The general idea that I understand for the endgame of stablecoins and FX is it creates a settlement layer, right? So I'm curious to hear How do you see Omnia and the general stablecoin and FX transition potentially affect other business lines of yours? Are you strengthening your incumbency, do you see, or do you think that you're almost disintermediating yourself with Omnia?

Hopefully we're strengthening our position.

What we've done recently is gone out to our whole client base and see what they want to use stable coins or digital assets for so very broadly i've got five client segments banks non-banks or ptfs brokers real money and crypto native now the use case and all of those is slightly different but i go to the base case for everyone so not everyone's ready to trade just now interesting from a bank perspective and we went to our um top 50 banks we got a response rate of 60 percent um from all of those and of that 60 60 60 so overall nearly 40 of the bank said we will be trading this product um by the end of 2027.

And I've got on my desk, you'd love to see what's on my desk, actually a list of 12 active conversations where they're trying to be enabled now.

Now, it's them trading it or it's them offering it to their customers.

But if you go to the level below that, and I start, PTFs, by the way, are all trading it right now.

So, And you know that across all the retail exchanges and institutional exchanges, they're trading that now.

Can you summarize some of these insights and also your insights of what has changed over the last three or four years that has broken down the crypto market in such ways where it's very institutionally oriented and not as friendly to retail as it used to be.