Matt Huang

I don't think we're going to get to or should get to people being broadly 100% Bitcoin, but I think it'll be much higher than where we are today.

I don't think we're going to get to or should get to people being broadly 100% Bitcoin, but I think it'll be much higher than where we are today.

I mean, one remarkable thing about stablecoins, which are, for the most part, dollar-denominated tokens that are pegged to the U.S. dollar, but they live on blockchains. And I think over the past few years, stablecoins have grown to over $200 billion on-chain. And they're starting to be used in sort of real use cases outside of crypto.

I mean, one remarkable thing about stablecoins, which are, for the most part, dollar-denominated tokens that are pegged to the U.S. dollar, but they live on blockchains. And I think over the past few years, stablecoins have grown to over $200 billion on-chain. And they're starting to be used in sort of real use cases outside of crypto.

They were originally conceived, actually, to be a way to facilitate crypto trading. It's how you on-ramp to certain exchanges abroad and got dollars in, dollars out. But now, companies like SpaceX are using stablecoins to move money around.

They were originally conceived, actually, to be a way to facilitate crypto trading. It's how you on-ramp to certain exchanges abroad and got dollars in, dollars out. But now, companies like SpaceX are using stablecoins to move money around.

And a lot of others will have this corporate treasury use case where they'll generate revenue in some country, let's say in Africa or Latin America, and want to repatriate those dollars back to the U.S. And so they'll use some local exchange to trade the local currency for stablecoins, and then they can just send those stablecoins over the wire.

And a lot of others will have this corporate treasury use case where they'll generate revenue in some country, let's say in Africa or Latin America, and want to repatriate those dollars back to the U.S. And so they'll use some local exchange to trade the local currency for stablecoins, and then they can just send those stablecoins over the wire.

And that's ultimately a cheaper FX transaction than doing it the other way.

And that's ultimately a cheaper FX transaction than doing it the other way.

So it's a payment rail that's 24-7, global, and programmable. I think those are pretty key. I think it's amazing that we live in a world where the internet is 24-7, but payments closes over the weekend. So in some sense, this is just modernizing finance and payments in a way that we're already used to with the internet.

So it's a payment rail that's 24-7, global, and programmable. I think those are pretty key. I think it's amazing that we live in a world where the internet is 24-7, but payments closes over the weekend. So in some sense, this is just modernizing finance and payments in a way that we're already used to with the internet.

And a lot of the fintech innovation has actually been product and go to market innovation on top of antiquated backends. And you can think of crypto as building a new finance backend from the ground up. I think one way to view the programmable financial system or one frame on it is as a two-sided market between assets and programs.

And a lot of the fintech innovation has actually been product and go to market innovation on top of antiquated backends. And you can think of crypto as building a new finance backend from the ground up. I think one way to view the programmable financial system or one frame on it is as a two-sided market between assets and programs.

So every financial activity we undertake through a traditional institution or through an app is some kind of program. There's logic that governs who pays who and what. Maybe there's an escrow or maybe there's a payment condition. Think insurance or mortgages or payroll. All of these things are payment with insurance. programming on top of it in an abstract sense.

So every financial activity we undertake through a traditional institution or through an app is some kind of program. There's logic that governs who pays who and what. Maybe there's an escrow or maybe there's a payment condition. Think insurance or mortgages or payroll. All of these things are payment with insurance. programming on top of it in an abstract sense.

And all of that is possible to build on these new crypto rails. But there's a bootstrapping problem because most people don't trust the rails or use the rails. There aren't a lot of assets there. So there's this bootstrap between assets and programs. And I think what's interesting about stablecoins, we've been bootstrapping the crypto native money for a while. Bitcoin, Ethereum, Solana.

And all of that is possible to build on these new crypto rails. But there's a bootstrapping problem because most people don't trust the rails or use the rails. There aren't a lot of assets there. So there's this bootstrap between assets and programs. And I think what's interesting about stablecoins, we've been bootstrapping the crypto native money for a while. Bitcoin, Ethereum, Solana.

With stablecoins, we now have a very widely used monetary asset, to your point, without any of the volatility or crypto hair. And I think for the first time, we're starting to see people build all these different ways you can program and use them.

With stablecoins, we now have a very widely used monetary asset, to your point, without any of the volatility or crypto hair. And I think for the first time, we're starting to see people build all these different ways you can program and use them.