<v Speaker 1>stable point, create then all these like complexities around it.

490
00:26:50.680 --> 00:26:52.720
<v Speaker 1>So plamon Pan has been able to do with them

491
00:26:52.799 --> 00:26:55.200
<v Speaker 1>zero is just like package this up almost kind of

492
00:26:55.240 --> 00:26:57.319
<v Speaker 1>like you said, like as a service type in a

493
00:26:57.400 --> 00:27:01.119
<v Speaker 1>box for them and then go build, Like here's the

494
00:27:01.160 --> 00:27:04.759
<v Speaker 1>infrastructure part that you need to go build and and

495
00:27:05.000 --> 00:27:07.599
<v Speaker 1>create the business that you know they've dreamt of and

496
00:27:07.599 --> 00:27:10.319
<v Speaker 1>and you know fundamentally want to you know, solve some

497
00:27:10.400 --> 00:27:12.119
<v Speaker 1>specific problem that they're building for.

498
00:27:13.359 --> 00:27:16.920
<v Speaker 2>That's pretty profound. I don't. I don't believe this is

499
00:27:16.920 --> 00:27:18.759
<v Speaker 2>the first of its kind if I'm not mistaken, because

500
00:27:18.759 --> 00:27:20.279
<v Speaker 2>I've not heard of anything like this before.

501
00:27:21.319 --> 00:27:25.960
<v Speaker 1>I think there's uh, you know what I I I

502
00:27:26.119 --> 00:27:29.119
<v Speaker 1>can't answer. I think I don't know there's a holistic

503
00:27:29.200 --> 00:27:32.759
<v Speaker 1>package that's been that's been out there, so so yeah,

504
00:27:32.839 --> 00:27:36.519
<v Speaker 1>I will. But it is very unique, it is very powerful.

505
00:27:36.920 --> 00:27:41.920
<v Speaker 1>We are super excited about it. Have you know, launching

506
00:27:42.400 --> 00:27:44.839
<v Speaker 1>being out there and being able to provide kind of

507
00:27:44.960 --> 00:27:48.160
<v Speaker 1>service and especially to developers that addresses like a market

508
00:27:48.359 --> 00:27:49.079
<v Speaker 1>you know builders.

509
00:27:49.680 --> 00:27:54.160
<v Speaker 2>Oh absolutely, And I'm assuming you know, all these things

510
00:27:54.240 --> 00:27:57.880
<v Speaker 2>are possible because the Genius Act has been passed and

511
00:27:57.920 --> 00:28:01.039
<v Speaker 2>that's that's been rolled out, and you know what does

512
00:28:01.079 --> 00:28:03.920
<v Speaker 2>that meant for PayPal's business, you know on the stable coin.

513
00:28:03.839 --> 00:28:08.119
<v Speaker 1>Side, Yeah, for Genius. I think what it's the most

514
00:28:08.279 --> 00:28:10.440
<v Speaker 1>beautiful thing that it did is it put I think

515
00:28:10.480 --> 00:28:12.839
<v Speaker 1>America back in the in the game a bit. It

516
00:28:12.960 --> 00:28:17.359
<v Speaker 1>provided this you know, showcase of a framework and of

517
00:28:17.400 --> 00:28:22.599
<v Speaker 1>a stance that we want to have, you know, cryptocurrencies

518
00:28:22.640 --> 00:28:27.359
<v Speaker 1>and building and thinking holistically about the crypto industry back

519
00:28:27.440 --> 00:28:30.559
<v Speaker 1>into the game of like being more forefront of innovation,

520
00:28:31.119 --> 00:28:35.240
<v Speaker 1>giving traditional players what they would need to feel like

521
00:28:35.319 --> 00:28:38.960
<v Speaker 1>the permission to play in without worrying about the ambiguity.

522
00:28:39.279 --> 00:28:41.759
<v Speaker 1>And I think that's exactly what it did. It helped

523
00:28:41.920 --> 00:28:44.920
<v Speaker 1>because post Genius, what you saw as a floodgate then

524
00:28:45.000 --> 00:28:48.039
<v Speaker 1>of all the traditional players in the industry now starting

525
00:28:48.039 --> 00:28:50.960
<v Speaker 1>to say more publicly and come out, Okay, we need

526
00:28:51.000 --> 00:28:52.960
<v Speaker 1>to think about what our stable point strategy is. We

527
00:28:53.000 --> 00:28:55.079
<v Speaker 1>need to think about what it means, how do we

528
00:28:55.160 --> 00:28:56.839
<v Speaker 1>use it, how do you apply it, do you create

529
00:28:56.839 --> 00:29:00.400
<v Speaker 1>your own do you not? So it just almost as

530
00:29:00.400 --> 00:29:04.400
<v Speaker 1>if it was permission to engage, and that's what I

531
00:29:04.480 --> 00:29:07.680
<v Speaker 1>thought was really powerful about it and what we started

532
00:29:07.680 --> 00:29:10.599
<v Speaker 1>to see. So it started to make the conversation actually

533
00:29:10.720 --> 00:29:13.039
<v Speaker 1>much easier. Before it was a lot of will there

534
00:29:13.079 --> 00:29:15.680
<v Speaker 1>should there be stable coins, but they're not yet regulated,

535
00:29:15.759 --> 00:29:18.119
<v Speaker 1>there's no frameworks around it. And it took all of

536
00:29:18.160 --> 00:29:20.839
<v Speaker 1>that away, and it's just like, yes, stable coins are real,

537
00:29:20.960 --> 00:29:25.079
<v Speaker 1>stable points are here, they're actually even from a government perspective,

538
00:29:25.240 --> 00:29:27.960
<v Speaker 1>like being talked about and will be regulated. And so

539
00:29:28.599 --> 00:29:30.960
<v Speaker 1>now it's just about so what do you do and

540
00:29:30.960 --> 00:29:33.240
<v Speaker 1>how do you materialize the benefits of it to your

541
00:29:33.279 --> 00:29:34.200
<v Speaker 1>own business?

542
00:29:35.079 --> 00:29:38.279
<v Speaker 2>Yeah, and you mentioned like government's talking about it. This

543
00:29:38.359 --> 00:29:41.279
<v Speaker 2>is such an important item for the US and the

544
00:29:41.400 --> 00:29:44.279
<v Speaker 2>US world reserve, the US dollar continuing to be the

545
00:29:44.279 --> 00:29:47.759
<v Speaker 2>world reserve currency. Many members of Congress, even the President

546
00:29:47.880 --> 00:29:50.119
<v Speaker 2>himself has talked about this, and it feels like it's

547
00:29:50.160 --> 00:29:54.680
<v Speaker 2>another Bretton Woods moment where there is a significant change

548
00:29:54.720 --> 00:29:57.799
<v Speaker 2>in how currency is handled, you know, going back to

549
00:29:57.839 --> 00:30:00.599
<v Speaker 2>the gold standard and coming off the gold standard, these things.

550
00:30:00.880 --> 00:30:03.480
<v Speaker 2>It's it's I think, like a pivotal time in history,

551
00:30:03.480 --> 00:30:05.200
<v Speaker 2>and I think it's going to be looked back as

552
00:30:05.440 --> 00:30:07.680
<v Speaker 2>you know, hey, twenty twenty five, twenty twenty six, that

553
00:30:07.799 --> 00:30:10.640
<v Speaker 2>was the moment we went fully digital so to speak,

554
00:30:10.680 --> 00:30:14.119
<v Speaker 2>with the US dollar and helped it to maintain the

555
00:30:14.119 --> 00:30:15.559
<v Speaker 2>world reserve currency status.

556
00:30:16.319 --> 00:30:18.680
<v Speaker 1>Yeah, I think we're just in a very unique in

557
00:30:18.720 --> 00:30:20.680
<v Speaker 1>our lifetime. At least this is probably the first time

558
00:30:20.680 --> 00:30:23.200
<v Speaker 1>I'd say, like it's the first unique moment. We're at

559
00:30:23.200 --> 00:30:26.920
<v Speaker 1>this exact kind of almost crossroads or like this pivotal

560
00:30:27.039 --> 00:30:30.319
<v Speaker 1>change where if you think about the impacts of if AI,

561
00:30:30.440 --> 00:30:33.519
<v Speaker 1>you think about the impacts of blockchain technology and the

562
00:30:33.559 --> 00:30:37.759
<v Speaker 1>application of it, like we are changing the way people interact,

563
00:30:37.839 --> 00:30:42.519
<v Speaker 1>We're changing the way people move value, people even see value,

564
00:30:42.519 --> 00:30:46.079
<v Speaker 1>and people can access value and it's really powerful and

565
00:30:46.119 --> 00:30:49.160
<v Speaker 1>that's what makes us like intersections so exciting to be

566
00:30:49.279 --> 00:30:52.119
<v Speaker 1>in the center of this, to be able to define

567
00:30:52.160 --> 00:30:54.680
<v Speaker 1>and iterate and figure out what that next wave is

568
00:30:54.839 --> 00:30:57.440
<v Speaker 1>as the world is evolving and every day there's something

569
00:30:57.519 --> 00:31:00.440
<v Speaker 1>different and technology is moving at a speed so than

570
00:31:00.799 --> 00:31:03.799
<v Speaker 1>I think we've ever seen it before, and so it's

571
00:31:04.039 --> 00:31:06.559
<v Speaker 1>it's such a beautiful time to be able to be here,

572
00:31:06.640 --> 00:31:08.960
<v Speaker 1>to be present, and to be able to build in

573
00:31:08.960 --> 00:31:09.519
<v Speaker 1>this space.

574
00:31:10.960 --> 00:31:12.880
<v Speaker 2>There was another news item I wanted to ask you

575
00:31:12.960 --> 00:31:15.119
<v Speaker 2>about where p y U s D is going to

576
00:31:15.119 --> 00:31:19.160
<v Speaker 2>be used to support USD DOT AIS on chain financing

577
00:31:19.200 --> 00:31:22.279
<v Speaker 2>for AI infrastructure including GPUs and data centers.

578
00:31:23.480 --> 00:31:26.640
<v Speaker 1>Yeah, so that's another example of exactly what we talked about, right,

579
00:31:26.680 --> 00:31:30.079
<v Speaker 1>which is a reserve kind of asset aspect. So they

580
00:31:30.160 --> 00:31:34.200
<v Speaker 1>have an idea where they are helping provide financing to

581
00:31:34.400 --> 00:31:37.920
<v Speaker 1>get access to kind of the GPUs and to be

582
00:31:37.960 --> 00:31:42.000
<v Speaker 1>able to do it with you know, with with capital

583
00:31:42.039 --> 00:31:44.480
<v Speaker 1>and being able to access it. And so here again

584
00:31:44.559 --> 00:31:47.000
<v Speaker 1>p y U s T is more in the back

585
00:31:47.119 --> 00:31:49.960
<v Speaker 1>end of this, but a reserve asset. So I think

586
00:31:50.000 --> 00:31:52.599
<v Speaker 1>it's what I love about this is it starts to

587
00:31:52.640 --> 00:31:56.119
<v Speaker 1>show like where the cryptonative ecosystem has continued to develop

588
00:31:56.160 --> 00:31:59.200
<v Speaker 1>and build in these applications and use cases, but doesn't

589
00:31:59.240 --> 00:32:01.319
<v Speaker 1>need to go on solid of everything it can actually

590
00:32:01.359 --> 00:32:04.680
<v Speaker 1>rely on than a reserve asset. That's you know again,

591
00:32:04.759 --> 00:32:09.359
<v Speaker 1>has that transparency, has that aspect that brings brings the

592
00:32:09.759 --> 00:32:13.359
<v Speaker 1>credibility and takes away the complexity.

593
00:32:13.799 --> 00:32:16.839
<v Speaker 2>May everybody in their uncle as a result of the

594
00:32:16.920 --> 00:32:19.480
<v Speaker 2>Genius Act, Passing is looking to launch a stable coin,

595
00:32:19.640 --> 00:32:23.200
<v Speaker 2>right even the banks are talking by doing so. Certainly

596
00:32:23.200 --> 00:32:26.960
<v Speaker 2>there's going to be more than one obviously, uh maybe

597
00:32:27.000 --> 00:32:30.680
<v Speaker 2>more than a handful, But could there be too much

598
00:32:30.720 --> 00:32:33.599
<v Speaker 2>saturation over time where there needs to be some consolidation

599
00:32:34.160 --> 00:32:36.880
<v Speaker 2>and you know, PayPal being one of the leaders in

600
00:32:36.880 --> 00:32:41.319
<v Speaker 2>payments with a huge brand, huge network, look to acquire

601
00:32:41.400 --> 00:32:44.559
<v Speaker 2>somebody these other stable coin players and build up its

602
00:32:45.079 --> 00:32:47.160
<v Speaker 2>you know network even further. Yeah.

603
00:32:47.160 --> 00:32:50.559
<v Speaker 1>I think the you know, the the thing about where

604
00:32:50.559 --> 00:32:54.440
<v Speaker 1>we're at and state like focus is incredibly important, and

605
00:32:54.480 --> 00:32:58.240
<v Speaker 1>so like being diligent and thoughtful about what really is

606
00:32:58.279 --> 00:33:00.720
<v Speaker 1>the next step. I think we're right now and payments

607
00:33:00.720 --> 00:33:01.759
<v Speaker 1>are emerging as.

608
00:33:01.640 --> 00:33:02.279
<v Speaker 2>A use case.

609
00:33:02.480 --> 00:33:05.200
<v Speaker 1>How do we take what we have and actually show

610
00:33:05.440 --> 00:33:09.559
<v Speaker 1>this show these movements and moments and value to consumers,

611
00:33:09.640 --> 00:33:12.359
<v Speaker 1>merchants and integrate in the network. So at this point

612
00:33:12.680 --> 00:33:15.559
<v Speaker 1>I agree with you, like, I don't think while everybody's

613
00:33:15.640 --> 00:33:19.119
<v Speaker 1>like figuring out do they partner, do they build? Do

614
00:33:19.240 --> 00:33:23.759
<v Speaker 1>they buy aspect, we've already we've already been in that decision.

615
00:33:23.799 --> 00:33:26.079
<v Speaker 1>We've already created our own and built you know, have

616
00:33:26.200 --> 00:33:30.519
<v Speaker 1>our own obviously with Taxis being the issuer, but we

617
00:33:30.559 --> 00:33:32.839
<v Speaker 1>have our own branded one and so now it's like, okay,

618
00:33:32.880 --> 00:33:36.160
<v Speaker 1>so we've already passed that kind of question that I

619
00:33:36.200 --> 00:33:38.599
<v Speaker 1>think a lot of people are still entering into. We've

620
00:33:38.640 --> 00:33:41.200
<v Speaker 1>passed that question for us. It's like utility and application.

621
00:33:41.599 --> 00:33:44.440
<v Speaker 1>It's like, how do I now make this into real payments,

622
00:33:44.640 --> 00:33:48.480
<v Speaker 1>real adoption and real people using it and materializing it?

623
00:33:48.519 --> 00:33:50.799
<v Speaker 1>And those are the problems we're thinking about and solving.

624
00:33:50.839 --> 00:33:52.880
<v Speaker 1>How do you ignite the flywheels? How do you start

625
00:33:53.319 --> 00:33:55.519
<v Speaker 1>giving it in more hands to more people around the

626
00:33:55.559 --> 00:33:58.640
<v Speaker 1>world in our ecosystem. I think to your point, a

627
00:33:58.680 --> 00:34:02.720
<v Speaker 1>lot of other companies are starting on this debate. You know,

628
00:34:02.759 --> 00:34:04.799
<v Speaker 1>what do they do? What should their approach be? And

629
00:34:04.920 --> 00:34:07.480
<v Speaker 1>exactly that, Like, if they start now, there's probably going

630
00:34:07.519 --> 00:34:09.400
<v Speaker 1>to be there will be there's going to be a

631
00:34:09.400 --> 00:34:11.400
<v Speaker 1>lot of players trying to get in. Not all of

632
00:34:11.400 --> 00:34:14.400
<v Speaker 1>them will succeed. Some only want it enclosed wall gardens,

633
00:34:14.440 --> 00:34:16.960
<v Speaker 1>some will leave it open, And so you get into

634
00:34:16.960 --> 00:34:21.360
<v Speaker 1>this aspect they really should think through of like really

635
00:34:21.360 --> 00:34:23.639
<v Speaker 1>how much complexity should they take on and where do

636
00:34:23.679 --> 00:34:25.880
<v Speaker 1>they want to play as they see the world and

637
00:34:26.000 --> 00:34:26.639
<v Speaker 1>it's changing.

638
00:34:27.239 --> 00:34:30.440
<v Speaker 2>So speaking of the world and how it's changing, I

639
00:34:30.480 --> 00:34:32.679
<v Speaker 2>think it goes without saying the future is more digital

640
00:34:33.119 --> 00:34:36.280
<v Speaker 2>than today, right, We're not going backwards, and certainly the

641
00:34:36.360 --> 00:34:40.719
<v Speaker 2>younger generation are more digitally savvy. You know, for the

642
00:34:40.719 --> 00:34:44.400
<v Speaker 2>most part, they're doing everything on their smartphone. I think

643
00:34:44.440 --> 00:34:48.039
<v Speaker 2>I heard Sandy call from Franklin Templeton and I want

644
00:34:48.039 --> 00:34:49.800
<v Speaker 2>to give her credit for this. You know, we're heading

645
00:34:49.840 --> 00:34:52.800
<v Speaker 2>away from the account based setup to the wallet based setup,

646
00:34:52.920 --> 00:34:57.519
<v Speaker 2>and obviously Aypal it's clearly doing that. Are there any

647
00:34:57.519 --> 00:35:02.079
<v Speaker 2>interesting trends or anything you're It might be too early

648
00:35:02.119 --> 00:35:04.119
<v Speaker 2>to answer this question, but that you're seeing with the

649
00:35:04.519 --> 00:35:06.480
<v Speaker 2>younger generation. I don't know if you guys track things

650
00:35:06.519 --> 00:35:09.400
<v Speaker 2>like that, and how they're adopting crypto via Venmo and

651
00:35:09.400 --> 00:35:11.239
<v Speaker 2>PayPal and even the use of p y USD.

652
00:35:12.639 --> 00:35:15.559
<v Speaker 1>I think it's I mean, and actually, you know, it's

653
00:35:15.639 --> 00:35:18.239
<v Speaker 1>just fascinating because wherever you go, you will you will

654
00:35:18.280 --> 00:35:23.480
<v Speaker 1>probably you hear this, like you hear somebody at a conference.

655
00:35:23.519 --> 00:35:26.639
<v Speaker 1>They'll be like, my daughter came up to me and

656
00:35:26.760 --> 00:35:30.280
<v Speaker 1>has bought bitcoin or or has engaged with the sable

657
00:35:30.320 --> 00:35:33.440
<v Speaker 1>one is explaining to their parents like what this is.

658
00:35:33.480 --> 00:35:36.000
<v Speaker 1>So I actually definitely think you're spot on, Like I

659
00:35:36.039 --> 00:35:39.159
<v Speaker 1>think there is a generational thing where they have actually

660
00:35:39.639 --> 00:35:46.519
<v Speaker 1>getting introduced into digital value, straight into cryptocurrencies, and so

661
00:35:46.639 --> 00:35:49.880
<v Speaker 1>I think they're they're they're also in a world where

662
00:35:49.920 --> 00:35:53.039
<v Speaker 1>like they are engaging and adopting and having to like

663
00:35:53.199 --> 00:35:56.760
<v Speaker 1>materialize what the move of technology so fast, Right, So

664
00:35:56.800 --> 00:36:00.000
<v Speaker 1>they've gotten used to TikTok and they've gotten new to Instagram.

665
00:36:00.119 --> 00:36:04.519
<v Speaker 1>They've grown in a digital world themselves. They've had iPads

666
00:36:04.519 --> 00:36:06.760
<v Speaker 1>since they were like I don't know two three some

667
00:36:06.880 --> 00:36:09.280
<v Speaker 1>of them, and that's what the first device that they

668
00:36:09.360 --> 00:36:12.199
<v Speaker 1>learned on. Right, So it's a generation that is learning

669
00:36:12.519 --> 00:36:17.000
<v Speaker 1>digital native straight from the start, and they have adopted

670
00:36:17.039 --> 00:36:21.079
<v Speaker 1>and understand. You also see this sense. I think it's

671
00:36:21.119 --> 00:36:24.519
<v Speaker 1>just a broader trend is that I look around at

672
00:36:24.599 --> 00:36:27.519
<v Speaker 1>least from just my people that I talk to you

673
00:36:27.599 --> 00:36:31.159
<v Speaker 1>see this trend of like economic freedom emerging in the

674
00:36:31.400 --> 00:36:34.360
<v Speaker 1>in the in the also the younger generation, Like the

675
00:36:34.440 --> 00:36:37.920
<v Speaker 1>traditional way that people have looked at assets and wealth

676
00:36:37.960 --> 00:36:41.920
<v Speaker 1>and growth is not necessarily how the younger generation is

677
00:36:41.960 --> 00:36:44.840
<v Speaker 1>looking at it, and so the adoption of kind of

678
00:36:44.880 --> 00:36:48.159
<v Speaker 1>trying to find their way of economic freedoms. Right. I

679
00:36:48.199 --> 00:36:50.119
<v Speaker 1>was just having this debate with a colleague on like

680
00:36:51.159 --> 00:36:52.960
<v Speaker 1>he's you know, he's abating do I buy a house?

681
00:36:53.000 --> 00:36:54.800
<v Speaker 1>Do I not buy house? And he's like, it's just

682
00:36:54.880 --> 00:36:57.480
<v Speaker 1>people have even seen like real estate in a different

683
00:36:57.480 --> 00:37:00.639
<v Speaker 1>way where traditionally used to be like the foundation you'd

684
00:37:00.679 --> 00:37:02.320
<v Speaker 1>have to have a home, and that's what like the

685
00:37:02.719 --> 00:37:05.960
<v Speaker 1>you know, the American dream it was, and now it's

686
00:37:06.000 --> 00:37:08.800
<v Speaker 1>actually I feel like it's all changing a little bit

687
00:37:09.000 --> 00:37:12.639
<v Speaker 1>and how people view the world for how to grow wealth,

688
00:37:13.079 --> 00:37:17.159
<v Speaker 1>for how kind of global and accessibility really matters. And

689
00:37:17.239 --> 00:37:20.960
<v Speaker 1>so I think these are components and thinking about a

690
00:37:21.000 --> 00:37:25.559
<v Speaker 1>digital first world that everybody is growing into. I mean,

691
00:37:25.960 --> 00:37:27.719
<v Speaker 1>you think about your like, at least for me, my

692
00:37:28.079 --> 00:37:30.480
<v Speaker 1>phone is the one thing that I know I never

693
00:37:30.599 --> 00:37:34.840
<v Speaker 1>am anywhere without and that wasn't true like maybe like

694
00:37:35.039 --> 00:37:39.320
<v Speaker 1>ten years ago, like right, So it's amazing how attached

695
00:37:39.400 --> 00:37:43.039
<v Speaker 1>we get and how reliant we get on technology and

696
00:37:43.079 --> 00:37:45.199
<v Speaker 1>how ingrained it becomes in our lives.

697
00:37:45.760 --> 00:37:48.159
<v Speaker 2>Yeah, it's funny because you know, in the movies and

698
00:37:48.960 --> 00:37:51.079
<v Speaker 2>books and things like that, when I was growing up,

699
00:37:52.119 --> 00:37:54.800
<v Speaker 2>you think we're shown a cyborg and it was like

700
00:37:54.880 --> 00:37:57.960
<v Speaker 2>the machine is part of the person, right, But it's

701
00:37:58.000 --> 00:38:00.760
<v Speaker 2>not like that. But the point is it is a

702
00:38:00.760 --> 00:38:02.800
<v Speaker 2>bit like it because we have our phones with us.

703
00:38:03.199 --> 00:38:05.480
<v Speaker 2>Plus we may have an AI agent and you know,

704
00:38:05.599 --> 00:38:08.199
<v Speaker 2>doing things for us. So it's like a different form

705
00:38:08.239 --> 00:38:09.840
<v Speaker 2>of a cyborg that we were becoming.

706
00:38:11.519 --> 00:38:15.440
<v Speaker 1>Yeah, it's uh, it's it's very fascinating. And now the

707
00:38:15.480 --> 00:38:18.639
<v Speaker 1>A agent maybe in the future is doing some you know,

708
00:38:18.679 --> 00:38:22.519
<v Speaker 1>actions for you and like shopping for you or whatever

709
00:38:22.559 --> 00:38:26.599
<v Speaker 1>it may be. There's people that use it for conversations,

710
00:38:26.599 --> 00:38:31.159
<v Speaker 1>design conversations, emotional conversations. Like it's it is very fascinating

711
00:38:31.280 --> 00:38:35.480
<v Speaker 1>how how people are adopting engaging and really and really

712
00:38:35.559 --> 00:38:36.760
<v Speaker 1>kind of materializing that.

713
00:38:37.440 --> 00:38:39.519
<v Speaker 2>Yeah. I have an eight year old daughter, so I've

714
00:38:39.559 --> 00:38:45.639
<v Speaker 2>already started teaching her about blockchain, and I told her, like,

715
00:38:45.760 --> 00:38:48.360
<v Speaker 2>there's some bitcoin here on a hardware wallet that's going

716
00:38:48.360 --> 00:38:50.360
<v Speaker 2>in to save you know, when when you're eighteen, you

717
00:38:50.360 --> 00:38:52.960
<v Speaker 2>can access it. Uh, things along those lines, like just

718
00:38:53.000 --> 00:38:55.960
<v Speaker 2>teaching about AI and blockchain and all those things, because

719
00:38:56.079 --> 00:38:59.119
<v Speaker 2>by the time she's an adult, it's gonna be even

720
00:38:59.159 --> 00:39:01.639
<v Speaker 2>more prominent and you know, running behind the scenes. Oh

721
00:39:01.679 --> 00:39:02.079
<v Speaker 2>for sure.

722
00:39:02.159 --> 00:39:05.320
<v Speaker 1>Has she has she adopted like AI still? Has she

723
00:39:05.360 --> 00:39:08.559
<v Speaker 1>gotten kind of familiarity with it? Or have you taught her?

724
00:39:08.559 --> 00:39:10.480
<v Speaker 1>Are you teaching her kind of the components?

725
00:39:10.800 --> 00:39:13.400
<v Speaker 2>Yeah? So some of it they're teaching in school. But

726
00:39:13.440 --> 00:39:16.960
<v Speaker 2>I've been like highlighting like some of the AI services

727
00:39:17.000 --> 00:39:21.480
<v Speaker 2>like a chat, GPT, certainly teaching about blockchain tech and

728
00:39:21.519 --> 00:39:24.519
<v Speaker 2>things like that. So I quit her from time to time.

729
00:39:26.880 --> 00:39:27.480
<v Speaker 2>That's awesome.

730
00:39:27.519 --> 00:39:30.840
<v Speaker 1>I'm sure she does not love that, but that's okay.

731
00:39:30.960 --> 00:39:33.280
<v Speaker 2>Yeah, She's like, okay, dad, Yeah, this is what it is,

732
00:39:33.320 --> 00:39:34.320
<v Speaker 2>and then she moves on.

733
00:39:35.119 --> 00:39:37.000
<v Speaker 1>Well, thank you later, So thank you later.

734
00:39:37.159 --> 00:39:42.159
<v Speaker 2>That's sure. Yeah, for sure. I know PayPal has been

735
00:39:42.199 --> 00:39:45.800
<v Speaker 2>doing an incredible amount of initiatives around and I feel

736
00:39:45.800 --> 00:39:47.920
<v Speaker 2>bad asking you this question because we went through so much.

737
00:39:47.960 --> 00:39:50.280
<v Speaker 2>But what's on your roadmap for the remainder of year.

738
00:39:50.719 --> 00:39:54.559
<v Speaker 1>Yeah, we will. You'll continue to see us be pretty consistent,

739
00:39:54.760 --> 00:39:58.599
<v Speaker 1>So we will be just driving down into more and

740
00:39:58.679 --> 00:40:04.559
<v Speaker 1>more integrated experiences and the payments, so and just you know,

741
00:40:04.559 --> 00:40:09.199
<v Speaker 1>figuring out how to ignite better more the experiences we have.

742
00:40:09.400 --> 00:40:11.719
<v Speaker 1>So I think that's you know, and then of course

743
00:40:12.440 --> 00:40:15.920
<v Speaker 1>any key kind of partnerships that may come to life,

744
00:40:15.960 --> 00:40:18.320
<v Speaker 1>as you've seen a few that you've already mentioned today.

745
00:40:18.400 --> 00:40:21.800
<v Speaker 1>So we hope to continue the momentum on all fronts,

746
00:40:21.920 --> 00:40:27.199
<v Speaker 1>so from adoption to continued reach and distribution and really

747
00:40:27.280 --> 00:40:30.760
<v Speaker 1>just bringing these use cases and utility to the world.

748
00:40:31.280 --> 00:40:33.719
<v Speaker 2>There's something I forgot to ask you earlier, and it's

749
00:40:33.760 --> 00:40:37.440
<v Speaker 2>about tokenization. So the tokenization market is heating up with

750
00:40:37.719 --> 00:40:40.719
<v Speaker 2>stocks and equities and gold and other commodities being tokenized.

751
00:40:41.079 --> 00:40:43.719
<v Speaker 2>It's PayPal looking into doing anything along those lines or

752
00:40:43.960 --> 00:40:47.920
<v Speaker 2>integrating those assets once they become you know, fully mature

753
00:40:47.960 --> 00:40:50.000
<v Speaker 2>so to speak, and there's infrastructure in place.

754
00:40:50.639 --> 00:40:54.000
<v Speaker 1>Yeah, at this time, we're still kind of focused on

755
00:40:54.039 --> 00:40:57.440
<v Speaker 1>that earlier parts that I talked about, So it's just

756
00:40:57.760 --> 00:41:00.639
<v Speaker 1>we already have pretty much a tokenized and so how

757
00:41:00.679 --> 00:41:02.920
<v Speaker 1>do we take you know, how do we take the

758
00:41:03.119 --> 00:41:06.480
<v Speaker 1>yosc How do we drive more experiences for people and

759
00:41:06.599 --> 00:41:09.360
<v Speaker 1>integrate into PayPal. So it kind of goes back to

760
00:41:09.920 --> 00:41:12.360
<v Speaker 1>our area of like when you're a when you're a

761
00:41:12.400 --> 00:41:15.119
<v Speaker 1>small animal team, you got your resources, you've got to

762
00:41:15.159 --> 00:41:18.639
<v Speaker 1>really double down and focus. Otherwise it's easy because like

763
00:41:18.679 --> 00:41:21.000
<v Speaker 1>you said, you know, it changes a lot to encryption

764
00:41:21.039 --> 00:41:23.199
<v Speaker 1>and there's so many things emerging that you have to

765
00:41:23.280 --> 00:41:26.079
<v Speaker 1>like phase your approaches and what do you do first, second, third,

766
00:41:26.840 --> 00:41:28.840
<v Speaker 1>and making sure you get some things right before you

767
00:41:28.920 --> 00:41:32.440
<v Speaker 1>move on to the next and next thing. So it's

768
00:41:32.480 --> 00:41:35.719
<v Speaker 1>definitely something we've thought about. It's something we because it

769
00:41:35.800 --> 00:41:39.119
<v Speaker 1>is really really becoming pretty predominant to your point, on

770
00:41:39.760 --> 00:41:42.039
<v Speaker 1>this area of it. But it's it doesn't mean we

771
00:41:42.159 --> 00:41:45.239
<v Speaker 1>have to necessarily integrate it ourselves. It's how do you

772
00:41:45.400 --> 00:41:48.199
<v Speaker 1>now partner or look at the different players and how

773
00:41:48.280 --> 00:41:50.599
<v Speaker 1>could we become a settlement later, like you start to

774
00:41:50.599 --> 00:41:53.559
<v Speaker 1>have different conversations. You don't need to build and own everything.

775
00:41:54.360 --> 00:41:56.840
<v Speaker 2>Yeah, great point. And I know you guys are working

776
00:41:56.880 --> 00:41:59.519
<v Speaker 2>with pakso so I immediately thought of packs, gold and

777
00:41:59.599 --> 00:42:02.159
<v Speaker 2>you know things like that. But you know, crawl, walk, run,

778
00:42:02.239 --> 00:42:04.639
<v Speaker 2>and I think you guys are doing an amazing job

779
00:42:04.639 --> 00:42:07.559
<v Speaker 2>on the stable coin front, So I think maybe once

780
00:42:07.599 --> 00:42:10.039
<v Speaker 2>that's ready, then you guys will branch out to other

781
00:42:10.079 --> 00:42:14.880
<v Speaker 2>things maybe yeah, yeah, good stuff. May I didn't want

782
00:42:14.880 --> 00:42:16.800
<v Speaker 2>to ask you about the Clarity Act. You know that's

783
00:42:16.880 --> 00:42:20.079
<v Speaker 2>kind of stuck in Senate right now. But let's say

784
00:42:20.199 --> 00:42:22.320
<v Speaker 2>we get it through this year or maybe early next year.

785
00:42:22.519 --> 00:42:24.280
<v Speaker 2>What impact do you think that will have on the

786
00:42:24.280 --> 00:42:25.119
<v Speaker 2>crypto industry.

787
00:42:25.719 --> 00:42:28.519
<v Speaker 1>I think it's really like helps on kind of the

788
00:42:28.559 --> 00:42:33.480
<v Speaker 1>tradinglative legislation front. So I think that look, the more

789
00:42:34.159 --> 00:42:36.360
<v Speaker 1>not to pun the word here, but clarity, But the

790
00:42:36.360 --> 00:42:39.039
<v Speaker 1>more clarity and the more like frameworks that we can

791
00:42:39.079 --> 00:42:43.159
<v Speaker 1>provide the crypto industry, then the faster that the crypto

792
00:42:43.239 --> 00:42:45.719
<v Speaker 1>industry will continue. I know, it feels like it may

793
00:42:45.760 --> 00:42:47.920
<v Speaker 1>slow down in a sense because now there's regulation you

794
00:42:48.000 --> 00:42:50.480
<v Speaker 1>got to like start applying and thinking about. But the

795
00:42:50.519 --> 00:42:56.199
<v Speaker 1>reality is clarity and frameworks actually provide innovation to faster

796
00:42:56.360 --> 00:43:00.400
<v Speaker 1>faster in certain cases. It's obviously depending on how and

797
00:43:01.039 --> 00:43:03.519
<v Speaker 1>deep the regulation is, but that's what I think is

798
00:43:03.639 --> 00:43:06.960
<v Speaker 1>very important. I think in the same way Genius helped

799
00:43:07.599 --> 00:43:10.880
<v Speaker 1>on stable coins, I think Clarity will provide the same

800
00:43:10.960 --> 00:43:14.039
<v Speaker 1>and so I think it's very important.

801
00:43:15.079 --> 00:43:18.960
<v Speaker 2>Yeah, I'm hoping Congress can get it done. It would

802
00:43:18.960 --> 00:43:22.440
<v Speaker 2>be just a landmark moment similar to the Genius Act,

803
00:43:22.480 --> 00:43:26.199
<v Speaker 2>and we could see more innovation and building. I got

804
00:43:26.199 --> 00:43:29.400
<v Speaker 2>some wrap up questions here for you. First, if you

805
00:43:29.400 --> 00:43:31.320
<v Speaker 2>could create your own metaverse, what would the theme be.

806
00:43:32.400 --> 00:43:36.679
<v Speaker 1>Gosh, I'm a bit of a shopper, so it probably

807
00:43:36.719 --> 00:43:38.119
<v Speaker 1>will involve shopping.

808
00:43:40.039 --> 00:43:41.519
<v Speaker 2>And rapid fire questions.

809
00:43:41.639 --> 00:43:44.400
<v Speaker 1>Favorite food I love Mediterranean food.

810
00:43:45.559 --> 00:43:47.920
<v Speaker 2>Nice. A favorite musician or band.

811
00:43:48.599 --> 00:43:52.920
<v Speaker 1>Wow, I love electronic kind of music, electronic chill music.

812
00:43:53.280 --> 00:43:56.119
<v Speaker 1>So I'm varied within kind of where that falls in,

813
00:43:56.159 --> 00:43:57.000
<v Speaker 1>but more as a genre.

814
00:43:58.400 --> 00:43:59.360
<v Speaker 2>And favorite movie.

815
00:44:00.079 --> 00:44:02.599
<v Speaker 1>Love Actually, it's probably the one that I watch every

816
00:44:02.639 --> 00:44:05.119
<v Speaker 1>single Christmas, just because it just I don't know what

817
00:44:05.159 --> 00:44:08.639
<v Speaker 1>it is, A very special one. Favorite book, Oh, that

818
00:44:08.679 --> 00:44:13.840
<v Speaker 1>one's a tough one. Read White Owne might be one

819
00:44:13.840 --> 00:44:16.400
<v Speaker 1>of one of the ones up there. Or the Alchemists

820
00:44:16.679 --> 00:44:21.000
<v Speaker 1>from Pamaquilo actually, or the Petite Friends that's been since

821
00:44:21.000 --> 00:44:23.199
<v Speaker 1>a childhood book of mine, so that might be the

822
00:44:23.320 --> 00:44:25.679
<v Speaker 1>generation one that's lasted the most.

823
00:44:26.280 --> 00:44:28.039
<v Speaker 2>And when you're not working, what are you doing for fun?

824
00:44:28.679 --> 00:44:32.920
<v Speaker 1>I am catching up with friends. Yeah, catching up for friends.

825
00:44:33.599 --> 00:44:36.719
<v Speaker 2>May pleasure chatting with you. I love what PayPal is doing.

826
00:44:37.119 --> 00:44:39.920
<v Speaker 2>We're going to have to do round two. As PayPal

827
00:44:39.960 --> 00:44:43.039
<v Speaker 2>continues to roll out new initiatives and services and much more,

828
00:44:43.119 --> 00:44:44.440
<v Speaker 2>but thank you so much for joining me.

829
00:44:45.039 --> 00:44:47.000
<v Speaker 1>Thank you so much, Joan, it's so great to talk

830
00:44:47.039 --> 00:44:47.280
<v Speaker 1>to you.

831
00:44:48.559 --> 00:44:51.079
<v Speaker 2>Thank you so much for tuning in. Please hit the

832
00:44:51.199 --> 00:44:53.599
<v Speaker 2>like button subscribe if you haven't as yet. If you're

833
00:44:53.599 --> 00:44:56.639
<v Speaker 2>listening on a podcast platform such as Spotify or Apple,

834
00:44:56.840 --> 00:44:59.559
<v Speaker 2>please follow and leave a five star rating. Thank you

835
00:44:59.599 --> 00:44:59.960
<v Speaker 2>so much,