Ryan

He's got a good perspective on this.

He says Fidelity, the $6.8 trillion shadow bank, he calls them a shadow bank, just entered the chat, the stablecoin battle, I should say.

FIDD launching in February on Ethereum.

And he actually concludes that the banks, the existing incumbent banks, shouldn't be worried about Circle and Tether so much as they should be worried about Fidelity.

Because Fidelity is not a bank.

It's an asset manager.

But now it can do bank things?

Yes, it can do bank things.

And Fidelity is somewhat like BlackRock too.

So Fidelity is moving.

you wonder if BlackRock is going to move with a stable coin as well?

They could.

Remember, and so they could be competitive type banks in this type of setup.

Yeah.

And so, you know, Simon's making the point that this is actually a pretty big entrance here.

And I think people forget this.

I know you and I know this, Dave, but it's worth repeating for folks who don't know.

Fidelity has been in crypto for a long time.

Yeah, they're OGs.

They don't get credit for that.