Haseeb

And that has evolved as the carry trade has really kind of weakened because, you know, just the basis is not as strong as it once was while crypto markets are pretty bearish.

So I think this is also part of the evolution of Athena and its strategy.

And on some level, also part of the evolution of Coinbase, presumably.

So there may be something in here.

We don't know the details yet, and I don't know the details, but there may be something in here that is responsive to the constraints placed on Coinbase via the Genius Act.

Or sorry, not the Genius Act, but the Clarity Act, right?

So Clarity kind of revises the Genius Act by restricting your ability to pay yield.

But if it's not you paying the yield,

not being the issuer, if they're getting yield through some other product,

technically that allows them to get yield, even if it's not directly through, okay, the issuer of the stable coin paid them yield.

So there's a sort of economically equivalent transaction such that they're getting yield, but the yield is being shared between Coinbase and Athena, one can imagine.

And so economically, it's not that dissimilar from what it would look like for a stable coin to pay yield.

Now, I don't know if that's what's happening.

I'm kind of speculating, but I think there's probably an interesting story on both sides of this partnership.

Yeah, it's also possible, I mean, so Athena does have some USDTB, which holds BlackRock Biddle money market on the back end, I believe.

Yeah.

But it's also possible that this is being offered to non-Americans or there's different versions of this for if you're American versus not American.

Because remember, the Genius Act or Android, the clarity revision to genius only applies to Americans.

And Coinbase has a lot of non-American users.

So you can still pay yield to non-Americans.