Ian De Bode
speaker
389 appearances
1 recordings
1 series
first heard Jul 2026
last heard 2 Jul
Ian De Bode’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
They get that ping, those market makers are onboarded with us, and then ping our APIs that says, hey, $100,000 worth of SpaceX, what's the price you got?
We check exactly what is the price available on the New York Stock Exchange or the NASDAQ, and we add five bps, so 0.05% on top of that price.
That is the price that we charge.
We lock that price in for that market maker for a period of time so that that market maker can then go and compete in that auction process.
They typically add a very small spread on top, one to two bips.
Whichever market maker offers the best execution price to the end investor wins the auction.
They then take that signed attestation that we gave them on chain.
They take the user stable coins.
They submit that into our minting smart contract.
Our minting smart contract recognizes that signed at the stations and sees the stable coins.
They mint them the tokens and that market maker sends it over to the end investor.
This entire process can take about a second.
It's pretty quick.
The moment we minted the tokens for SpaceX, that's when we have to collateralize.
We have to actually go out and buy the underlying SpaceX stock to make sure that whatever we minted is fully backed.
So within a couple hundred milliseconds that we have minted the token and it is finalized, that is when we buy the SpaceX on the open market.
It is possible that the price of SpaceX has since moved a little bit since we locked in that price.
That's why we charge that five bibs is basically to protect ourselves
with a little bit of a volatility buffer.
And at that point, you know, someone globally with a self-custodial wallet has bought SpaceX fully collateralized, fully backed in wrapper four.
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