Anthony Pompliano

So just to make sure I understand how this consortium works is you guys join a couple other, let's just say 10, there's 10 companies total.

You take all of the revenue minus whatever it takes to actually run the stable coin.

And then it gets divvied out probably on like some pro rata basis, depending on how much volume is yours, right?

And then once you guys get that, you can do whatever you want.

You can put it in your pocket, you can give it to your users, whatever.

But the whole idea of the consortium is it's kind of like this like decentralized ownership essentially of a stable coin.

Interesting.

You guys have this like open developer ecosystem versus you guys have some closed components of the financial infrastructure that you've built.

How do you think about whether you kind of open it up or you keep it closed?

And is there some framework or decision?

And the reason I ask is, you mentioned earlier, the API allows for your like AI bot to go trade.

With the rise of AI, it seems like everyone wants just like, hey, just open it up for me, right?

Like I can do all kinds of crazy stuff, but there's some competitive components as to why you might not want to do that.

Is there any data internally that suggests that agents are becoming a material part of the usage of Robinhood?

I've seen a couple of companies say, hey, now more than 50% of our documentation is read by agents instead of people.

I don't assume that Robinhood's 50%, but is it like 1% or 2% or do you not know?

Do you feel like you guys are behind, just given no matter how many resources you have, it's like every day somebody is out releasing something?

And I'd say you could sit on X all day long.

And you could think you know everything.

And then you see something and you're like, oh my God, I'm going to learn about this thing now.