Mm.

And I think when I think about embedded finance, the interesting thing that I've seen over the past two or three years, and I think will continue for the next few years as well, is embedded finance has become so easy in both traditional finance and the DeFi crypto space that actually the use cases across both are starting to merge.

And this is something I focus on at, at Coinbase and in the UK is I know my users want to be able to trade equities, touch derivatives, spend, save, invest, and I want to offer all those use cases.

And some of them are gonna be built on crypto native rails, some of them are not.

Like we recently just launched FSCS-protected UK savings accounts, so government-insured UK savings accounts in partnership with ClearBank.

That's very much a classic embedded banking TradFi user experience.

But we did it because our users wanted it.

But how is that gonna change things for people? How is Coinbase gonna support or move into that space? How is it really gonna democratize finance? Like, how do you see the whole future of tokenization changing the economy?

What's your, your general experience now, having been there for a while, and, uh, what do you think of the directionality here?

here?So I think you just have to learn how to operate in the local market.

UK has very strong consumer protections.

Things like consumer duty and the financial promotions regime don't exist anywhere else.

And so you do have to really build local presence, build a product that fits the local market.

Um, but I think the advantage here, and the... and we're on that journey as well, is the UK is gonna be one of the first places to offer a full crypto license.

Like, this is gonna be like Clarity Act in, in the US.

What is, what is your, you know, data on platform kind of telling you? Um, are volumes down? Uh, is it reflecting the kind of [laughs] state of the market at the moment with, you know, Bitcoin sort of hovering just above, uh, the $60,000 mark?

Okay

...

in two ways.

One, it actually has the Genius Act written into law, which legalizes third-party stable coins.

Two, USD stable coin adoption has gone through the roof.

I mean, 99% of all stable coins, and they're doing, you know, 50 trillion in volume a year, are backed by USD or are USD-denominated stable coins.

So both in terms of adoption and regulation, US is firmly ahead there.

Okay.

But, I guess, what is the reality today?

Yeah.

So, uh, I mean, maybe before I talk about the reality today, I'll, I'll talk a little bit about why is this a hot topic and why is it interesting, I think, 'cause I think that's a fair question of, like, why should anyone care if you tokenize a capital market, uh, you know, some asset for, from capital markets? And the reason it's interesting, I think the most interesting thing about tokenization is this is the space of digital assets that I think traditional players in the financial services ecosystem are most excited about because I think they finally realize the benefit here.

And the reason why this matters is you can instantly settle, so it saves you all the middle and back-office effort between settling trades.

If you think about traditional bond sales, for example, it's usually a T plus two, T plus three experience between getting the bond, settling it, doing the cash settlement leg.

If you move this on chain, you can do that instantly, particularly if it has the same legal rights over ownership.

And then it also then opens up cross-asset risk and collateral management, which for large institutional players is incredibly interesting.

Can you, um, can we just double-click h- on it for a bit? And can you sort of explain to us what we're talking about? What do we mean by agentic payments? What are the use cases, and how large could th- this sort of sector, this concept get?