Michael Nicolletos

One is a technology aspect and one is a geopolitical aspect.

I'll start from the geopolitical aspect, which I've talked to about here before in order not to repeat myself.

But I'm going to give just a brief explanation.

The U.S.

controls effectively the SWIFT mechanism, which is the mechanism with all international payments are occurring.

The U.S.

realized very quickly that the way payments are being processed is changing.

And the blockchain technology is here to stay.

And doing it via stablecoins will probably most likely be the future of how payments are occurring.

So what is a stablecoin for anyone who doesn't know?

A stablecoin is, let's say I have $100,000.

I send $100,000 to, let's say, Circle or Tether or to Keith.

And Keith promises me that he's going to keep them in a bank account.

Actually, the Genius Act forces you to have them in an account.

And you issue the equivalent of $100,000 in stablecoins.

So the amount is kept in a bank account.

The bank, the issuer, is by legislation forced to keep it in cash or dollar equivalents.

By dollar equivalents, we mean U.S.

Treasuries.

So then I have 100,000 in stable coins and I can send them anywhere in the world in a few seconds with much less fees than traditionally was needed.