Caitlin Long

Now we've got the money leg being able to move at the speed of light at the same time as being able to move the data leg at the speed of light.

That's what Bitcoin opened up for us.

It is digital gold.

And I think over the long term, more and more, especially younger generations who are more comfortable with the concept of crypto are migrating in that direction.

Sixth network effect, which is financialization headed towards world reserve currency.

And I believe we will get there with Bitcoin.

Well, just to set the stage for folks who don't know, Custodia had stable coins in our business plan, as you know full well, since 2020.

And we were going to do it inside the banking system.

Of course, you know how that turned out.

And obviously, the incumbents have

been able to catch up while the upstarts have been restrained, which is, just is.

We can make value judgments about whether that should have been and the regulatory capture implications of all that, but it just is.

So to answer your question, everybody's coming now and custodians working with the community banks,

which have not been investing in this technology.

And with our bank partner Vantage, as you know, last year we issued the first bank issued stable coin with Vantage, which is out of Texas.

And we are very close to launching our tokenized deposits platform.

It was endorsed by the Texas Bankers Association last week.

There are two different systems right now, right?

Inside the banking system and outside the banking system, which is where stablecoins live because of the regulatory choices of the Biden regime.

But I think those are converging.