Brian Armstrong

This was carefully negotiated in the Genius Act.

This was carefully negotiated in the Genius Act.

And yes, that's our view.

And yes, that's our view.

I mean, look, in my opinion, it's actually- What's the difference there?

I mean, look, in my opinion, it's actually- What's the difference there?

Yeah, I mean-

Yeah, I mean-

There's lots of credit card reward programs.

There's lots of credit card reward programs.

But the difference legally is that rewards can't be based solely on the balance you're holding.

But the difference legally is that rewards can't be based solely on the balance you're holding.

The customer has to do some sort of other activity, like payments or trading, or they have a subscription to Coinbase One.

The customer has to do some sort of other activity, like payments or trading, or they have a subscription to Coinbase One.

So when customers do that, we actually pass along about 100% of the economics to them for holding those stablecoins with us.

So when customers do that, we actually pass along about 100% of the economics to them for holding those stablecoins with us.

And that's a big driver of growth.

And that's a big driver of growth.

You know, there's always been this balance between do people want to put their money in money markets or do they want to put it as bank deposits?

You know, there's always been this balance between do people want to put their money in money markets or do they want to put it as bank deposits?