Caitlin Long

And you also see that tokenized deposits can pay yield

So we don't really care.

I've been very quiet about that whole debate.

Everyone's been beating around the bush.

There's really one company that cares a lot about it, and the rest of the industry has just been pretty quiet about the regulatory fight over whether stablecoins can pay yield.

Here are the numbers to set the stage.

There are $5.7 trillion of demand deposits in the banking system.

There are about 300 billion of stablecoins outstanding.

If the 5.7 trillion of tokenized deposits get tokenized, I'm not sure that the stablecoin market becomes that meaningful because if it's inside the banking system and you can use tokenization technologies, which is the critical piece of what we're doing, the infrastructure is built to be able to

link a account-based system to wallets inside the banking system.

That's the aha.

And we're doing it in such a way, we're delivering it via a widget so that the banks don't have to completely rip and replace their old technology.

They can just create some geography on their online banking landing page and directly deliver this to their customers.

Then the other piece that we've built is the ability for a tokenized deposit.

When it's moving around the banking system, it stays in deposit form and can pay interest, just like any deposit.

When it leaves the banking system, so it goes to self-custody or goes to a crypto exchange or goes overseas, it automatically, programmatically converts to a stable coin.

And that happens within the same smart contract.

Nobody's done that yet.

That is...

the definition of building a bridge between traditional finance and stablecoins.