the pro side?

Yeah, we're, you know, we obviously operate a stable coin business.

I think what we've seen over the last year, and I think you've seen this with Bitcoin as well, is like the asset class is really maturing.

But I'd say stablecoins and the growth of that sector is completely separate from what is happening in the risk assets crypto.

I think that Bitcoin is really...

My whole thesis on Bitcoin from 2016 has always been the monetary debasement trade.

And that continues to look good and has moved to a faster clip over the last decade than I would have expected.

He's closer to that generation than we are.

Tell us more about DeNovo this conditional approval and what it means for you?

Yeah, this is huge for us.

This is probably the most important milestone in the company today.

What it immediately unlocks for us is being able to serve the US.

We've also focused the last year on really developing the product suite to be a one-stop shop for businesses.

And so a lot of this has been quiet, but we can talk a little bit more about it now.

With the bank, on day one, we'll be able to offer custody, stablecoin issuance, transaction-based services, and then investment advisory and treasury work.

So how does the charter fit with some of the telco opportunities? And tell us more about Iris.

What does that mean for you functionally.

Yeah.

So it doesn't come as much of a surprise at all to be honest.

I think These are organizations where they're traditionally slow moving.

And this is probably one, if not the third most, one of the most important pieces of banking legislation in U.S. history.

And so they are, of course, going to want to slow things down and get ready for what is a large threat to their business model.

And I think that's really the story here.

Talk to me about what you meant by that.

So that collateral mobility piece, Nick, I'm interested in who's using that today and what early signals are you seeing for the non-stablecoin products that are kind of adjacent to stablecoins that could gain that sort of traction that Kai was talking about?

Yeah, so I'll walk through a very simple, even personal anecdote that I like to use, which is a number of years ago, I had assets in my Fidelity account.

It was tax day in April.

I was like, okay, I'm going to sell some of these positions so I can pay my taxes in a couple days.

between when I made that sale on Fidelity and that cash actually hitting my account is three days, right? And so you basically remove that window, not just for personal financial sales, but also corporate cash management movement.

And that dramatically improves people's working capital and their capital efficiency, just in that like one little micro scenario.

Now think of someone, and I think stable coins are a perfect example of this, We hear all the time, and I'm sure Circle is very active in this as well, from payments companies that are moving money cross-border or multi-jurisdiction.

Do you want to just bring up some of those regulatory nuances you were talking about there?

So, Nick, do you want to give some perspective on the Agora bid and USDH? Thank you, Nick, for joining the show.

Yeah, thank you for having me.

So...

A little bit more perspective on our bid, and maybe I'll give you a little bit of the timeline of events, right? So this ticker proposal and release came out last Friday.

Very shortly after that was announced, Native Markets submitted a bid where it's a very Hyperliquid Native team, but they themselves are not an issuer and would work with Stripe to be an issuer.

And so we saw an opportunity, right? Hyperliquid is one of the most active markets trading ecosystems, not just in crypto, but I would say probably the world, like outside of just on-chain finance.

And you need an institutional grade provider to actually service this.

So my question to you is, is this a good thing for TradFi that all of this stuff plays out in public? And what's your perspective? Because you bridge those worlds in kind of a unique way.