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If you think Tether is just a stable coin company, this conversation is going to completely change how you see the future of money. In this interview, Paulo Arduino breaks down why Tether is launching a new US focused stable coin called USAT. How regulation is finally caught up to technology. We built the technology and we sit on it for 11 years before seeing the world recognizing it. And so, >> and why stable coins are no longer a niche crypto experiment. They're becoming core financial infrastructure. Today we have 536 million users. It's not anymore about something that a couple of geeks are using. Well, it was never about that, right? It was hundreds of millions of people around the world using USDT as their digital dollar. But >> then Bo Hines explains the part nobody in finance wants to say out loud. This isn't crypto versus banks anymore. The real battle is about liquidity, distribution, and who becomes the rails of the next financial system. A lot of folks that have really wanted to enter the Tether ecosystem from the US have been looking for a vehicle to do that. And that's what USAT provides, but it unlocks this network of liquidity and distribution for folks here that they've been clamoring for access for for years, but they just haven't they haven't been able to participate in. And so eventually, you're just going to see basically stable coin sandwiches built, deposits will be tokenized, everything will be moving through stables. And >> but this conversation goes way beyond money. Paulo explains why Tether isn't just building financial products. They're building AI infrastructure, decentralized telecommunications, and peer-to-peer energy systems designed for the billions of people who've been locked out of traditional systems. If you want to understand where money, banking, and technology are actually headed, straight from the people building it, then you need to listen to this conversation. That's dope. >> That's dope. >> Paulo, I want to start kind of where we always do, which is how incredible of a year you just had. Or usually we talk quarterly, so I should say how incredible of a quarter you just had, but 2025 the numbers are once again absolutely astounding. Over 10 billion in profit. I mean, we could go through it, but I think it's clear to say that Tether continues to be on the rise even after an incredible few years. >> Yeah. I mean, 2024, of course, was amazing. 2025 was was incredible. We we were able to was an important year because Genos past um very relevant for for Bo here as well, but is the year of the legitimization of a technology that Tedar built in 2014. So when you see what you built recognized by the most powerful country in the world that means something right mean meant a lot to our entire organization created a lot of excitement for the new opportunities because now it's not anymore about something that a couple of geeks are using well it was never about that right it was hundreds of millions of people around the world using USDT as their digital dollar but now now that it became team recognize what you can build uh upon this technology is almost infinite. And so that was probably the biggest achievement um as an organization to see that happening and of course the announcement of USAT at the you know in September and um Tedar is building many different products in different areas. We have been involved in commodity trading in uh in from commodity trading to AI to sports to uh building wallets technology tokenization technology. We are spreading ourselves in in 10 15 20 different directions that are very relevant for the current moment in time that humanity is living in. And um so that's the part that excites me the most how the company is continuing to grow. So is not a is not a stable coin company t is the stable company. So a company that peel technology to empower society to remain stable.
>> So Bo you seem to be in a very interesting spot. Obviously you were pivotal in crafting genius and getting it passed uh in in your previous role and now you're on the other side working with tether obviously to have a compliant stable coin in USA in USAT. What I'm interested in here is the legislation passed. Are there any critiques that you have of it? Because obviously, I think in a perfect world, wouldn't the original Tether be compliant and everybody would be happy and we'd have hundreds of billions of dollars in liquidity there? Why are we in a position after the Genius Act to craft or to create a new stable coin?
>> Well, I will say that I think that world will exist, right? I mean, that's why reciprocity is in there. And so the process that's ongoing is Treasury's fleshing out exactly what those reciprocity standards are going to end up looking like and from there I'm very confident that USDT will receive reciprocity. I think for USAT obviously being the first issue genius compliant product that exists in the marketplace. We have a unique first movers advantage um to help onboard institutions into kind of this brave new world in the financial system. And so what we're doing for our customers is we're giving them an on-ramp into the Tether ecosystem, uh, which is a tremendously powerful one. As as Paulo just described, uh, I've been blown away just from being on the internal side of things how organized, um, this this company is and how much is actually being worked on. And so, you know, Tether is is probably the most prolific technological company that exists today. And it's a privilege to be a part of it. With USAT, we're building and working on so many different partnerships uh many of which are extremely exciting as we start to see the merger of tradi and this crypto ecosystem come together and we hope to be the tip of the spear on that. I mean you know tether is the most important player in the ecosystem and what we're doing is building an on-ramp to the US capital markets to that system and I think it's going to be very wellreceived. You know we just launched less than a week ago. We're starting to build a little build our liquidity for. We're starting to bring our partners in and you'll start seeing in the secession these very exciting partnerships be announced over the course of the coming weeks and I think that your audience will be uh very impressed and and very pleased by what they see. When you talk about partnerships, is this effectively institutions that are going to need to have a stable coin plan or utilize stable coins who either would have the option to, I guess, a create their own stable coin, which at this point I don't understand why any institution would do that, but we do know that there are those who intend to do that or b partner with some sort of incumbent that exists already and just move forward. Well, look, the power of incumbency is extremely strong and what you'll find is that really two things matter. It's distribution and liquidity. And so, you know, we're working to make USAT interoperable with USDT via variety of mechanisms, whether that be through Anchorage or issuer or through pools on exchanges. You can create, you know, several different unique ways to do this. Um, but with that, you know, folks have the optionality of whether or not to engage with a, you know, US genius compliant product or with the most powerful token that exists in the crypto ecosystem itself in terms of u, you know, transfer of value. So what we're doing with a lot of these institutions as they start to flesh out what this brave new world is going to look like for them is help them to understand the technology and how it benefits their customers. I mean we're talking about increased efficiency. We're talking about transaction costs being lowered at a tremendous rate. Um these are all things that they care about and are considering. But look, there's no better company to work with than Tether and with these products because we already have these things built. And so you know I think that banks are starting to realize it's probably not the best idea to issue their own stable considering that other banks don't want to settle with them in their own product. it does nothing to benefit the counterparty and so we're providing an agnostic product that already has the distribution liquidity there so that people can actually use it money can flow freely and so you know as we thought back to this legislative process and David and I were deciding look where do we go with this you know we pushed hard on the fact that genius needed to go first and it's a testament to what Paulo just described you know what they built is being recognized as really what's going to undergard our new financial system and the rails that are going to be there and so you know you think about institutional settlements and the way they view it from the interbank settlement perspective, these products are going to be enormous and the integration has, you know, barely begun to scratch the surface. And so I think a lot of what we're doing in terms of pitching and building these partnerships is helping to educate and and that's really important because you they want to be involved. They want to have product adoption uh occur in a streamlined manner, but they really need to understand the best way to do it. And there's no team that's better at doing that than Tether. And so, you know, we've been doing this for the last several months at this point, but um yes, we're certainly talking to large scale institutions. We're talking to merchants. We're thinking about how we build product utility and give the consumer uh the best optionality for product use.
>> It's such a 180, Paulo, because in our early conversations, you couldn't get anyone to talk to us, right? I mean, the industry as a whole, but certainly, you know, Tether banks just weren't even thinking about this, right? They viewed it as competitive. There was no real chance that it was going to become compliant or become legal. And and now here we are. I would imagine that the floodgates are open and everybody's calling because they have no idea what the hell they're doing.
>> Yeah. The you know the I think the time preference of Tether is compared is different from anyone else. Right. So we built a technology and we sit on it for 11 years before seeing the world recognizing it. So, you know, as much as you know, you also were very helpful to try to explain to the world importance of of stable coins. You hosted me many times, no one gave the damn until the Gino Assad passed. And so, but you know, we we never stopped. We were relentless and we continue to believe in the importance what we were doing. Again, today we have 536 million users across across the world. So that is the biggest financial inclusion success story in the history of humanity and that is probably the thing I'm mostly proud of and and and you know it still need education and definite banks has seen it as a threat right so like um the the horse industry was seeing cars as a threat but I think now the the difference is that banks actually can adopt this technology and they can build new amazing products. They can have 24/7 trading. They can have um in instant settlements uh at the speed of light. So the the new um the new avenues for for monetization and growth for banks are are just insane. And so they have just to realize it. They need to hire talent that will understand how to embed these products within their ecosystem. But I think boy is doing a fantastic job already engaging with different financial institutions that are actually very much interested in understanding how what is possible and they want to leapfrog you know technology that has been built. So many banks still rely on technology was built 40 years ago in cobble and now they have the chance really to leaprog 40 years and adopt by in in a second the most elegant uh technology layer for for money ever built. Are there any risks associated with stable coins if people do them the wrong way that people are not paying attention to? Right? Because we can talk about uh every bank in the world creating their own stable coin. It seems like somebody's going to blow it some way, shape or form if they do that, right? Well, we saw in 2023 different banks that have that, you know, that blew up like uh Silicon Valley Bank and others that blew up because they had the wrong uh um duration maturity for US treasuries. So having US treasury is not necessarily the holy grail is also the maturity you need to have short-term maturity so that you want uh your treasury to be resilient to the changes also that could be from like interest rates, environment and all that, right? So it's um someone I think was Peter Teal said you have to think about at least to a problem at least 10,000 hours to become an expert in it. So I think it will be important for new institutions the the international institutions to hire people that have long-term experience in stable coins to make sure that they don't redo the mistakes. I hope we are not going to see a teruna built by by a bank. Right. So it's it's um you know history is there for a reason and we should we should uh uh we should hope that uh um it will be respected and understood and studied before making the same mistakes.
>> Both coming coming over to the other side and being on on on team tether instead of trying to craft the legislation obviously what pain points do you see with the educational process that we were just sort of discussing with these institutions? I mean how broad is the scale of their understanding? Are some people coming to you and saying literally what's a stable coin and what do I do? Or are they more advanced at this point and saying hey listen we have a plan but we want to tweak it.
>> You know I'll be honest with you. I think that probably let's say three of the multinationals are are pretty well astute and and the process of integration and what this takes and also what stable coins provide both the bank and their customers. And so they've they've started to develop infrastructure around this but they're still looking for partners. I mean, if you start going down the the totem pole in terms of just market scale and you're talking to regionals or super regionals or even communities, I think the knowledge gap begins to widen. Um, but that's not to say that it's not worth pursuing those folks as partners because, you know, a lot of Americans like u bank optionality. A lot of them like community banks and I still think they need access to the same products. But we're kind of watching like this, this fear model play out with clarity, right? I mean, you're watching this new legislative process on market structure. you're seeing banks, you know, grappling with the fact that stable coin adoption is continuing to be widespread and certainly will be here domestically and that scares them because they're worried about deposit flight. And at the end of the day, I think it's actually going to work in the inverse. I think that as banks start to have a better understanding of what product integrations look like and they choose the the the right partners, uh, which, you know, I continually say is Tether, um, they're going to have tremendous success not only in in, you know, keeping their deposits, but upgrading their systems and allowing their customers to have the best access to the best financial products that possibly exist in the marketplace. And it gives them a lot more freedom um, and power as a consumer and a customer of their banks. And so, you know, we can't speak to everyone at once, but we're we're certainly pursuing a path in which we're not just focused on multinationals, where we want to talk to regionals and communities as well. Um, and start talking about what this integration process could look like for them and what it could mean for their customers long term. But, you know, everything takes a little bit of time. I mean, we're still on the precipice of this this law just passing back in July. And so, I feel very confident about where things are going long term. There is an appetite there. And uh, you know, I think if they can get to the right place on Genius uh with the with the banks and the crypto ecosystem um, it certainly provides a pathway for us to have a streamlined process of integration with with everyone not just the multinationals.
>> I mean you alluded to all these incredible new products that they can create utilizing stable coins obviously but I would also imagine that there's plumbing that's being adopted behind the scenes that is not making the news. Right. I mean, I know that uh quite a few companies I I've seen over time sort of allude to the fact that they're using stable coins like Stripe and Robin Hood, but they're just using them for internal payments on weekends cross borders, right? And so it seems like it's kind of a two-pronged thing. There's the stable coins that threaten bank deposits in their mind, but there's also, hey, we also probably just want to move money faster and cheaper for our own purposes, right? So where's the push and pull I guess uh between those two things for all these institutions because I know some of them are just going to want to keep it to themselves, right?
>> Sure. I mean from an intrabank settlement perspective, you know, you can talk to to some of the largest banks overseas whether in Asia or other markets and they're very excited about the prospect of stable coin adoption. You know, as Paulo hinted at, like we're we're undergirling this this brave new world of finance in which we'll probably have 24/7 trading in 24/7 markets. And that's a that's a great thing for global trade. It's a great thing for banks to be able to facilitate trade in this manner. They can settle over the weekends. You know, if you're a bank in Asia, you can now participate in US capital markets post, you know, 2 p.m. on a Friday because you don't have to worry about settlement. Um, and so, you know, it unlocks a lot a wide variety of of different manners in which they can engage with the US. And that's a good thing for our system as well. And so, you know, banks obviously see the benefit of using these products for their own, you know, internal metrics of settlement. Um, but I think they'll slowly start to recognize their consumers are going to have a demand for these products as well. uh everyone wants to be able to move money at will whenever they want at a at a very cost-effective manner. Um, and so, you know, it's adoption is inevitable. Um, and I think that's the kind of what we saw just with Genius as we pushed it forward is this was the product in demand. Um, it's a testament to to what Apollo and team built at Tether and that's why it's so exciting to be here now. I mean I get to be a part of the other side of Genius, right? I mean this is what we envisioned but now we're putting it into practice and uh, it's it's really interesting to see how it's going to play out. I you've got to be having more fun the last two months.
>> I'll tell you, Scott, I don't I don't envy uh being in the market structure debate. I think there's actually, you know, conversations happening at the White House today and I I feel for all the folks involved because I know how tumultuous of a process that can be. But um, look, I mean, it's the pressure cooker of a system and ultimately you get to the right place. I think I'm I think that they will. I'm very confident they will and I think it'll be good for the ecosystem at large.
>> Yeah. Paulo, I love when you say it's a stable company and not a stable coin, of course. And you guys have notoriously really started showing that, right? Obviously with massive AI investments, developing, you know, decentralized AI platforms that I think align very well with what you said about financial inclusion. There's a lot of people who can't afford a couple hundred bucks a month or a week or a year to use uh AI and you're opening that to them in the same kind of way that you've allowed inclusion to the dollar into the financial system. So with this large web of things that you're now investing in and developing, how does that all sort of, you know, feed the beast here with Tether itself, but with really being that stable company?
>> So, you know, the user base of USDT, the let's say obvious user user base of USD is four billion people. There are four billion people that are underserved, underbanked, they're left out by the tra traditional financial system. The very same people that cannot afford to have a bank account because they cannot pay $150 per year to make keep a bank account open are the same ones as you said that uh will not have uh the ability to purchase a subscription for a prominent AI platform. So the risk that I see here is that we talk about wealth gap and um and the the you know the the huge disparity across emerging markets and the western world that there is when it comes to money, when it comes to finance, when it comes to wealth. We have to realize that stable intelligence is very important as well because if who has access to AI services will become 10 or 100 times more intelligent because we'll know everything will have access to speed of light um information um and problem solving. how society can remain stable if we have the other side of the world. So half of the population of the world that will not become as intelligent. So that is a huge risk to the stability of the world and to stability of society. So what we learn with USDT is the power of of this intermediation, the power of bringing tools directly in the hands of the people. The power of peer-to-peer and the same concept can be applied to um energy. We build peer-to-peer energy, decentralized energy in Africa with hundreds of kiosks in Africa that we are building with solar panels on top and recharge rechargeable batteries inside where we can sell a subscription for 3 USDT per month. A person in a village in African can recharge the battery four times. We have 800 kiosks now and 1 million users. paying to get these batteries and for them is a lifeline. Without a battery there is no energy. Without energy you cannot have access to anything digital. It having a smartphone in house or like um a tablet will help with education the kids in these villages but without energy that nothing can be done. So we built decentralized energy. So you cannot have centralized energy in Africa because you cannot in this these villages are very far apart one with the other. You cannot have long distance lines and a nuclear plant and so everything even with energy we think the ter way telecommunication we we really is key to we built whole punch that's a peer-to-peer telecommunication system with AI again how we fix the AI disparity is with AI that is local first that runs on smartphones that runs on any laptop that can scale based on the hardware you have available but we'll try to opimi optimize using the best models even the tiniest model help you with the basic things that AI should give you if you are in a remote village in South America or in Southeast Asia or in Africa. That is the our way to build technology that is resilient that is distributed that is is helpful that does not have any strings attached because we feel very lucky as an organization. We made plenty of money. We said it before. So we are not actually optimizing for yet another buck. We are optimizing for positive impact on society and you know we we believe that we being able to on board 500 million plus people onto US when we are clearly on the right track of success also on a broader scale with other types of technologies again AI energy and so on.
>> Well, how much do you think that Americans will utilize USAT or USDT outside of the financial system? Or do you think that it's more of a focus on all the things you're doing to bring stable coins into the United States financial system? Because we have a relatively stable financial system. Obviously, most people able to venture in the United States have a bank account. It's certainly not the same as in Africa. But that doesn't mean that uh I want to spend two hours, which I did last week, uh trying to send a donation to my kid's school with JP Morgan fraud alerting me two times over a small donation, you know, from my own bank account, which happens, right? Nobody wants to do this. Like nobody wants as as stable as it is, as safe as our money is, the pain points are real, right? So like do you see this as most Americans are going to use stable coins through their bank or are they going to use it in the way that Paulo is describing or is it going to be a blend?
>> I think it's going to be both. And you know, it's funny because everyone when we start talking about rail efficiency in the US talks about how you know the rails here are about 95% efficient. And that's true, but it's relative, right? And so we still experience these pain points and they often come at uh very inopportune times for us. And so, you know, you can think about it's still very expensive to move money in the US, whether you're using Venmo or another money transfer service, especially from a card um or via bank account. just in terms of a settlement perspective. I think that Americans um will will pick up on on the idea and concept of stable coin integration from a retail level, but you do that by packaging the products in ways that allows them to engage with stables without having to think about the fact that this is coming from the crypto ecosystem, right? And we're thinking about all different ways in which we can do this. You know, we've talked to payroll companies uh that front run payroll for some of the big box retailers. I mean, you can think about folks that make minimum wage in this country. It's really hard to be paid on a bimonthly basis, right? And so with stables, you know, the company they're working with to receive their payroll um in terms of like front running it, they can pay it almost on a daily basis. And that's a huge unlock for folks, especially for folks that are engaged in remittances. And you can start packaging these products together if you want to automate a 10, you know, a 10% remittance out of your daily paycheck, the family that lives overseas, you can do that. Um, and I think that these are the kind of products that we're seeing to be developed. And, you know, the technology is is just beginning in a sense of where it's going here in the US. And so, you know, we're talking to folks that do mortgage origination, um, giving people the optionality to actually put a down payment, uh, in stable coins here in the US and pay it on a monthly basis in stable coins, but I think it will be a blend ultimately. It's like kind of the merger of the retail space with traditional finance. Eventually, I envision a world in which you're going to have access to a stablecoin wallet through your banking UX. You can do a checking account swap and then send that money anywhere in the world instantly at any time at basically zero cost. And that's where we're going. But I also want to provide you know retail activity opportunity as well to consumers. And what I mean by that is you know being able to walk into a big box retailer and pay for a product and stables. It just makes life simpler and it also saves you a lot of money in terms of settlement. I think that even the card companies are now looking at stable integrations. You can think about the Visas or Mastercards the world. It saves them a ton of money on the back end that they can pass on to the consumer in savings and still increase the revenue long term. So, you know, it's it's just about creating efficiency and in the US it might take a little bit more time just given the fact that folks do have access to different ways to move money. But that's not to say it's not going to convert. I mean, I strongly believe at the end of the day um stable coin adoption will be extremely widespread here domestically. And I think that it'll kind of blend this this world of crypto into the traditional financial world um in a way that's, you know, really positive and leads to tremendous success for both retailers, merchants, banks, and customers alike. Um, it's it's going to be really exciting to see.
>> Yeah. I mean, in my mind, I've sort of always said that when you send a stable coin, we'll know that we've won when somebody just thinks they're sending dollars from one person to another in the same way that they do it, uh, you know, in a manner as comfortable as a PayPal or a Venmo or a Cash App and they don't care if it was on like Avalanche or Salana or Ethereum or a private blockchain or even what stable coin it was, right? If we do end up with a whole bunch of private ones, how close are we? I guess Palo, you know, you've been building that for a long time. I mean, how close are we to completely abstracting away any of the crypto as Bo sort of just mentioned.
>> So, one of the main issues that I still see in the industry is user experience, right? I think, you know, even without all the other things that we're doing, I would really not consider Teter a crypto company in the sense that it's a digital dollar and we are definitely using blockchain technology, but now blockchain is is like the one of the best tech layers out there. Um, I I think people need to have access to wallets to infrastructure that is single purpose focused to their needs. Right? Most of the people in the world, they don't have time to understand crypto. Uh, they don't have time to understand the difference between a dog with a hat and a dog without a hat or a different hat. So, you know, they just want a dollar. They just want maybe bitcoin. That's it. So, the way we build technologies is uh needs to be respectful of the actual needs and problems of the people. That's how that always approached it and and be um be helpful and and uh and and care about their their struggles and their frictions. And so that is something that I believe um, you know, user experience needs to be um certain way abstracted to be um melted in in in something that can work for an inter banking interface but also from more like consumer type of of of platform. Um, uh, we are demonstrating our efforts with Rumble and the Rumble wallet. Um, we want to not distract the users with too many uh products. There will be bitcoin ter gold USA and USDT. That's you know, will be used in the rabble ecosystem for tipping and for the local economy that was already existing and just needed more efficient and and and faster and cheaper rail. So there will be there we want to set the standard for what it means to take this technology seriously and adapt it to the real world. Talk about the adoption of tether gold and the fact that you guys are like hoarding gold like Scrooge McDuck and Ducttales, right? I I literally imagine Paulo just swimming.
>> Yeah. >> Try to swim in try to jump in a pool full of gold. You're going to destroy every single one of your bones. >> I've seen it in a cartoon. It works. But I mean the the you seem to once again have focused on the right thing at the exact perfect time. Not that you obviously didn't have Tether Gold long before, but you were ahead of the trend on gold going absolutely parabolic again and clearly there's been adoption of that product. I mean, who's using that versus Tether itself?
>> So look the at the when 2014 we created USDT for the first three years no one gave it the damn and then it all happened and it was at the right uh moment um in the right place USDT ter gold was born in 2020 for the first two three years ah it was like everyone was telling me oh wait you know we have much better products we all this crypto stuff. So why people should care about gold? Gold is not moving. And then guess what? Gold start to move. Why? Because as we said and so so the reason of the fact that we have 500 million users and we grew so much is because we understand we try to understand how society moves and how society changes. We we try to craft products that are based on the information that we gather through all our partners and users across the world in 100 plus different countries. So we understood that the world was going towards darkness and as much as we love Bitcoin, Bitcoin is still too small to make the difference. Um, it's less than trillion dollars. The if a bad black swan event happens in the next few years, the world will go back to gold, not yet to Bitcoin. I believe is a problem of generational change. In 20 years, with a new generation, with new kids that are becoming super digital, the world will use Bitcoin as the ultimate form of currency. I believe Bitcoin is superior to gold by far. But we cannot put our head under the sand. We need to look at the type the moment in which we live and what this what is the most likely outcome and what is what are the mitigations that are sensible and available to us today. Gold has to be h was the best choice. We decided to tokenize gold. Today the market cap of Tetar gold is about um about $3 billion is growing very rapidly has been growing basically 300% in the last 12 months. we broke um we have now millions of users uh you know from Southeast Asia, Central South America. It's it's the interest is growing very much and almost interesting enough we people for us gold is not it's not trade right so we didn't invest in gold to speculate on gold we invested in gold as a hedge against the craziness that was happening the debasement that was happening in traditional financial system.
>> you're talking just clear clearly for people who don't understand right you have the like you said about three billion in tether gold but tether also on your balance sheet hold 10 times that.
>> we another 20 billion give or take. So.
>> casual 20 I think to round up.
>> 140 tons of gold you know it's a it's a.
>> in a I love the reporting they're hiding it in nuclear the James James Bond style. I mean.
>> is it's not much but it's honest work you know it's a it's um it's really is a way for protecting tatter and its user base from the craziness that could happen in the world. And you know, every day we wake up and there is more instability in on macro. There is concerns of wars, uh, unhappiness, so society instability. So in hindsight, what was the right decision, but of course it's easy to say it now. We took that decision five years ago um when everyone thought we were stupid and yet it worked. Funny enough, the everyone is super excited and still talks about the big short as a trade. think that you know made 1 billion in profits uh that short our gold position is probably 10 times that and so and I don't see a movie um starring Bo and and and and and us.
>> who would play these guys I don't know.
>> but but um it's um it's really seriously it's um the way we think to the world is is uh is uh trying to understand where everything is going and not they take the easy answer and trying to build something that could be truly rec resilient to the apocalypse.
>> Well, I want to jump back to USAT and the Genius Act. What specifically makes USAT compliant in a way that I guess USDT isn't? And what's the advantage of using that when we know that USDT eventually will be?
>> Well, I mean the compliance standards are fairly simple, right? One to one back having the transparency. I think for us it's really about the the issuer, right? So two separate issuers of the products um but still a tether product and it acts the same and so what we can do is create really seamless interoperability between the two and a lot of folks that have really wanted to enter the tether ecosystem from the US have been looking for a vehicle to do that and that's what USAT provides but it unlocks this network of liquidity and distribution for folks here that they've been clamoring for access for for years but they just haven't they haven't been able to participate in and so you know USAT is is exciting in the sense that you know issued from the beginning it's the the first genius compliant product out there. It can be used as collateral in trading, can be used as uh, you know, reserves on a balance sheet. It's recognized as that. The US government says yes, this is one to one back. You can trust it as being a digital dollar. And so, you know, I think institutions like we were talking about are just starting to figure out the use cases for these products. And it's honestly pretty amazing. I mean, I have meetings all day long with different folks that come to us with new and innovative ideas of how to use the products. And, you know, I learn something new every day by folks that we're interacting with. And so I think that again like we're just beginning to scratch the surface the surface with what integration looks like long term and you know having that unlock for people to to to start interacting with this, you know, entire tether network that's been developed uh that PO has has built so successfully um really is exciting to institutions and consumers alike. And so, you know, we're making plays both in the trady side and the DeFi space but we're going to do it the right way and build this product the right way. Um, and so, you know, we'll work on establishing liquidity for it giving people access building product utility. um that's not something that's done overnight. And so, you know, we have a lot of, you know, preferred partnerships that we've created with different folks that have very unique use cases. Um, some of which may be a little bit less unique. Um, some might consider mundane, but very practical. And uh, you know, we're excited to roll those out in the coming weeks. And you know, we'll have to do a follow-up maybe in about a month or two um as we start to unveil these.
>> I love the announcements. Damn it. I've got them now.
>> And we can we can start talking through what this looks like long term. Um, but I think that the writing will be on the wall and it'll be very clear that you know, these products are here to stay, especially under this new compliance standard and um, you know, I'm excited for for Tether to have the reciprocity as well and we'll have product optionality in the meantime. But um, you know, it's it's one system, it's one company and we're pushing forward to integrate these technologies that change people's lives for the good.
>> Well, to some degree, it's just you had to get a US licensed bank to issue it.
>> That's correct. And look, Anchorage is great. They have great partners. Um, and you know, they we've successfully rolled out the product. The tech works fantastically uh and we're excited about that. But um, you know, I think that long term the prospects for uh just metriculation throughout the marketplace are are extremely uh positive and we're going to drive those things forward.
>> How much does the Clarity Act matter at this point? Listen, when you were when you were in the office over there it was like this thing is 100%. I'm not saying you were saying that. That's how I felt that the consensus was genius is done. Clarity is coming. this is going to be so easy and then it seems like they open Pandora's box with the yield and another number of another issues. So I guess two questions what are you know I I think it's kind of dead in the water as an outside perspective but maybe I'm wrong. Uh if it does not pass how much does that matter?
>> I mean for us it it doesn't matter as much but I think that having clear rules of the clear rules of the road for the entire ecosystem is very healthy for long-term adoption. I think that you know at the end of the day there are some very smart people working on this. I would not underestimate Patrick Whit by the way. I think that he's a brilliant person with a phenomenal mind. And if anyone can can get this done and push it through, it'll be him and David working alongside of each other. David Sax is um but look, you know, there's there's complications between the Trady folks that have this fear of what integration looks like long term. And you know, the crypto ecosystem at large on the um on the exchange side, but that being said, I think that maybe the conversation is a little bit out of bounds right now just in terms of directly on yield. think it's more about separation of of UX's and what that looks like for for some of the crypton native folks. Um, you know, there's no reason why you can't se separate your UX's, get a banking license, and then pursue the same capabilities uh that you were doing through an exchange. But, um, I think that there's a balance to be struck here. I think that there's some education that needs to happen. You know, I know this meeting is happening today, possibly still going on as we speak, but I'm just an observant outsider at this point. So, I'll be anxiously waiting for any news that breaks from that, uh, as I'm sure you will. But, you know, I'm actually optimistic that that a deal can be reached here. Um, you know, I'm I'm not saying it's 100%, but I think there's the right people working on it. And, uh, you know, it just it's common sense to come to a resolution that that pushes this technology forward. I think banks recognize that. Um, there's going to have to be give on both sides, I'm sure. But, you know, for us, it's kind of, you know, we're agnostic. You know, Genius has passed. We have our business model. It's not going to be affected by the market structure bill. Um, so we'll be patiently waiting from the outside to see what happens.
>> All right. Paulo, I know you got to go in a couple minutes and I want to be conscious of that. So I have a question for both of you and one from the international perspective and the same question from the US perspective. What's the vision in a perfect world in 10 years for you know tether as a company Paulo you know and I have talked about how fast things will happen with AI and robotics and all that of course so like all the things that you're building investing in I mean I might want to ask one year 10 years might be too long but you know the grand vision.
>> I think in 10 years we are going to see a coexistent of humans robots and a trillion AI agents um the coexistence can only possible be possible if society is stable. Imagine society not being stable and plus you put um robots, machines and a gazillion of AI agents, you know, it's going to be a mess. So technology is the the bond to to keep society united, stable, fair, transparent. And um and uh I believe in 10 years we're going to see uh our products doing exactly that, be supporting people in their day-to-day lives. Um remaining true to the original mission. We're going to see stable coins to connect to be the connecting tissue between a robot, a self-driving car, a person, a smart fridge, an intelligent light bulb like and and hundreds of AI agents. So, they all the beauty of stable coins is that we just scratched the surface onto their potential. Right now you have stable coins that are able to to carry in one single transaction both value and information. In the past value information were separate. You were exchanging cash to exchange value. You were writing the paper to to share information. Now with stable coins is programable money. It can transfer everything. You can create in incredible constructs that can be used not only by humans but also by the machines. And that is something that is so necessary for the future and um that is what will drive the next leg of of growth for for for society into um something that would of course be more AIdriven and more more you know almost like sci-fi.
>> Oh, is it the same vision in the United States or I guess more specifically, you know, uh considering our market, what what do you think it'll look like?
>> I mean, I think it'll look very similar to what Paulo described. Um, again, you know, I'll repeatedly say this. I think we're just beginning to scratch the surface of what the brave new world looks like, whether that's information sharing or transfer of value, uh, mechanisms. And so, you know, as this unfolds, like the one thing I'll say just about traditional banking, I think that as a lot of these multinationals and and, you know, the super regionals and community banks alike start pursuing these products, eventually you're just going to see basically stable coin sandwiches built, deposits will be tokenized, everything will be everything will be moving through stables. And so, you know, I'll specifically put it there. And so you can think about what that looks like from like a USAT perspective um or, you know, any of the competitors alike. But, you know, for us, we have that distribution liquidity there. And so I think we're the winners at the end of the day so long as we can pursue this in the right manner and find the right partners. But um, you know, Paulo did an excellent job of describing what the future looks like. So I'll let it sit there. Um, but we'll keep doing our side on the stable coin front and pushing along integration here domestically.
>> Are our robots going to just endlessly argue about politics on their own social media platform? They might just talk about us.
>> There's already they've already launched one apparently and have talked about human destruction as one of the topics that they spun up on their own. So I'm not too optimistic. We got to make it to 10 years. Guys, thank you so much. It's a pleasure having uh both of you. I want to be conscious of your time and hopefully be able to follow up. Bo, as you said, in a couple months as the announcements you alluded to start to start to roll out. And Paulo, I know I'll talk to you at least once every three months. No matter.
>> Absolutely. Always always pleasure. Thanks. That's dope.