The Future of Centre Consortium

This week on the Money Movement, Circle CEO and Centre board member, Jeremy Allaire, will welcome to the show Centre's new CEO, David Puth, along with Coinbase CFO and Centre board member, Alesia Haas to discuss the future of the consortium and USDC.

As USDC near 3 billion in circulation and businesses around the world adopt digital dollars, Jeremy, David and Alesia will share thoughts on the significance of this milestone and roadmap for the fastest-growing US dollar stablecoin.

And building on that momentum, Jeremy will be joined by Visa Head of Crypto, Cuy Sheffield, to talk about the newly announced partnership between Circle and Visa and what this means for USDC.

[00:00:08] Hello, I'm Jeremy Allaire, and this is the The Money Movement show where we explore the issues and ideas driving this brave new world of digital currency and blockchains. It's been a very big week for USDC, some significant milestones, just earlier this week, USDC crossed three billion in circulation, marking nearly 500 percent growth over the course of the preceding nine or 10 months. And that's across multiple blockchains. We saw a couple of significant announcements this week, Circle and Visa announcing a multifaceted partnership really centered around USDC and its use to support a broad range of new payment use cases and a major boost to center the consortium behind USDC with the appointment of David Puth as CEO. We're going to explore all of this today with incredible guests. Guy Sheffield, who is Visa's head of crypto, David Puth, newly appointed center CEO, and Alicia Keys, who is a board board member for our consortium, as well as the CFO of Coinbase. [00:01:45][96.7]

[00:01:47] So I'm going to kick things off with a discussion about the Circle and Visa Partnership News. I'm really excited to welcome Guy Sheffield, head of Crypto for Visa, which appears to be an increasingly high profile role for the story. Payments giant. Welcome, guy. [00:02:07][20.3]

[00:02:08] Great to be here. Thanks, Jeremy. [00:02:09][0.8]

[00:02:10] Absolutely. So I thought first I just wanted to kind of highlight some of the big items from our announcement and then we can kind of drill drill into that a bit for folks. So just a high level. We announced a partnership, Circle and Visa together to bring the benefits of stablecoins to businesses worldwide. And at the core of this is this goal to enable businesses around the world to take advantage of the combined strength of USDC, which as we know, is a forward, fully reserve digital dollar stablecoin supported on multiple public blockchains and combine that with Visa's global payments platform and network. It's obviously been a big year for Stablecoins, and you've been paying very close attention to the three key pieces on the partnership that we can talk about here. I think the first is we're taking a Circle business account, which is a new kind of payment banking type account that is digital currency, native, Stablecoin native. And we're enabling corporate card on that, which will enable corporations, their employees to store value and USDC and spend value in USDC. With more than 60 million merchants worldwide who accept Visa and Circle is the first crypto firm to announce a corporate card. The second piece is something I'm very excited about, which is this introduction of a seamless, stablecoin based, USDC based payout's experience that's tightly connected to a rapidly growing network of visa partner wallets. Visa has become sort of the card network of choice for digital currency wallets. Over twenty five approved card programs using Circle APIs, businesses will be able to automate with a seamless user experience both for the business and the end. Pay a seamless experience with the settlement infrastructure all being built on USDC and ultimately delivering value to those users wallets which they can in turn spend at. These are points of sale as well, and then together working with Visa on educating and enabling Visa's global network of hundreds of fintech partners in the fintech Fast-Track program and select marketplaces around the world who are looking to take advantage of digital dollars stablecoins global scale payout's, taking advantage of this integration that we're doing and the work that we're doing together. So that's the high level. And obviously it's been a pleasure working with you on this over the preceding preceding months. But maybe it'd be great just to hear from you. I would love to hear you talk through this from a visa perspective. And maybe if you could just start with the broader approach and thesis and how you arrived at this visa approach to Stablecoins and USDC. [00:05:06][175.7]

[00:05:08] Yes, sir. So first off, you were incredibly excited about the partnership with Circle, and so when most people think about VSA, they think about the retail card network. But increasingly, we're really becoming what we call a network of networks where we want to participate and add value to every transaction, whether it's consumer to business, business to consumer or business to business. And so we see this as really becoming a single point of access for clients to move value over recent or over new networks that emerge in the future. And public blockchains and digital currencies like you OCC are really just additional networks. And so we think that there's an important role for us to play, to be a bridge between new digital currency wallets and our network of of 60 million merchants across the world, as well as to explore how payment innovations like digital currencies can enable new payment flows. And so over the past year, we've really been closely following the growth of the Stablecoin ecosystem. And we've seen you OCC emerge with this really vibrant global developer ecosystem. And it's amazing to see the activity and excitement from developers across the world, you know, really with a range of use cases that they're looking to build on it. And so we're seeing interest from clients and fintech businesses in digital currency wallets and the potential to be able to use USDC. And so it was natural for us to want to partner with the leading platforms like Circle to help figure out how we can bring our products and services in our network to Circle clients and enable additional value and utility for USDC. [00:07:16][128.5]

[00:07:18] It's awesome. And so maybe just talk a little bit about where we're building this partner wallet network that can connect businesses and the funds. They have marketplaces that are sellers or suppliers or others and kind of connect them to these digital wallets around the world. Talk about the build out of that network of wallets, what that represents in terms of an opportunity for commerce firms in particular. [00:07:44][25.7]

[00:07:46] Yeah, so over the past year, what we've done is we've gone out and we've partnered with the leading consumer facing wallets to help them be able to issue visa credentials. And we want to work with every regulated digital currency wallet across the world. And so we've established Visa as the leading card network for digital currency wallets. So now next is what can we do with that network and how can we add additional value to them? And so we started looking at what our payment use cases, the new payment flows that Stablecoins like USDC could potentially power for businesses. And we say things like cross-border payouts and disbursements could be one of these really interesting flows to explore. But in order to be able to have a broader set of clients to be able to to leverage something like USDC, to be able to make payouts, you need to have a few things. First, they need to have really good business facing developer facing APIs where they can originate those parts. And that's what we saw Circle platform starting to provide. But then you also need to have endpoints where those payouts can be received. And so as we onboard the dozens of digital currency wallets onto our network, we want to help Circle's clients be able to identify. Here are wallets that are deleting wallets in each market that are approved by Visa to issue card programs and then be able to initiate payments that flow over a Blockchains in USDC to those wallets. And then the last piece is once someone receives a USDC payout to a wallet and whether their business, whether they're their consumer, you need to have offramps and you need to have an easy way to be able to spend that value. And so because of the work that we're doing with digital currency wallets across the world to issue visa credentials, we think that if you can enable payouts to them, you have this easy way to spend USDC once it arrives. [00:10:09][143.7]

[00:10:11] It's it's it's awesome and exciting, I think, a little bit to talk to to talk a little bit more about the substance there. So people understand. So with this solution that we're creating to support this, what we're really trying to do is abstract away a lot of the complexity that exists for the average person or the average business in using something like USDC as a settlement. So I might be a seller on a marketplace and I've got a balance and I want to I want to receive my payment for my work that I did or for something I sold. [00:10:42][31.2]

[00:10:44] I want to be able to just connect and link a wallet that I have. Not that that then becomes connected to this the seller basically, and and have the payment happen over a USDC settlement. But the user doesn't actually need to even know like which blockchains they're using. If the wallet happens to support a high speed efficient USDC chain, it could use that. They don't need to know about what public addresses they're using. It allows for a kind of seamless experience where they can link their wallet, receive the payout. They don't need to know about the plumbing, as it were. And what what happens is the beauty of USDC is a nearly instant settlement at virtually no cost with global reach. And so that that sort of under the hood will get abstracted away and made much easier for for the end customer who's receiving that payout. [00:11:39][55.2]

[00:11:41] Absolutely. And I think one of the fascinating things about public blockchains and USDC is they are really lowering the barriers to entry for developers to build digital currency wallets across the world. And so we're seeing hundreds of these different wallets emerge. And there's a really wide range of the level of compliance programs, the consumer experience, the cybersecurity of those wallets. And so we think that there's an important role for Visa to play, to help, to identify who are the wallets that large businesses and platforms could be comfortable making payouts to and then be able to identify and leverage Circle services to be able to actually pay out to those wallets in USDC. [00:12:32][50.8]

[00:12:33] And we're obviously providing kind of Treasury infrastructure that's USDC native that fintech themselves could build on top of that, they want to add support for that in their own in their own products as well. So the big picture here, I think as we talk about this, I think a lot of people, when they hear, you know, Visa and Stablecoins, they immediately go to I'm going to be using my crypto wallet to scan a QR code at a visa point of sale to use my Stablecoin right there. We'll get there maybe at some point. But this is really about the not sexy but absolutely enormous scale of business payments that happen in the world today. I think you shared some some remarkable numbers with me about, you know, business payments that happen with older forms of electronic money and what the scale of that looks like. Could you talk about the scale here? Because I think it's really important. [00:13:30][56.3]

[00:13:31] Yeah, so, I mean, there's there's still over one hundred and twenty trillion dollars of B to be payment flows that are mostly made by check and wire transfer. So we're really interested to see if new innovative technologies like Stablecoins can contribute to a trend of B2B payment monetization and to help digitize some of these flows. And so I think that there's there's a bigger opportunity to figure out how to solve some of these problems that the businesses face for cross-border payouts that Stablecoins could be uniquely positioned to solve. Then there is just as another way that someone can buy their coffee. And so Visa is both a way to pay and a way to increasingly get paid. And so we want to explore any new technology that can help with B2B payments in addition to consumer commercial paper. [00:14:31][59.6]

[00:14:32] That's that's great. It's a good Segway into maybe my last question, which is you talk about a little bit your vision for, you know, public blockchains based crypto, better asset currencies. What can that look like? What does that look like at scale? How does that interact with these? And that is just a big picture view a little bit here as we think out in the coming years. [00:14:58][25.9]

[00:15:00] Yeah, I think the core innovation of digital currencies is they're not in fact, digital currency is it's not a new currency. It's a new form factor of an existing currency. It's a way to represent fiat as a digital bearer FX and be able to transfer that representation of fiat over a number of emerging new open source public networks. So we think that Visa should be the currency and network agnostic. And we have clients across the world that are looking to to use these new form factors and these new networks. We want to make sure that they can be integrated into the existing payment system in a secure and convenient and compliant and compliant manner. So we plan to continue to expand our our network of networks over time. And we want to partner with the leading digital currency platforms and providers that help make sure that they can connect to our solutions. [00:16:08][68.2]

[00:16:10] It's truly a tremendous guy. It's been wonderful putting together this partnership with you, very excited to see what we can do together and grow USDC use cases. Thanks again and thanks for joining on the show today as well. [00:16:23][12.9]

[00:16:24] Thanks for having me. Absolutely. [00:16:26][1.6]

[00:16:28] So the other major event this week around kind of momentum for USDC and the consortium behind it was the appointment of David Puth as center CEO, were incredibly blessed to have David join us with Elysha, has another board member from center, also the CFO of Coinbase, to talk about the future of center consortium. Welcome, David and Alicia. [00:16:56][28.4]

[00:16:58] Thank you, Jeremy, excellent, you're so nice to have you guys here. [00:17:02][4.4]

[00:17:03] So I wanted to kick off the conversation with just a little bit of backdrop on center. Not everyone in the world is familiar with center conservatism. Obviously, people who are really close to our industry are. But just the quick overview of Center Consortium. This is a consortium co-founded by Circle and Coinbase in twenty eighteen, really with a mission and a vision to bring fiat standards for fiat digital currency, which are now called stablecoins into the world, and to create both the open source technology so that those could exist as open source technical standards. But then also the governance that's needed, the governance of the technical standards, the policies that are needed to provide for security around issuance, provide for the reserve management that's needed to make stablecoins trustworthy and transparent, the compliance rules needed to to to be operating these these kinds of of issuing infrastructures. And of course, the first stablecoin introduced by Senator Consortium was USD coin or USDC. [00:18:20][76.7]

[00:18:22] So that's that's sort of where we started. And there's a lot there. I encourage anyone who's not familiar to go to Central Io and download the white paper from two years ago, and you'll see that we're still just at the start of executing on the vision for center. So that obviously leads us to today, where after an extensive search looking for the right senior executive leader, we are so privileged to bring on David Puth, center CEO. Welcome to the job, David. [00:18:51][29.1]

[00:18:55] Jeremy, thank you. Jeremy and Alisha, thank you, and it's I couldn't be more enthused about joining in particularly joining this week with the announcement of the Visa partnership, but also the tremendous the explosion of volume that has taken place with USDC over the course of this year. My timing of joining feels very fortuitous. I feel very privileged to be part of this organization. And I and I thank you and the center board for inviting me to be part of this opportunity. [00:19:25][29.5]

[00:19:26] Thank you, David. So let's talk a little bit about your journey, that kind of the work that you've done and how that led you into this space and this specific opportunity. [00:19:35][9.6]

[00:19:37] Well, I appreciate that opportunity to share that if I look. [00:19:41][3.8]

[00:19:47] I believe the. [00:19:49][1.4]

[00:19:54] We got a little frozen or was involved in markets, businesses, derivatives, army. [00:19:59][4.9]

[00:20:00] We had an audio hiccup. It's OK, keep going. [00:20:03][3.0]

[00:20:04] OK, the the bulk of the early part of my career was spent involved in markets, businesses, derivatives, some equities, emerging markets, commodities. But a constant throughout that time was my work with currencies. And that eventually led me to running the company. CLSA, which is a the largest payment and settlement network in the world, processes over two trillion dollars a day in international foreign exchange flows. So if I put those two businesses together, a very logical next step would be to move into this universe and take both my market experience as well as my payment and settlement experience, and come to probably the only organization that that I could bring those skills and take is to take business to the next level. [00:20:54][50.6]

[00:20:56] That's great. So, I mean, Clough's is obviously an incredible, important infrastructure in the world, not not everyone it's not a household name that like Visa, but it's certainly, you know, as we talk about these trillions and trillions of dollars that slosh around in the movement of currency in the world, CLSA is a key one. [00:21:15][19.6]

[00:21:16] Class was a consortium, a consortium of of members. And it was also an organization that worked with central banks. And as as you look at sort of the fundamentals of how currency works in the world, you just touch a little bit on the consortium side of it. [00:21:32][16.7]

[00:21:33] And and what that look like was born out of solving a problem to enable safe settlement with international currency flows. It was a private effort that received a great deal of attention from the. Seventy members and a consortium enabled, truly enabled the rapid growth of the foreign exchange market where it is today, the engagement with regulators was quite extensive. It is classes overseen by twenty two central banks around the world, primary regulator being the Federal Reserve. So in many ways, it has some similarities to what we're trying to build at center. From a regulatory perspective, I think we're quite a bit different. But the consortium element and the network element of bringing disparate parties at times competitive parties together to work for the common good of building this network is something that I see very similar to what we're trying to accomplish with the center. A consortium. [00:22:34][61.9]

[00:22:36] That's great, that's very helpful. Obviously an important factor, as we thought about the future of how currency works in the world, have movement of value works in the world. Obviously, you've got quite a bird's eye view on that. I want to come back to center in the future of center. But first, I want to also introduce Alicia. Just a little history here, which is, you know, I've had the pleasure of working with Alicia for the past couple of years. I think one of the most important executives and leaders at the storied firm Coinbase. And obviously, Alicia, I just want to thank you for everything you and Coinbase have done for Center and USDC. So thank you. I want to talk a little bit about your own background and journey. How did you progress into crypto? And then, of course, what brought you and Coinbase into the cofounding of Center Consortium back when we put this together in twenty eighteen, will focus mostly on Coinbase and center. [00:23:26][49.9]

[00:23:26] My own journey is one that I grew up in financial services and just saw the opportunity for crypto to transform how we interact with financial assets and money and thought there was a huge opportunity to do things more efficiently, faster and cheaper. And that really ties closely to USDC because when we had the opportunity, Jeromy, to partner with Circle and bring forth the center consortium, what Coinbase saw was really the opportunity for a stable asset that was compliant, that was accessible, and we really valued additional program that had ubiquity and the ability for many different parties. And as David just alluded to, oftentimes competitors to plug into one network. So we view that Stablecoins have the same function as a US dollar, but they're faster, cheaper and smarter. And we view that this has the opportunity to really transform many different payment processes on a global basis, much like Visa's team this season as well. And we believe this is one of those important building blocks of the future finance. So we were excited to join you to be a very compliant first model and ensure that we provided the safety and security to all of our users to be able to transact with Stablecoins and USDC specifically. [00:24:37][70.9]

[00:24:39] Awesome. Thank you. So maybe turning to center in the future center a bit here, David, as you come on board, it would be great to hear you talk about what you'd like to see develop for center in the next year. [00:24:52][12.8]

[00:24:55] Well, I start with again, the number one goal is to continue the steady growth path that, frankly, the explosive growth path. [00:25:03][8.4]

[00:25:05] USDC has been on the course of the year building on multiple chains and and continuing to expand both the user base and the number of use cases around the world. And if I if I if I start there, there's a lot to do and a lot to build. USDC has clearly been adopted by many different users. And my goal is to continue that process, but additionally will be adding people and processes to help support that effort where we have a strong goal of bringing comparably strong members to the consortium to add to what Circle and and Coinbase have been able to do, bringing people, building those control processes that will be helpful to enable the consortium to be recognized worldwide as the leading stablecoin and then eventually moving into using what we've done to build USDC to launch future stablecoins around the globe and other currencies. So there is no shortage at all of things that I hope to accomplish in the next year and hope very much to be sitting here a year from now and talk about the fact that we've been able to cover a lot of those goals. [00:26:15][70.1]

[00:26:16] I'm going to put it on the calendar. That's awesome. There's a lot to do, obviously. And what you've outlined is is significant. And we're excited to see you build it. Alicia, I know from our extensive, extensive work together, you're incredibly passionate about the growth of USDC itself. I'd love to hear you talk about what you think can drive that growth in the next year. [00:26:38][22.3]

[00:26:40] Oh, we're going to scope just a year. All right. [00:26:42][1.9]

[00:26:42] Well, we're going to come to the long term in a few minutes. [00:26:45][2.5]

[00:26:46] All right. Well, I think over the next year, I hope to see continued growth in device. So defy or decentralize finance for those who may be newer to crypto really takes this open financial system a step further and enables a world where every financial service we use today, whether it's loans or savings accounts, trading or insurance, are accessible to anyone in the world on a global basis in a peer to peer way. And I think that DFI, obviously we've seen explosive growth. It's now at 13 billion invested and this number is more than doubled since the end of Q3 or since August. So huge growth there. And I continue to expect that to grow in the future. And that relies heavily on USDC as well. I also think we're going to see growth next year connecting USDC to other major payment companies like we just saw with Visa. Consumers are looking for different options and we're hearing that loud and clear through our own customer research where we think that this is becoming a viable method of payment for millions of people on a global basis in both the developed and developing economies. And that is, I think, about towards the end of next year, I hope that we're going to start to see expanded use cases, payments, FX treatments, dollarization, potentially more distribution of aid like we're starting to see now cross-border payments. And I think when I look at those opportunities, there's so many middlemen and expensive payment types, long settlements and friction. And I think that USDC can eliminate a lot of that pain point that we see. And so I hope to see a lot of use cases kind of on the emerging side, maybe not contributing to its kind of growth, but starting to emerge with those new payment rates. [00:28:15][89.2]

[00:28:16] Yeah, absolutely. And we're definitely seeing that emerging. It's the early adopters are coming in with it. And it'll be it'll be fascinating to see. I mean, I think this theme of connecting major payments companies is is a really important one. I think part of the investment that we've made as center is is making sure that USDC can scale to support consumer scale use cases, hundreds of millions of users with tens of thousands of transactions per second. And so there's a lot of work we're doing, obviously, to improve that, make that possible. I want to turn a little bit to a subject that's been actually in the news this week as well. I want to talk about the news, but I'll talk about the subject, which is really the this sort of emerging legal and regulatory frameworks for Stablecoins. This has really become a major theme. [00:29:01][45.5]

[00:29:02] Global supernational players like the FSB opining on it. The Bank for International Settlements, it's got strong attention, places like the Treasury Department, central banks around the world. So this is this is a big theme. And David, I think you had to chart a path on this, you know, in in sort of core fundamental global market infrastructure. As you as you noted, working with central banks. It would be great to just talk a little bit about your experience, the relevance for that, what what is relevant and what's in store for Stablecoins as we go from a relatively small size today to potentially handling trillions of dollars in assets and payment volumes in in the coming year. So a little bit about that experience. And then also, you know, what's different? What do you see as you look at this? That's different about Stablecoins compared to traditional kind of regulated market infrastructure. [00:29:56][53.8]

[00:29:57] Yeah, it's a it's a it's a fairly complex question because the difference today between operating a highly regulated financial institution as the US is and one that operates with with almost an entire focus on safety and soundness, what the Internet has provided us with and this technology that has been built has provided us with a whole new means of being able to to transfer money in the same way that we would move an email. We can we can move financial assets across the Internet. And I think it's going to continue to attract a reasonable amount of regulatory attention. Regulators have not been shy about expressing their views about stablecoin it's been written about over the last several years. The business in particular has come out and talked about what their expectations are. And certainly my experience in us is one that I I'd like to think I can apply to help with the growth of what I expect we will be doing together and growing USDC and future stablecoins. It starts with transparency and I am very pleased to join an organization that where we're Coinbase and Circle have really set an example and led by example in the industry of working very closely with the regulatory community and being very transparent about our activities. At the same time, it involves a strong process of us engaging in such a way to help the regulatory community understand where the risks are similar to those that might exist in traditional money transmission and where they're fundamentally different. And those differences are are very apparent in the way our technology works. And so I hope very much to draw on the experience and draw on our connectivity with the regulatory community to. Work together to ensure that. [00:31:47][109.9]

[00:31:49] They have in our system at. [00:31:52][3.5]

[00:31:55] She says it will be hundreds of millions of users on our system going forward, and in order to do that, the faster and bigger we grow, the more regulatory attention we will. In fact, and I fully expect that we'll be able to work closely with policymakers and regulators to ensure and instill in them the confidence that they need to be able to support the growth of our systems. [00:32:16][20.8]

[00:32:18] It's a big job, but I completely see it and we're excited to have you working on it with us. [00:32:24][6.2]

[00:32:25] Alicia, I know you and Coinbase are incredibly passionate about how this technology can lead to this open financial system. And and I guess, you know, what does that look like to you? And also kind of how can the these so-called global stablecoin arrangements, the FSB terminology, such as center, which is a global stablecoin arrangement, how can that work hand in hand with policymakers, regulators, central banks in a way that we can preserve and enable this vision of an open financial system? [00:32:58][33.1]

[00:33:00] Sure. So to say it bluntly and in Coinbase, his mission is to create an open financial system and that promise is to make money and payments universally accessible no matter where they are. And USDC definitely helps enable that vision. I think the way that center needs to work with regulators and central banks to ensure that we can execute on that vision is the first and foremost start with education. There is a lot of missing numbers in Stablecoins today. And I think there's also, as you know, Jeremy and David as well. There's just a breadth that there's different permutations of Stablecoins and USDC is differentiated among that universe because it is very thoughtfully constructed to be compliant and to intersect with the traditional banking network in the central banks. [00:33:43][42.7]

[00:33:43] And so, one, I think we need to educate all regulators on how center has been constructed to support those markets and also how it is innovating and creating new opportunities to bring in open financial system to all users. I think that it is a model that can follow. I think it is a thoughtfully constructed model to protect consumers and to enable transparent and reliable payment rules while using established banks to hold the regulators and audited US dollars backing the USDC. So I think that more than anything, we need to just meet with people. We need to educate, and we need to continue to evolve the model to ensure that it meets the global regulatory frameworks that will be sure to come forth in the coming years. [00:34:30][46.8]

[00:34:30] Yeah, it's been it's been fascinating how fast some of these topics have really come to the fore. I mean, we're we're getting outrage from from projects in central banks all around the world who are saying how do we do this and how do we do it with the private sector? How do we do it with private sector issuers? This model that we've been able to drive with USDC can be can be a model that can work around the world. And so it'll be it'll be interesting. David, just under your leadership, you're not only going to be taking on more members, but you're going to be building up the staff considerably. What are some of the critical areas of focus as you build out the team at center? And for our listeners, if you know people in these areas where I was going to want to hear from you, but just talk a little bit about how you balance out. [00:35:23][53.0]

[00:35:25] Now, this simple message you just said it is, is we're open for business and we're hiring and we're very excited about building a world class team to support a world class product. [00:35:37][12.0]

[00:35:40] The work that's Circle and Coinbase have done to establish the Foundation for Center is is quite evident. And I've seen that in my first few days of operating here. But the Building Out and Technology Energy Fund that's supportive of the work that our consortium members are doing will be part of job number one, a very strong regulatory affairs team and compliance team that can engage with both our consortium members, the community and importantly, again, the regulatory community and policymakers. Business development will will remain again top of the list. As we as I expect we will be expanding into their stablecoins in other countries. We are building a completely decentralized company. So I expect that we will center we'll have employees at various locations around the world as we try to fulfill our mission of trying to bring the Stablecoin universe to other parts of the world and increase financial inclusion in the way that we hope to be able to do so. So I am very excited about building the team. It is a very blank canvas today and one that's very excited to be very exciting to be looking at at this time. [00:36:55][75.7]

[00:36:56] So we'll we'll we'll have folks stay tuned for job descriptions on center audio and hopefully that'll be coming soon. So it's obviously all very exciting. As we wrap up here. I want to turn to the future, the way our future and on the show, I like to ask people about imagining imagining that future a little bit. So let's sit here and imagine what what center could become what is the role of Stablecoins in the world in five or ten years? What's their scale of usage and adoption? What could that look like? And we'd love to hear hear from both of you. Alicia, maybe you could start. [00:37:34][37.7]

[00:37:36] I will start, I expect, over the next five to 10 years, I expect my children to be opening their first bank accounts in Stablecoins as opposed to fiat currencies. I think that Stablecoins can improve upon Fiat's usability and access and make the system faster, more efficient and reduce the cost of entry. But to do this, I think we're going to have to see a smooth integration with the existing financial system and that will come clear regulations, frameworks to build trust, protection against fraud and other undesirable activities. And we need to have standards at center and promulgate the quality, the interoperability, the programmability of these smart contract to drive growth and acceptance. So I expect us to see huge growth in all of those areas over the next five to 10 years. [00:38:20][43.4]

[00:38:20] Broad adoption in the areas we talked about, DFI payment rales, useability in all forms of commerce. And I'm excited for this future to build it with you all. [00:38:31][10.7]

[00:38:32] That was great. David, give us give us your your five year plan. [00:38:36][3.7]

[00:38:37] I can only follow on what Alicia said here and that my children are already opening up their USDC wallets. And they and I expect that that that usage will continue to grow. What I what I would anticipate and what I really hope we strive for is to be able to bring the use of Stablecoins to emerging and developed markets. Were aware of the fact that there are three billion people in the world who are either unbanked or have limited access to the financial resources that we all have grown accustomed to. And I believe that the use of stablecoins will will help enable some portion of that population to be able to access financial services that just haven't been available to them in the past. So if if I had a dream of, what, five years from now looks like, it will be broad adoption from the domestic and international corporate world. But equally, it will be the initial signs of adoption from less developed countries where where people can really use the benefits that Stablecoins can bring. And I think that would be a great sign of success and what the future of money really looks like. [00:39:53][76.2]

[00:39:54] Absolutely. We're looking for WhatsApp and we chat scale adoption, so I think it's on the horizon. Well, David and Alicia, such a great pleasure to have you on the show today. And, of course, very, very excited about continuing to build all of this out together. So thank you so much for joining us today. [00:40:13][19.2]

[00:40:14] Thank you. [00:40:15][0.3]

[00:40:19] So significant week, again, in the realm of digital currency and blockchains, and specifically for USDC major milestones with Circle visa partnership, what that means for the integration of USDC into a dramatically broader set of use cases in the world of payments and commerce. And again, this tremendous news of David Puth joining center as CEO to really take this to the next level and build this new, more open, more inclusive global financial system. [00:40:50][31.2]

[00:40:51] So until next time, stay well, stay safe and stay informed. [00:40:51][0.0]


Cuy Sheffield
Head of Crypto, VISA
David Puth
CEO, Centre
Alesia Haas
CFO, Coinbase