William Quigley

And yeah, there's lots of reasons for that.

But when it's much easier to hold USD in a form that can be transmitted electronically, it's much easier to do that when you own stablecoin than trying to do that in a regulated financial institution where depending on the base currency you have,

is going to be very expensive from an FX standpoint, currency conversion cost standpoint, very expensive.

But when you move out of the top like three currencies globally, the fees to convert currency is very high.

Yeah.

And that's especially expensive when you consider that Stripe is not converting any currency.

Stripe is just holding buckets of currencies.

So it's not like they're taking your money and converting it to whatever native currency you want.

They just hold a lot of that in different buckets and they just make a notation that now you own a different currency that they're holding.

They're not converting anything.

Exactly.

Yeah, it's one of the greatest profit centers globally, maybe the most.

I have speculated that in a hundred trillion dollar global annual economy, which is about what it is right now, a little over 100 trillion, at least 1% of that is assessed to businesses and consumers.

by about 5,000 global financial institution that are licensed by their governments to convert currencies.

And they extract about a trillion dollars of proceeds from that.

And there's no cost of goods in that.

That is just margin profit.

So it is a huge number.

And one of the less talked about values of stablecoins is that they enable people to avoid the currency conversion tax, if you will, which is really a valuable benefit.

Stablecoins become more integrated in our global commerce.