Jason

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.

That's what happens today.

You deposit money in the bank.

And Sachs said this on the program.

The banks were able to fight for it.

But then you have the emergent crypto companies who say, hey, this is like, let's find a way where we can do a sharing mechanism, how they hack around it.

is they do kind of sharing, but via this kludgy way called rewards.