... who don't really require checks anymore? Just help us unpack that a little bit.

Yeah.

Look, I'm not suggesting that stablecoins are checks.

I'm just saying that it would be-- it would increase the capability and increase the utility of stablecoins were it to be possible that you could receive a stablecoin and deposit it into your bank account.

Now, I'm not suggesting for one moment that anyone be forced to do that, but that should be a possible off-ramp.

Because in, in a world where there are many issuers, you cannot have a bilateral relationship with every issuer, so that's an, that's an impossibility.

And you shouldn't be forced to sell the item.

How do you think about the whole agentic economy now with the emergence of, for example, Coinbase's Agentic market, where agents can start paying with stable coins through the Four-Oh-Two-X protocol and start doing economic activity independently? How do you see the agent economy unfolding, and what role does UBX play in that?

Yeah, that makes sense.

The jargon or the buzzword for what Peter is talking about is composability.

Um, at the moment, the, these assets, the, the money, the, the deed for your house, the government bonds, they all live on different systems, so you can't bring them to the same dance.

Uh, blockchain, if you represent these different assets on a, a, a common infrastructure, you can bring them together in novel ways, and what that really does is it increases the design space.

It just means that creative people will find much better ways to build customer journeys, so-

Um, first of all, what is it? And secondly, why, why is that relevant?

The singleness of money is, um, something that the central bankers care a lot about, and essentially it means a pound is a pound.

So I have a pound in as a deposit in Lloyds, I have a pound as a deposit in, in Barclays.