Jason

US treasuries.

US treasuries.

Now, if Jason decides to send it to you and then you redeem, I can sell a little bit, $1 of those treasuries that I own, and undo the chain.

So I'm getting to this.

Tether and Circle and World Liberty, they earn interest on that.

And so now when the number gets big enough, this number gets ginormous.

Then what they do in Tether's case is they then reinvest this capital into all kinds of distributed assets, Bitcoin, gold, real estate.

But what they also do is they now invest in things like financial inclusion in Africa.

So he walked me through kind of a bunch of things that he's doing yesterday.

It is

An incredible business.

You have a dollar-pegged stablecoin.

And that is sufficient risk management and risk mitigation for half a billion people.

You're bringing up the big point, which is in the United States, what is the big fight now?

The big fight in the United States in this thing called the Clarity Bill that is meandering through the House and the Senate is what should happen in the market structure.

So meaning if you, David Freiburg, is the one that gave me the dollar and I am, let's for example say Coinbase, and I issue you a stable coin, do I share that revenue with you?

Do you earn all of it?

Obviously the banks, like the JP Morgans of the world, the Citibanks,

They don't want that, right?

Because that's their net interest margin.