Friedberg

I mean, speaking of- No, come on, we'll talk about it.

So if you think about Circle- So wait, I buy a stable, explain it to me like I'm an idiot who's never bought a stable coin, which is what I do.

And does Tether earn all the interest on the treasury?

And so as a holder of the stablecoin in my wallet, I'm not earning any of that treasury yield.

I just have a flat dollar-denominated or dollar-protected stablecoin.

They're not trying to get a 4% or 3% interest yield.

They care more about not being in.

We've never turned down an invitation.

If the interest is the revenue, it's probably 60%, 70% margin business.

The good news about that is... There's a financial theory, though, that high margin businesses like that invite competition more.

That's literally where I was going.

This is where competition gets ground down.

Fortunately, a margin like that's only got one direction to go.

Correct.

I downloaded the Gap depreciation rules.

I was going to play a Counting Corner jingle, which a fan, by the way, sent me over the week.

Oh, great.

Super fan.

But I cannot get the internet working.

Thank you for joining me here at Accounting Corner.