Matt Huang

One thing that comes to mind is there's clearly the emerging markets use case. And I think a lot has been said about that access to a great currency, whether it's USD or some other cryptocurrency, rather than your local hyperinflating. But I think it's underrated how stable coins could be useful to U.S. consumers.

One thing that comes to mind is there's clearly the emerging markets use case. And I think a lot has been said about that access to a great currency, whether it's USD or some other cryptocurrency, rather than your local hyperinflating. But I think it's underrated how stable coins could be useful to U.S. consumers.

If you go on the Chase website and you look at the interest rate paid to Chase savings accounts, I think it's zero point something percent. Yeah, it's crazy. And this is with treasury rates at four or five percent. So I think the incentive for retail banks to pass along that yield somehow is broken. It's a very easy proposition to say, this is a stable coin.

If you go on the Chase website and you look at the interest rate paid to Chase savings accounts, I think it's zero point something percent. Yeah, it's crazy. And this is with treasury rates at four or five percent. So I think the incentive for retail banks to pass along that yield somehow is broken. It's a very easy proposition to say, this is a stable coin.

When we get stable coin regulation, there'll be much stronger controls on the asset base that can back them. It'll be very safe. It's not a fractional system. And you'll get basically the full yield. And that's, I think, a strong value proposition for everyone in America who has savings rather than letting someone else earn all the spread.

When we get stable coin regulation, there'll be much stronger controls on the asset base that can back them. It'll be very safe. It's not a fractional system. And you'll get basically the full yield. And that's, I think, a strong value proposition for everyone in America who has savings rather than letting someone else earn all the spread.

So I think that's one where I'm excited about solving existing inefficiency. I'm probably most excited about exploring what might be newly possible. One abstract framework is this idea that permissionless platforms enable organic bottoms-up innovation. and kind of an explore function that doesn't currently exist.

So I think that's one where I'm excited about solving existing inefficiency. I'm probably most excited about exploring what might be newly possible. One abstract framework is this idea that permissionless platforms enable organic bottoms-up innovation. and kind of an explore function that doesn't currently exist.

And I think YouTube is a very useful analogy where it used to be that cable companies controlled content programming and you had 50, 100 channels and some sort of editor would figure out what people want. And with YouTube, we basically explored every possible permutation.

And I think YouTube is a very useful analogy where it used to be that cable companies controlled content programming and you had 50, 100 channels and some sort of editor would figure out what people want. And with YouTube, we basically explored every possible permutation.

of human entertainment and discovered all these new verticals whether it's unboxing or watching other people eat on and on and we're probably not done we're probably still going to find new ones in the future especially as the culture changes and that same thing has not happened in the financial space There's such high fixed cost to financial exploration.

of human entertainment and discovered all these new verticals whether it's unboxing or watching other people eat on and on and we're probably not done we're probably still going to find new ones in the future especially as the culture changes and that same thing has not happened in the financial space There's such high fixed cost to financial exploration.

Either you've got to start a company to list a new futures contract, you have some startup costs around it. When crypto rails are more mature, I think we will see this breadth-first search of all kinds of different financial use cases that weren't possible before.

Either you've got to start a company to list a new futures contract, you have some startup costs around it. When crypto rails are more mature, I think we will see this breadth-first search of all kinds of different financial use cases that weren't possible before.

I would say the last five years of working crypto in the US has been fairly radicalizing on the competence of our bureaucratic institutions. And I think many different people come to this insight, I think, from different paths. I think COVID and the CDC was one example for people.

I would say the last five years of working crypto in the US has been fairly radicalizing on the competence of our bureaucratic institutions. And I think many different people come to this insight, I think, from different paths. I think COVID and the CDC was one example for people.

But seeing the behavior up close is very illuminating because the Aaron Sorkin West Wing vision of government is super competent, smart, funny people with the best of intentions. And that has not been our experience thus far. And I think some of this is going to become public in hearings around the debanking and other things that have happened.

But seeing the behavior up close is very illuminating because the Aaron Sorkin West Wing vision of government is super competent, smart, funny people with the best of intentions. And that has not been our experience thus far. And I think some of this is going to become public in hearings around the debanking and other things that have happened.

I am very excited about the shift in sentiment on these political dimensions. I think we're likely to enter an era where regulators view this as the enabling and innovative technology that it is rather than anyone who touches it is probably a criminal.

I am very excited about the shift in sentiment on these political dimensions. I think we're likely to enter an era where regulators view this as the enabling and innovative technology that it is rather than anyone who touches it is probably a criminal.