Ryan

They were mining Bitcoin back in 2014.

They were like paying for cafeteria lunch in Bitcoin at that time.

They've been experimenting for a while.

They were dogfooding a lot of stuff.

And they're bullish Bitcoin.

They're also bullish ETH.

They put out a pretty good report last year that I read, which talked about ETH as a store of value.

I mean, they've got a good crypto outfit fit and a good head on their shoulders when it comes to applying some of this technology.

So I think Simon's right.

I think this is going to be a pretty big deal

Along with that, David, Tether released their official onshore, US shore, I should say, stablecoin.

Okay, this is USAT.

That is now launched.

This is Paolo saying an official Ethereum smart contract, USAT, gives a link in Etherscan.

Can you refresh people?

What is USAT?

Why does Tether need a second stablecoin?

I kind of think

that's right and of course genius compliant means everything has to be backed by treasuries one to one so Tether can't do the cool thing that they really love doing which is like fill Swiss nuclear bunkers full of gold yeah you're not allowed to do that with a genius compliant stablecoin no you're not allowed to do that and that's I think the fun stuff for Tether of course

Well, I was brought up, I went to school in Canada, David, so I understand what this is trying to say, which is February of 2026.