Jon Quast

What that did was, it pushed Coinbase to

push USDC more than it ever has.

It's actually working.

You look at the circulation of USDC, it's doubled over the past year.

That's gained ground on Tether, because Tether's only increased by around 50% over the past year.

Gaining ground, it's been a good strategy.

I wouldn't say that Circle's ARK blockchain is the disruption we've been talking about, but I do think it is one player who's trying very hard to advance this trend forward, but a lot of players are doing the exact same thing.

I wouldn't necessarily say that Circle's is game-changing, but it is part of what we've been talking about.

BlackRock CEO Larry Fink has been talking about it a lot over the past year, talking about how

All financial assets will be tokenized at some point.

It's astronomically huge.

I don't know if either of you had siblings growing up, but the thing with siblings is, it didn't matter what you were doing, you just wanted to do it faster and better.

You wanted to be first.

It didn't matter what it was.

I really see a lot of that happening here in the financial world.

As we move towards this tokenization of every financial asset, everyone's in this race forward and circles

One of the runners in the race, it's sprinting ahead with its ARK blockchain, but you have Coinbase as well.

With what it's doing with base, you have Robinhood saying, we're going to tokenize everything.

We are sprinting towards that destination.

And so, yes, it is a continuance of the trend we've been talking about.