Michael Nicolletos

So the way payments are going to happen changes dramatically.

The U.S.

realized this quite quickly and did the Genius Act in order to enhance it.

And by that, the U.S.

understands that if the dollar is the number one stable currency in the world, which currently is around, I'd say, more than $300 billion,

uh dollars in market cap if you can call it uh in circulation it realizes that if all payments are happening through the us dollar stablecoin system it will have effectively created swift 2.0 and it will have the technology to for the future in order to to to control payments at the same time

By forcing the issuers to call dollar and dollar equivalents, it's effectively creating a bigger market for buyers of U.S.

Treasuries.

Because if the $300 billion becomes a $2 trillion market, what do you think the issuer will do?

Will keep cash or will buy U.S.

Treasuries?

Will buy U.S.

Treasuries to get the interest rate.

So suddenly, the...

Serviceable addressable market, what we call SAM in markets, in corporations and how the world transact, what the SAM is, increases dramatically for U.S.

Treasuries.

So this is why the U.S.

jumped on it very fast and realized that by dominating this, it will be number one in controlling how money flows around the world.

That's the geopolitical aspect.

Let me answer it a bit differently because there's one more aspect that comes from the technology side, which we do not realize yet.