Jake Claver

You've got Flare is another network that wraps XRP and allows it to participate in DeFi to be able to generate returns.

And the more XRP that's like locked off the market in ETFs or other structured products or if it does become a tier one asset, I mean –

If you look at the way tier one assets are used today, U.S.

treasuries are the backbone of everything primarily.

And the derivatives market, the banks actually have to post treasuries in order to be able to trade.

Oh, really?

Yeah.

So, you know, stable coins, they're going to use U.S.

treasuries because of the Genius Act.

But I think derivatives, if the BIS does designate a tier one asset, XRP will be locked up in those situations.

It won't be able to be rehypothecated.

Right now, a lot of banks

they will lend to same treasury, yeah, multiple times in order to facilitate that.

And they really don't have a way to quantify all of the risk that they're currently taking in derivatives.

So we need to tokenize that infrastructure so that they can actually quantify that.

That total market cap is around,

Somewhere between, you know, on the low end, one quadrillion all the way up to four quadrillion dollars.

Gosh.

Quadrillion.

Quadrillion with a Q. And I think that that's the primary purpose of XRP over the long term is it'll be premium collateral and it'll also settle that volume in that market.