International Payments with Stablecoins

Coming up this week on the Money Movement we'll be talking about the rapidly emerging use of stablecoins for international payments. While stablecoins were 'rooted' and 'bootstrapped' in the crypto trading markets, their inherent utility value as digital dollars on a global internet has been giving rise to their use in international payments.

We'll be joined by market leaders in Asia and Latin America who have been witnessing first hand the emerging shift to stablecoins for global payments, including Darius Sit, the Co-Founder & Managing Partner at QCP Capital, a leading trading firm in Asia, Fabricio Tota, Director at Mercado Bitcoin, the leading digital currency exchange in Brazil, and Sebastian Serrano, Founder & CEO of Ripio, another fast growing Latin American digital currency firm.

With intense global pressure on currencies and governments around the world, the power of a digital dollar is taking hold, and we'll talk about the power and drivers behind the shift into everyday people and businesses adopting stablecoins for payments and settlement.

Jeremy Allaire: [00:13:22] Welcome to The Money Movement, a show where we explored the issues and ideas shaping this brave new world of digital currency and blockchains. Today, we're gonna be exploring the world of stablecoins and international payments. How can people, individuals and businesses use this powerful technology, these digital dollars or crypto dollars, as some folks like to say these days, to move value around internationally? It's one of the really critical and important building blocks of public blockchains is that you have the reach of the Internet. And so we're really excited to be able to talk about that today. I think obviously when a lot of people think about stablecoins the the sort of root use case or sort of where these immerge was in trading in markets, it was, you know, traders and people moving around value at high speed across the Internet, across these digital trading venues. And of course, the traders that started and drove the early adoption of this really saw the power of this as an international payment medium. They could settle a transaction with a counterparty anywhere in the world with very little risk, with with very low cost. And I think very quickly saw that this form of moving value and making payments was far superior to the existing infrastructure that they had to move value around, like the existing legacy financial system. And secondly, you know, when we think about USDC in particular and Centre Consortium and what we really tried to put forward, when we establish that two years ago, the vision behind that wasn't how do we create a a better digital dollar for trading markets? The vision was how do we create a protocol and an infrastructure that's going to allow for interoperable payments everywhere. And that payments would have the same reach and utility as we have with sharing content and data and communications on the Internet. And that was that core vision. So while things like USDC and Tether and other Stablecoins have really taken hold in the world of training, the uses are really evolving. And we're seeing those uses evolve very fast over the past six, nine, 12 months into this world of international payments. And it is, in fact, one of the largest and fastest growing opportunities in this digital currency world. And so today, I'm really excited to have several guests who are going to be joining us. These are key leaders of firms that work in markets across Asia and Latin America and who are really firsthand both participating in and seeing these shifts happen. And so I'm very excited to have these guests and to kick this off. I'd like to welcome our first guest, Darius Sit, the co-founder and managing partner at QCP Capital. It's so nice to see you. Darius. [00:16:22][180.1]

Darius Sit: [00:16:31] Hi, Jeremy. [00:16:31][0.1]

Jeremy Allaire: [00:16:32] Good to see you. [00:16:33][0.3]

Darius Sit: [00:16:34] Good to see you. Always good to speak to you. Yeah. How's it going? [00:16:37][2.4]

Jeremy Allaire: [00:16:37] It's going really well. I appreciate your joining us very late in Singapore. So thank you very much, of course, for joining the program. Yeah. So, you know, maybe maybe we can just start. I want to talk a little bit about QCP. Obviously, you've been in this business of using Stablecoins for quite some time, active in the trading markets. And increasingly, you know, you do much of your business in Stablecoins. Maybe just tell us a little bit about that and why that's become such a central part of your firm and how you guys operate. [00:17:12][34.8]

Darius Sit: [00:17:14] Well, to start, you know, it used to be just a couple of lines. You know, we are trading for. We focus a lot on spot flow in local markets in Asia, global as well. But, you know, we do a big focus on Southeast Asia. China and Korea as well. We do a lot of derivatives as well. So, you know, Stablecoins a very big part of our business because of the way things are moving in terms of settlements in Asia, as well as the use of Stablecoins for trading and derivatives. So to answer your question. You know, I think, you know, three years ago, I think we realized that it was going to be a very, very big and scalable operation to go in and stablecoins the trigger for us was really China. Because even four years ago, China would be ready to have a chat with the EDOC. And we knew the intention is to go into digital currency, not just for treating or not just for those specific purposes, but really for to replace the fiat currency that, you know, digital currency was going to be the way of doing it. And if you go to China, you will see that that you have adoption is already there because no one uses cash. Everyone is paying doing payments with, you know, in digital forms. If you go to a Starbucks today and you pick up a note to pay, everyone looks at you and wonders which village are from. So, you know, when we saw this, we we realized that the rest of the world was one step behind. And we knew that Stablecoins were going to be something new. Even though at that point it was very specific, to crypto natives and very specific, very, very small section of just trading that you know, USDC, being used for leverage trades and whatnot. We knew that it was going to be a tectonic shift at some point. And fast forward to today. In China, the government is paying the civil servants in digital currency, which is huge. [00:19:08][114.9]

Jeremy Allaire: [00:19:10] I think I remember we met, I don't know how long ago it was, and I was really struck by part of what you were sharing, which was that, you know, you had started using Stablecoins as a way to settle between, you know, sort of trading counter parties and that you are seeing a real shift. And that shift was that the people who wanted to use Stablecoins wanted to actually use it as a settlement medium for for commerce. And it wasn't just about how to use this as a speculative trading tool for, you know, say, trading digital assets. But it was actually people wanted access to and use Stablecoins so that they could actually settle commerce transactions between buyers and sellers, suppliers and customers. Talk a little bit about that shift. When did you start seeing that shift start happening? And, you know, sort of which markets have you really seen that growing? [00:20:04][54.6]

Darius Sit: [00:20:06] So the thing is, you know, when we tell people we are a crypto trading firm, they assume that all customers are crypto natives but in Asia that's not true. The biggest users of of Stablecoins guys who are not crypto natives. These are guys who don't own Bitcoin. don't own Ethereum, but they move and they do settlements in in Stablecoins; USDT, USDC. The reason for this is because in the context of Asia, unlike Europe, or America is that Asia is a very fragmented economic region. So each country has its own idiosyncratic economic policies and banking policies with a lot of capital controls. And it becomes very tricky to move on your own. So, not just purely for example, just for business transactions or the managing is very tricky. So this started almost organically, I think I would say somewhere early 2019 when we realized that the non crypto natives (business people, corporates) were using this as a as a way to bypass and not have to go to the banks, not to go to the Remittance houses. [00:21:23][76.6]

Jeremy Allaire: [00:21:23] Right. This idea I use this concept of over-the-top money and in digital media, where it used to be like you had to get your TV through broadcast or satellite or cable, and then people went "over the top". They went over the top through the Internet and you could just get to the video on the Internet and this is "over the top" money, basically, and it's dollars too, which, of course, like if you have all these mixed economies and at the end of the day, everyone feels confident in selling the transaction in dollars. So you get the you know, you sort of get the power of the Internet and the speed of the Internet, the convenience of the Internet, and you get dollars and it sort of goes over the top and and opens up for economic relationships a lot of possibilities throughout China and Southeast Asia. [00:22:07][44.2]

Darius Sit: [00:22:09] Exactly that. So, you know, instead of taking a day to settle over the bank and having to go to the bank and do a TT (Telegraphic Transfer) where you have fees, where you have expensive FX spreads. Instead it's instantly over WhatsApp, Telegram, Wechat. Boom. Done. Instant settlement, very low fees and it's moving really quickly. [00:22:30][21.3]

Jeremy Allaire: [00:22:31] Yeah. So how you said it's sort of you started to see this shift to businesses and, you know, sort of everyday business people who are saying, hey, this is actually just a better way to do business. Starting in early twenty nineteen. Obviously we've seen in the post-COVID world this dramatic increase in, you know, circulation of Stablecoins and on chain transactions have been growing super fast. It's now like definitely the killer app of a blockchains. But like, are you seeing that as well, just like more and more diverse kind of counter parties that are are looking to to adopt this now? [00:23:09][37.6]

Darius Sit: [00:23:10] Exactly. So. So, you know, we. So I mean, crypto natives of course, the traders as usual. But besides these you have guys like, furniture distributors, alcohol distributors, guys on the street who are just, you know, buying and selling, you know, wholesale clothing, e-commerce guys. It makes complete sense for them to do it this way. So the local currency. No problem. Usually just anyting dollars is stablecoins. And then we start to see this had been happening in huge sizes as well. So it's become very corporate, in fact. [00:23:43][33.1]

Jeremy Allaire: [00:23:44] Yes. So this is a this is, I think, a major shift that people have been sort of looking for, waiting for. Which is all of the sudden you've got corporates from small to to medium to even some large who are just like this is just a better way to settle and a better way to move value. And they're just adopting it organically. They're figuring it out. Obviously, it's benefiting firms like you that are kind of, you know, key liquidity enablers, you know, in the entire region. And that's it's obviously very, very exciting. So if you had to fast forward, you know, two years, I don't want to say five years that you say two years. three years. Is this is this gonna be 10x what it is today? Where do you see? Where do you see the volumes? Where do you see the adoption? [00:24:28][43.8]

Darius Sit: [00:24:29] I think the sky's the limit. The fact is this; China has already launched it. China, the Big Banks in China, the Chinese banks have built infrastructure for it. So while everyone else was thinking "Blockchain technology; everyone's going to take some time and wait for instruction." No. In China the big banks have already adopted it, they have the infrastructure. They are paying civil servants in the digital currency. And the fact is that when China adopts something, the rest of Asia will follow very quickly. So we are getting we're getting requesting engagement from the rest of the South-East Asian central banks to start looking to this. I think, yeah. Again, like I said, people don't realize that they're two steps behind, and I think the adoption will happen very, very quickly because it's already a reality in China. I think most people don't know how real the adoption is there. [00:25:17][48.0]

Jeremy Allaire: [00:25:18] It seems like a real tipping point moment. [00:25:20][2.3]

Darius Sit: [00:25:21] I think so yes. [00:25:22][0.4]

Jeremy Allaire: [00:25:23] Yeah. Awesome. Darius, so wonderful to have you on the program. Share your perspective from every really exciting what's happening and look forward to seeing you very, very soon. Have a great night. [00:25:33][10.0]

Darius Sit: [00:25:34] Thank you. You too. [00:25:34][0.4]

Jeremy Allaire: [00:25:34] Thank you. Excellent. So obviously, a lot of very interesting things happening here. The demand for dollars. The demand for high speed, you know, efficient, secure transactions. The speed and utility of the Internet. These are all really powerful forces that are driving stablecoins payments internationally. And just to echo what we're hearing, like, this isn't just traders. This is now corporations of all types, even small merchants that are figuring out this is just a better way to do business. So very, very exciting. I want to turn now to another part of the world, to Latin America, and welcome our first of two guests from the region. The first, Fabrício Tota is director at Mercado Bitcoin, the leading digital currency exchange in Brazil. Welcome, Fabrício. [00:26:28][53.8]

Fabricio Tota: [00:26:32] Hi Jeremy. [00:26:32][0.1]

Jeremy Allaire: [00:26:33] It's great to have you here. Thank you so much for joining. [00:26:35][1.9]

Fabricio Tota: [00:26:37] Thank you. Thank you for inviting me. It's a pleasure. [00:26:38][1.9]

Jeremy Allaire: [00:26:39] Excellent. So I know you guys, you recently launched USDC. You recently on your on your market and recently launched that in the Brazilian market. Maybe you just start just talk a little bit about how you have viewed stablecoins and their importance and the importance of that in particular for a market like Brazil. [00:27:01][21.5]

Fabricio Tota: [00:27:03] Yes. Well, we listed USDC. Here and we we have a different face, a different different objectives, different goals, on listing stablecoins here. The process of selecting was very something very important for us to have a really strong stablecoins from people who are aligned with our values or our mission, our vision of their eco system. So that's why we have added USDC and the differently from what could be the most obvious idea of money flow using Stablecoins for a settlement. So one year, what we thought is a little bit different. We released a stablecoins. And given that our customers, almost two million customers, an option for getting exposition in U.S. dollars is not quite, it's possible, completely possible to get exposed, but not as easy as other parts of the world. For example, you can't have a bank account in U.S. dollars. You have to settle things here in Brazil. You can't use U.S. dollars for your business in general. So even getting exposed just to protect yourself. OK. Maybe Brazilian Real can devaluate (the currency) that's really happened this year. We have a sort of stable economy, but not that stable. So to protect yourself from the devaluation of our currency. That was our our pitch. And that works. [00:29:01][118.3]

Jeremy Allaire: [00:29:02] Yeah. So this this is sort of this that the demand for dollars, but in particular, these are, you know, digital dollars that, you know, you can use, you know, on the Internet. You can use them in your own digital wallet. So for a business or an individual, of course, to but that's an attractive way to move and store value, obviously. But of course, it has this it has this ability as a settlement medium. Right. People who have it understand intuitively that this is an Internet digital dollar. I can I can now use this with counter parties. I can use it in trade and payments and settlement and maybe talk a little bit about, you know, what this really opens up. Does, you know, using USDC and this this conversion in with Brazilian Real. This in some ways, it creates kind of a powerful corridor for international payments between Brazil and the rest of the world using Stablecoins. What are your expectations around that? Do you see that international payments, kind of digital currency, native international payments that kind of come in and out using Stablecoins as like a killer app that's going to be driving usage? [00:30:21][78.3]

Fabricio Tota: [00:30:22] Yes there is this possibility. But regulation is very tough here about sending money through remittances. So sending money abroad, it's not that easy. So theoretically, you you must go to a financial institution, a regulator, the central bank. They have control of all the remittance in and out of the country. So even though you can do it and it's completely illegal to buy it yourself, you have to own Stablecoins or any other crypto assets. If you use specifically for remittance, then you must go to a financial institution. But I think regulators here, they have a big challenge because they have something that they can be used beyond their control. So there's nothing they can do about, uh, to to avoid people using it for that. So in my opinion, regulators, most sit at the table and talk about trying to understand. And fortunately, Brazilian regulators, they do have a good, good knowledge about the crypto ecosystem in general. They're very aware of that. And right now, the Brazilian central bank president is an FX guy, he was a FX trader. So he knows all the power that stablecoins that they have as a way of moving money. So I think we are in a good position where kind of quiet itself would have good relationship with the central bank, and with our S.E.C, and I believe in and in a short period of time, maybe if things are going to be more flexible for remittance using stablecoins have even an opportunity to use a sandbox from a regulator that maybe we can use that for for remittance using stablecoins also. [00:32:40][137.3]

Jeremy Allaire: [00:32:41] Right. So in the traditional model, there you you have, you know, expensive FX fees. You have to go through a traditional bank. It moves very slow. It can only go to a traditional bank. But obviously with stablecoins, you know, people can, you know, just freely make those payments on the Internet. And like you said, I think regulators everywhere are sort of coming to realize, like this is a new kind of global capability. And and it's sort of it's happening organically. People are adopting it. So they have to figure out how how to adapt. It sounds like you're right at the cutting edge of that in Brazil. [00:33:17][36.1]

Fabricio Tota: [00:33:19] Yes. You know, the beautiful part is that it's possible and it's beyond their control. So there is nothing they can do about it. They must talk. They must understand. They have to bring people and bring companies together to find a way to do it in a way that's good for the company, is good for the economy and good for the country also. I think that the many use cases, for example; a micro remittance. It will make things cheaper and better for everybody. [00:33:55][36.5]

Jeremy Allaire: [00:33:56] Yeah. So are you seeing within within your customer base sort of demand either from individuals or businesses where they're interested in that benefit of this sort of global payment capability that comes with with Blockchains? [00:34:11][15.4]

Fabricio Tota: [00:34:15] Well, yes, we do have some some people using [digital dollars] to pay for things here in Brazil. They have found the power of crypto much easier, much cheaper and overall a better way of moving money. Specifically for Stablecoins (and other crypto assets); Last year, we have seen a boom in investments here in Brazil, so if interest rates are going down, people will have to find a way to make some money with their investments and invest in other stuff other than bonds, especially public bonds. It is the most traditional way of investing here and we finding other ways of investing besides private bonds or stocks. We now can include crypto assets, and Stablecoins are included in these crypto assets. I think people are discovering what's possible and what's going on in our ecosystem. And that's amazing. [00:35:28][73.2]

Jeremy Allaire: [00:35:29] Yeah, it's it's obviously it's very exciting. It's obviously challenging existing kind of frameworks that that have applied around the financial system, as we heard earlier with Darius, you know, throughout Southeast Asian markets, I think a very similar situation. But businesses are sort of figuring out this is just a better way to do business. And they're and they're moving into it. And obviously governments are having to react, but it feels like there's obviously a lot of momentum. Well, we're very excited to see to see USDC adopted in Brazil. And that's a really powerful connection to, you know, to to a really critical market. And we'll be very interested to see how the usage grows for you. And, you know, again, really appreciate you making time and joining us on the show today. Thank you Fabricio. [00:36:20][50.9]

Fabricio Tota: [00:36:23] It's a pleasure. And hope in a short period of time, I'm sure that people who are smarter than us. I think if we were them, we'd be planning something. We show them a way of using something, but I'm pretty sure they will find other ways, other usages. And that's very exciting. [00:36:46][23.0]

Jeremy Allaire: [00:36:47] Absolutely. Thank you again and have a great rest of the day. [00:36:50][3.4]

Fabricio Tota: [00:36:51] Thank you. [00:36:52][0.2]

Jeremy Allaire: [00:36:54] So obviously, I think one of the big themes that we hear and that we see is that people and businesses in many countries around the world, they found it difficult to transact in dollars and to transact in dollars globally. You know, in some markets and with increasing intensity, there's really profound economic and monetary challenges. And these are driving more and more people into digital currency around the world. And we certainly expect that to accelerate. Now, one such market is Argentina. Another key Latin American market. And we're very privileged today to welcome Sebastian Serrano, founder and CEO of Ripio, another fast growing Latin American digital currency firm. Welcome, Sebastian. [00:37:42][47.6]

Sebastian Serrano: [00:37:44] Welcome. Thank you for having us. Nice to talk with you always. [00:37:48][4.1]

Jeremy Allaire: [00:37:49] Yeah, likewise. Well, great. So I know know Ripio is a is a very fast growing digital currency firm in Latin America. You've got support in a number of different countries. But I know one key market that you serve is Argentina. I wanted to focus a bit first just a little bit on the dynamics in that market. Maybe talk a little bit about the dynamics of digital currency in Argentina and maybe a little bit of the broader context, you know, for our audience. [00:38:17][28.2]

Sebastian Serrano: [00:38:18] Yeah. So maybe we can talk a little about our history, and this has a lot to do with this, with the Stablecoins and crypto, in Argentina especially. We have operations in Brazil, Mexico and many countries. But I grew up in Patagonia, in the south of Argentina. I have seen the peso collapse three times and it basically happens once every 10 years. The country has to go on into many economic struggles, several defaults is currently on the brink of a big default this year, and the peso has dropped more than 50 percent in value. We have a very bad history of policy on the peso. So, it's been very difficult for anyone to store value. And so when we started a company in 2013, it was on the mission to give access to cryptocurrency from a very strong need to put a good form of money to store value and to save it, and to connect to the world. And especially in Argentina, it's a country where half the population doesn't have access to banking. This is common across across Latin America. There is a big history of saving in US dollars in physical cash that people literally a store under the mattress. And so we were born into it with this dimension of gave access into this new digital economy. We are living in 2020, in the age of the Internet. Everybody has a cell phone, 90 percent of the population have access to the Internet. And there is a big distrust in banks and really a big opportunity to give access to financial services and give financial inclusion. So that's what makes the company exist. And basically, our mission has always been around access into all of this and I think that stablecoins are a beautiful development. We actually started educating and we have a big role in building the tools, but also building an education around everything that is connected because there's not only lack of access as a tool, but it's also a lack of knowledge how to have control of your finance. So we have been educating our userbase. We start talking to all of the stablecoins, right when they began existing like two years ago. And we integrated Stablecoins, our first stablecoin about out a year ago and we have seen an incredible growth, especially over the last few months with USDC, and it's kind of like our recommended one. In January and it has exploded in volume. And all that is happening with the economy, with the pandemic, I guess it has made like the volume of Stablecoins grow over 20x. And we are seeing a lot of growth. We are currently at where activity levels of the rally of December 2017 or more. Two days ago we had our highest number of concurrent users simultaneously using the wallet. Our main product is a wallet. We had two thousand people actively sitting at the same time. That's which which is like a challenge when you grow that fast. And especially in such a constrained environment. Let me ask you. So with active users we should be 3x'd this year, and this is a fast, fast moving, and the thing is that people are just looking for ways to, our cases is not so much a payment right now, people are buying and holding. [00:42:49][270.0]

Jeremy Allaire: [00:42:52] Yes. The Power of these digital dollars and the stored value capability. Right. But but I think it's a really profound moment in time. Right. In the economic development in the world. Internet's developing in the world. This technological development, they're all they're all coming together as a as kind of catalysts. And yes, you know, we're seeing that and you're seeing that. It's very exciting. Do you think, you know, as people in Argentina start to store and hold these digital dollars, they'll realize that they can use them just like a text message. They can use them just like a piece of content on the Internet. And of course, they're all very comfortable with that and using that with people they know in every country, everywhere in the world. Is the next step this growth in the use in international payments? [00:43:41][48.9]

Sebastian Serrano: [00:43:43] Yes. And also this is obviously more geared towards the younger population, the population is eager and it's easy to get them as the first adopters. Our userbase is twenty eight to thirty five. The older generation, they want the physical dollar that they can hold. It has saved them so many times and it's gonna be a little bit more difficult to older generations that don't have the paper in their hands. But younger generations, there using WhatsApp everywhere. They are able to contact anyone in the world freely and interact freely. It just makes sense. And I think we've got to move into a world where everybody is going to be working together, like we are forced to right now for the situation, to be all online. We are realizing all of the power of that. We can really make most of the companies work online and it makes sense that we can take just move money as simple and easy. I think it's also a beautiful revolution in the sense that this is first being done by individuals. We are seeing first, individuals to be the first ones to save money before companies started using it. This is more retail than funds and corporations. Yeah, and I think we like the same provisioned mentioned, in Brazil. And regulations for exporting, for example, are very tight. So is it going to be very difficult for us, so we export that which is their main production, in Argentina, to avoid all the regulations. There are around it to be able to to export using stablecoins, which will require to change an entire framework. But I feel like for someone like a freelancer. These are doing design on the Internet. It's going to be clear, simple. [00:45:57][134.3]

Jeremy Allaire: [00:45:59] Creators, creative people, software engineers, content creators, people who need it for things like e-commerce marketplaces. These these are very easy for them to want to adopt this. [00:46:11][12.4]

Sebastian Serrano: [00:46:12] They are already working online remotely from their homes. It's gonna be simple and cheaper, and it's going to be adopted from there. And regulators are going to have to, as with everything; laws are always behind the usage of things. People start having a new outlet, a new way to interact and then regulators follow after understanding with the use cases on how people are behaving. We have always from the beginning been in touch with every regulator, educating not only our user base but also people in their world. And as with everything there are risks, and good regulations mitigate risks and increase the potential of things. But regulations can also destroy the potential and amplify the risks. So if we are able to work with regulators and governments, we can really have a lot of potential in this and really grow our online economy, which right now is very tied into our world. [00:47:24][71.8]

Jeremy Allaire: [00:47:25] Yeah. Well, it seems like you're you're laying down the infrastructure for Argentina and of course, in other markets in Latin America to plug into this new global digital economic system. And as you said, that the young people are figuring it out first smartly. Just to either protect themselves and save value. But, of course, they're experiencing the utility of this and they will lead the way. You know, as you step back and you and I know you've been in this industry for a long time and have a lot of the battle scars. [00:48:01][36.1]

Sebastian Serrano: [00:48:02] But but, you know, this is very exciting. It's very exciting moment. [00:48:07][4.6]

Jeremy Allaire: [00:48:07] It is an exciting moment. I was just going to say, you know, that this is an exciting moment. You know, mature stablecoins enabling things is as exciting moment. Where do you see things in two years or three years with with the adoption? [00:48:24][16.4]

Sebastian Serrano: [00:48:24] I think we're going to we're going to see tremendous growth. We right now have 450,000 users, mostly in Argentina and our second largest country is Brazil. Our main product is the wallet, we also have an exchange with USDC and the rest of the infrastructure services. We are laying down the infrastructure for all of this to start building the future of finance. And I expect that in two to three years we might be in millions of users, maybe five, six million users. I think we're in that tipping point and by 2024 we will be at those levels. To put it in an order of magnitude; one of the biggest wallets in Argentina is called Mercado Pago from Mercado Libre which is the e-commerce company here. Largest number of users, the last number I have is that they have eight hundred thousand users. So crypto is looking very big, the same order of magnitude. [00:49:32][68.0]

Jeremy Allaire: [00:49:35] It should surpass. Right. [00:49:37][1.0]

Sebastian Serrano: [00:49:39] Yes, very likely. [00:49:39][0.7]

Jeremy Allaire: [00:49:40] Yeah. That can happen very fast. It will be fun to watch. Well, Sebastian, it's really wonderful to connect. Really wonderful to hear the story. I'm really excited about the momentum, of course. And we're watching really closely how you know, this technology starts to spread and connect people in Argentina into this economy everywhere. And appreciate all the work that you're doing as well. [00:50:03][23.2]

Sebastian Serrano: [00:50:04] Thank you for coming to this hearing. [00:50:05][1.1]

Jeremy Allaire: [00:50:06] Nice to see you. [00:50:06][0.5]

Jeremy Allaire: [00:50:09] So obviously, it's really tremendously exciting to start seeing the power of global digital money unfold. This proliferation of wallet exchanges, trading firms that support Stablecoins like USDC and others. They're laying the foundation for broad scale usage in international payments. And I think we're going to continue to explore this in future episodes. We're gonna be talking firsthand to businesses that are building on Stablecoins. And we want to show, you know, kind of showcase live the speed and the power that these have to move money and value around the world, so we'll have an exciting episode coming up where we get hands on and really show the power of this for people and businesses around the world. On a similar note, I'm excited that next week's show we're gonna be talking about Stablecoins and global financial inclusion, a topic that we touched on today, a very profound impact on people everywhere who have mobile devices that don't participate in this global financial system. Stablecoins are creating a way for them to do that for the first time. And we're gonna be joined by several guests who are going to speak about the real transformation of people's lives that becomes possible with digital currency proliferation around the world. This promise of connecting people everywhere into a more open and inclusive financial system has animated not just our work, but I think the work of many innovators and entrepreneurs in the industry. So we can be excited to continue to dove into that theme next week. So until next week, stay well, stay safe and stay informed. Thank you very much. [00:50:09][0.0]


Darius Sit
Co-Founder and Managing Partner, QCP Capital
Fabricio Tota
Director, Mercado Bitcoin
Sebastian Serrano
Founder and CEO, Ripio