On The Brink with Castle Island - Weekly Roundup 05/23/25 (Genius Cloture, Sui hack, $Trump dinner) (EP.627)

Episode Date: May 23, 2025

Matt and Nic are back for another week of news and deals. In this episode:  Trump's crypto dinner reviewed Bitcoin access vehicles NYT stablecoin coverage Sui is hacked and censors the blockchain Kraken is launching tokenized stocks Circle in acquisition talks The GENIUS Act passes Cloture in the Senate Hong Kong passes stablecoin legislation

Matt Walsh and Nick Carter are partners at Castle Island Ventures. All of these expressed by them or the guests on this podcast are solely their opinions and do not reflect the opinions of Castle Island Ventures. Guests and host may maintain positions in the assets discussed in this podcast. You should not treat any opinion expressed by anyone on this podcast as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of their personal opinion. This podcast is for informational purposes only. Brought down by bad mortgage investments, Lehman, which has 25,000 employees will be liquidated.

The Federal Government Loans American International Group, AI, $85 billion. This is a different kind of market, and the Fed is asleep. The federal government is stepping it to stabilize Fannie Mae and Freddie Mac, the two mortgage giants that have been threatened by the housing crisis. The Bank of England has pumped 75 billion pounds more into Britain's ailing economy with a new round of quantitative easing. And print a couple trillion dollars, and all of a sudden, people start to worry.

So out of this worry, we have something called a Bitcoin. Welcome to On the Brinkum, Matt Walsh. And I'm Nick Carter. recording this one on a Friday and we have been asked is this because we were at the Trump crypto dinner last night? The answer is no. We were at a dinner last night

which is why we couldn't record but not the Trump crypto dinner. We'd like to dispel the allegations. We are not top holders of the Trump meme coin. We're not. It was a good dinner last night, huh? It was very good.

So who went to the Trump dinner? I know we know Justin son We know Justin son went and we know Lamar Odom went But we don't know much beyond that So what was it? 220 top holders of the Trump meme coin Got to go to a dinner last night

Sounds like Trump was just in and out So maybe Maybe it was not what they expected Yeah they're basically saying in the press today They felt rugged by it and it's like Man I mean I guess if you're dumb enough to buy a lot of the Trump meme coin and you're not the smartest, you know, bulb in the box.

It's like, of course Trump's not going to sit down and cut business deals with 200 people separately at a dinner. Like, come on. What do you expect? I hadn't heard Lamar Odom's name in a long time. He didn't look that good in this NBC article. Was he married to one of the Kardashians or something? Yeah, he was.

He was dating or married to one of the Kardashians. He played for the Clippers. Let's see what's been going on with him lately. He was booed and heckled. the dinner. So they were protesters. People went to protest a meme coin dinner. I mean, there's like levels of like how pathetic everyone is in this story. Going to the dinner, it's pretty embarrassing. But heckling, like getting up, getting out dressed, going over to the venue to heckle people having dinner, that's actually even more pathetic. It's really, yeah,

why would you do that? Like I just want to understand the mind of these protesters. Like, what's their objective? What do they get out of it? So it looks like it was a black tie optional. A lot of people wore tuxedos. Glad we didn't go to this. Yeah. I mean, maybe some of them just wanted like a photo.

I don't even know if they got photos with Trump. Like they, I don't think they even got that. I doubt it. I doubt it. So Justin's son, a lot of articles about Justin's son lately. That guy really takes a lot of risk with his life,

I would say. I'm actually very amazed. I call him Teflon's son because it's like he could have gotten dinged so many times in so many different ways and he survived everything. Is operating crypto exchanges in China

one of the riskiest things you can do with your life? Yeah, just behind being a Russian oligarch, I would say in terms of riskiest professions. That's dangerous, base jumping. Justin's son living on the edge

So he owns a lot of World Liberty Fy as well I think So he's just all in on the kind of Trump crypto empire Yeah he is all in So in any event Recording a little bit later But you know we wouldn't miss an episode Yeah sorry about that There's been a lot of chatter about Wyatt

Replacing me on the podcast Unfortunately it's you know it's just not happening But he is getting some high profile episodes in. So this week he did another one, Andrew McKenzie, CEO of Agont, to discuss British pound stable coins. I think our editing bills are just going through the roof. The amount of podcast episodes that we're spitting out here. We're cranking him out. We actually have another one in the hopper from Wyatt, too. He's just been on one for the podcast. Let's hop into some deals of the week. First one up is in the Castle Island portfolio. We're

really excited about this one. Companies called OpenFX. It's a cross-border payments, infrastructure company. They came out of stealth this week. They announced that they've raised an aggregate of $23 million to date from Excel, Castle Island, NFX, Lightspeed Faction, Flybridge, and hash three. Congrats to Prob and the team at OpenFX. Yeah, this is going to be one to watch. Next up we have WorldCoin, the proof of humanity blockchain. There is $1.35 million from A6 and Z crypto, ban capital crypto, and Salini Capital. When do you think chat GPT will have WorldCoin on it? What would be the purpose of that?

Well, isn't Sam Altman behind WorldCoin? I don't know. That was kind of the whole premise, wasn't it? That WorldCoin would be the coin that powers OpenAI's whole platform. The thing I find distasteful about it is that Sam is kind of the arsonist and the firefighter. Like the point of WorldCoin is that you're saving people from the AI. web, I guess, and we're restoring humanity to the internet. But he's also the person that's most responsible for AI.

So it's just, it's unbecoming for him to create and solve the problem. But it does need solving, actually, regardless. It does. What did you make of that big transaction with Johnny Ives company getting acquired for 6.5 billion in open AI stock? I kind of like the wearable. I think it's contemplated as a pendant that you wear and it is just getting context from your conversations. It's your everyday AI buddy.

I actually do like that. I would wear one. I would wear the pendant. So how do you see that working? Would it be similar? What was the name of the other one that was popular? A friend is the other one that raised. And then there was the humane pin.

They went out of business. They went out of business. That form factor was not good. And there's a few other. There's a few other. There's like a rewind pendant. There's like a handful of these. I think AI wearables are absolutely going to be a sector. And what do you see?

Why would people buy that? Like what is the driving force behind why people will get excited about purchasing it? Because, you know, it's just going to be really useful to have, you know, the world around you being fully indexed. for your future querying purposes, right? Like any conversation you have, like, you know, the pendants listening and you can ask it later, what do we talk about at lunch? You know, what was the post money on the deal

that entrepreneur pitched to me? Like, you don't have to take notes anymore. You know, it's great. I see that. And I guess that's an interesting use case. I mean, every single day, I feel like we're having a conversation. Oh, yeah, I remember when we talked to that founder three years ago, what were they doing raise at?

But don't you think it has to be opt-in on the other side? Yeah, it depends on the state for sure. Yeah, we'll see. We'll see. There might be a way to craft it so you're not just literally recording the person. Maybe it's just summarizing conversation that you had. But yeah, I think in, is New York of two-party consent state? I'm not sure.

It depends. But, yeah, I mean, I think once these things are normalized, we're going to wonder how we went about our lives before them. Like right now we're operating on this lossy, not very reliable hardware, which is our brains. Like what about some external storage and compute for ourselves? Like that's going to be great. Well, what's the difference between a pendant or having neuralink in 10 years in your head? I guess there'll be no concept of asking for permission because your memory will just be so much better.

Yeah, I think it's going to be pendants. I think it's going to be AR goggles. so for the video component. Actually, I think the pendant, Johnny Ives pendant, will have video as well. But yeah, I mean, I'm 100% in favor of it.

I know people would say the Penocticon, whatever. They can be the late adopter, it's probably the early adopter. And the early adopter will have the advantage. Like, we're going to have the external compute and storage.

And just time stamping all this down to a public blockchain, I suppose. Yeah, there's a compliance use case, too. Like the SEC comes after you. They say that you got an insider tip or something. You'll be able to prove you'll be able to take the hash of the content, you know, improve what you were doing at 11 on a Tuesday, you know.

I like that a lot. That's going to be controversial, but I have no doubt that it will be attempted. Speaking of AI, next one is also an AI crypto deal. Catana Labs, an AI native payments and banking company. They raised $11, 18 actually, million dollars from Andresen, Breyer Capital, Circle Ventures, and Coinbase Ventures. Then you have XP Ticket, a blockchain-based ticketing platform. That's $6.2 million fundraise from blockchain, L1D, and reflexive capital. Then it's true market, a crypto exchange.

They raised $11 million from Accomplice, RRE, and reciprocal, as well as variant. Then we have X, SY, DFI Capital Management Platform. there is 5 million from borderless, protagonist, and paper ventures. Giza is a decentralized machine learning platform. They raised 5.2 million from Coin Fund, Arrington, and the base ecosystem fund. Then you have Rover, a liquid staking protocol for Bitcoin. There is 4 million from Anamoka, CMS, and BlockCcelerate. Then you have VOIA games at Web3 Gaming Studio.

They raised 5 million from 1KX, Makers Fund, and RockawayX. And lastly, this is Roxham Global, a Bitcoin. denominated securities exchange. There is 18 million from Draper Associates, Borderless Capital, Kingsway, and Ego Death Capital. All right, busy deal week. I guess let's start with the Genius Bill.

So the Genius Bill passed through a cloture vote, 66 to 32 on Monday night. We were talking during this vote and watching it on, what was it, C-SPAN, Stanwith Crypto had a live stream of it. And it was, I wasn't sure this was going to pass. So this is what it took to get this to the next phase. in the Senate, which means there's 30 hours of floor time allotted to the bill. If they didn't get the

full 60, then it would not have been filibuster proof. So everyone's celebrating this, and I think you should celebrate it. It's great, especially props to Gillibrand and Haggerty for working their sides of the aisle to get this vote. My take is that don't celebrate yet. This goes through an amendment process right now, and who knows what type of amendments could get attempted and boled. it onto this bill, but it's looking pretty good, I'll say. So, I mean, it has to pass the Senate. The sister bill has to pass the House, and then the bills have reconciled. Correct.

So there's actually a lot of distance left on this thing. There's a lot of distance left. There's a lot of things that could get inserted into this bill that would make it unappealing to both sides, really. But this was a big step. So all it needs is a simple majority now in the Senate. and a bunch of Democrats voted for this to their credit in the Senate, despite the fact that Elizabeth Warren was standing at the front of the dais or whatever you call that thing.

And as senators were walking up, she was trying to browbeat them into voting against this. It was remarkable. Brow beating was the exact word I was going to use. So she had a heated exchange with Senator Gillbrand, I think. She would just, Warren looked so upset. And it just filled my little heart with joy, seeing her with these hands. histrionics. She got Raphael Warnock, the senator from Georgia, he voted yes for it, and then he

changed his vote after he got browbeat by her. So we do have to correct the record on one thing. I will, I'm issuing a Mayo Culpa here. I said on Twitter that Fair Shake, some of their supported senators did not vote for cloture, but that was in fact incorrect. And so apparently all the Fair Shake supported senators did vote for the bill. They did. You're just upset that Fairshake supports Democrats as well as Republicans, I think. Yeah, I am. I am.

Okay. I'm not making a secret of it. So good job, Fairshake. You guys were right? I was wrong. All right. Yeah, yeah. Good job.

I mean, this ideally should be a bipartisan thing anyway, right? I mean, props to Jill Brand. I mean, Jill Brand is, she's working. this bill through the Senate without the support of Chuck Schumer. So it's pretty remarkable that she was able to pull this off. So there is a very bad editorial in the New York Times about stable coins. Actually, do you see it? No, I haven't seen it.

Actually, you need to give me a second. I need to find it. What heck is it? Okay. We have to address this article. It's called Crypto is Good for Trump, but Bad for America, by Dan. Davies and Henry Farrell. I don't know them. But this is like the worst article I've read in some time, actually. So the article makes a bunch of points. They basically say that they say,

first of all, that crypto poses a risk for financial stability across the world, specifically stable coins. And they say that, quote, American financial hegemony might give way to a private sector free for all. They're basically saying this bill emboldens the bitcoins to replace the dollar with Bitcoin, which is utterly incoherent. He says crypto enthusiasts are dreaming of a private digital system that could displace the dollar. They obviously repeat the normal lines around Tether being used by criminals and sanctions evaders. They don't really address the fact that Tether has become quite adept at actually freezing illicit funds and that a stable coin gives you a much greater scope to do this than cash does, for instance. They also say stable coins provoke risk to the entire financial system.

They ask whether stable coins would need to be bailed out, which doesn't really make sense. I mean, stable coins are backed by high quality liquid assets. So it's not like a bank at all. So there's kind of a huge misunderstanding. They cite the Europeans who say that dollar stable coins could be a risk to the European system. But, you know, the Europeans kind of screwed the pooch on their own stable coin bill. They have failed to create euro stable coins. And basically the point of the article is that stablecoins actually incentivize other nations to escape the

dollar system, which is basically the, it's the opposite of what's happening with stable coins. Stable coins are re-entrenching the dollar globally. So I don't fully understand the point of the article at all. So what, you can just write articles like that and no one fax check, fax check it? I mean, that's ridiculous. Everything you just said is wrong. They also say that if stable coins have to redeem a lot of their cash, it could cause a bank run. but the banks are not really custodying the dollars at all.

The reserve assets are in treasuries, not banks. Well, this is a little bit of the behind the scenes thing here is that the bank lobby has their knives out on the stable coin bill, and they're saying that they're worried about deposit flight. And I don't think that's a worthwhile concern, actually. I think that's way overblown. So the banks are saying, all right, U.S. depositors are going to take their money out of their bank accounts and they're going to put it in stables.

Well, I don't really see that. I mean, it's not like you can earn interest in the current format with the stable coin bill. So it's not like you're going to go chase yield by putting money into stable coins. You can already take money out of the bank and put it onto a brokerage platform like a fidelity and put it into a money market fund and earn higher yield. And that's what you should be doing probably. And, you know, didn't we have this argument during check writing for money market mutual funds? What was that like 20, 30 years ago?

Yeah, exactly. The demand for, this is the same argument. And so the demand for stable coins is mostly, as far as I can tell, internationally. It's people that want exposure to the dollars, but they can't get a bank account. So I think these concerns are just way overblown by the bank lobby. And I think they're just being protectionist against their industry. Yeah, they are. And it's just like, you're not going to, I mean, it's just exposing that they believe that they're selling an inferior product.

And yeah, I mean, look, stable coins are going to be banned from paying interest domestically. The effect of that is to chase deposits offshore towards interest-bearing stable coins. So it's a self-defeating policy. I think it's a mistake. It'll be seen as a mistake in the future. Actually, Omead Malikin pointed this out on Twitter recently. The other thing is like, yeah, we had this exact same argument with money market funds, and they are in the trillions of dollars today, and nothing bad happened to the banks.

people thought that was going to be a crisis that obviously wasn't yeah these are tokenized money market funds that don't pay interest so I don't know keep an eye on the bank lobby they're hiring all their minions now too I don't know if you've had outreach from some of these

think tanks and policy groups and lobbying organizations that are representing the bank lobby but they don't tell you they're representing the bank lobby they're just looking to check boxes on hey I did 37 calls to industry participants and I hear all the names. It's like a management consulting report going on with all these lobbyists. So one thing I thought was interesting this week was that major banks,

it was reported in the Wall Street Journal yesterday. The major banks are actually looking to issue a stable coin early stages. So JPM, Bank of America, Citigroup, Wells, the company behind Zell. So some of these banks, I guess maybe they're lobbying at the same time, but they are preparing for a world in which stablecoin's exists. Well, banks would really benefit, depending on the use case, for an institutional consortium stable coin that could settle securities transactions. There'd be a lot of back office costs that could get removed from some of these banks if

they were able to just expedite the settlement process there. So that makes sense. I mean, you could see the DTC doing something, too. Yeah, it's encouraging, actually, that, you know, JPM in particular, they've been pretty hostile to crypto in the past are now maybe planning for a stable coin. I mean, one wonders what that would look like. Would retail have access to it? Would it have the same characteristics as USDC, for instance?

Yeah, I don't know that that would be first on my list if I was a bank. I would probably be looking at some of the costlier back office functions and just trying to figure those out first. So elsewhere in Stablecoin legislation, Hong Kong passed a law to regulate Fiat Pegg stablecoins. I think they already had some regulation in place, but yeah, now as a stable coin issuer, you can get a license from the HKMA. Yeah, that was a good development. So we haven't talked about the market structure bill in a while,

but it looks like June 10th has been set as a markup date, and it's possible that the crypto market structure bill could get marked up in the house on that date. So we'll keep an eye on that one. That's coming up. So also on Stablecoin Circle is holding informal talks with both Coinbase and Ripple, about a potential acquisition ahead of their planned IPO. Personally, I think an acquisition makes a lot more sense than the IPO. I think I'm on the other side.

I think they're going to go public. I just think the financials are not there. I mean, their coin base siphons out a ton of the cash. So Circle is really captive to Coinbase. In theory, we're in a falling rate environment. That's going to compress their margins. And it's going to be very competitive with new stable coins coming to market. So I don't see it.

Very normal thing, though, to have these M&A discussions ahead of a potential public listing. So we'll see where this goes. I don't have any interesting insight in that other than the fact that that's a very normal process. And Coinbase and Ripple, probably the two only, really the only buyers, right? Yeah. So also in Coinbase, DOJ is involved in an investigation reportedly of the Coinbase. customer data breach. They disclosed 69,000 customers

have their personal information stolen. Personally, I think it's a lot more than that because everyone I know is getting these spam calls, nonstop, emails, texts. I mean, the fallout is actually pretty severe. This is really bad. I would say just a PSA announcement here. If you don't have two-factor authentication

on your email, on your Coinbase account if you have one, really on any platform that holds money or holds, holds personal identifiable information, should just stop this podcast now and go set up two-factor authentication. The other thing is just don't answer your phone from numbers you don't recognize.

There's really no upside in that. What else? I mean, if you use Coinbase, do the setting where you have delayed withdrawals, like put it in that vault, or if you use River, put it in their equivalent of the vault product, some basic things that people should be doing now

to protect themselves. Yeah, you just, it's really sad. As a crypto user, you need so much digital hygiene. You need to be so paranoid about inbound texts, emails, calls, basically assume everything is fraudulent or an attempted scam. Yes, it means some real calls get lost, but if someone really wants to get in touch with you, they can leave a message and call them back. It's really appreciative of some of the work that the CASA team is doing. They've been all over this for some of their customers that have been getting some of these spam calls and attempts attacking them. So be careful out there.

Yep. So on the CFTC front, all four sitting commissioners in the last two weeks have announced their intention to leave the agency, which is actually pretty remarkable. So I guess the CFDC is in a state of flux here. This is like when you get a new basketball city opens up and you have the. just a draft and it's the whole team. I mean, you'd think that the CFTC standing is likely to grow with a market structure bill. Of course, yeah. They're going to, they don't oversee the spot market for any commodity right now.

And if this market structure bill goes through as it's drafted, then CFTC would have oversight of cryptocurrency spot markets. So Cracken is exploring launching tokenized versions of more than 50 stocks and ETFs on their platform. These will be available for non-U.S. customers and they'll trade 24-7. very interesting development. What's your overall take on the state of play for tokenized securities right now? I mean, I guess you can do it without tokenizing them, right?

I mean, I don't know. Would Cracken actually be tokenizing these securities or just listening to them? Yeah, I believe they're tokenized securities. They'd be traded on the platform. I didn't even think that the current market infrastructure permitted that, actually. It doesn't in the U.S. And so it looks like it's non-U.S. only. It's going to be a 24-7 market.

This is one of these categories that was completely impossible to pursue under Gensler, but so many people are pushing for this that it's impossible to imagine a world where this is not a big thing in the next two to three years. The market structure is going to support it. Then you have like 12 companies just powering as hard as they can to make this happen. So I think it'll happen. Yeah, I think it's very good for the rest of the rest of the, the world. It's kind of a weird, just like historical artifact that ex-US folks just can't really access U.S. capital markets. So it clearly ought to change. And so many of these issuers of

assets, you know, sponsors, you know, GPs at large alternative asset management firms, they're looking at what stable coins have done for the treasury market. And they're saying, wouldn't it be great if the rest of the world wanted a credit fund or an index fund. And we could proliferate our product to all of these potential buyers. So that's one motivation. Let's say another motivation is just more efficient trading and settlement. That feeds into this 24-7 thing that's going on here. So just a lot of reasons why people want this to exist.

So in the blockchain world, the Suey network was hit by a hack of the Cetus protocol. I guess that was the primary deck the decks on suey 200 million was drained and then I think Suey Foundation or whatever entity controls it worked with the validators

to like stop transactions associated with the hacker yeah they froze them so I mean I get it but that's not a blockchain at that point it's like a database it's run by a single entity so kind of invalidates

the whole concept of Suey if you ask me Yeah, it's a tough Tough one I mean you also don't want 200 million dollars going to North Korea So probably did the right thing there What about credible neutrality You know trustlessness

Permissionless I mean all those concepts are Blatently violated by this Well it turns out that's just not how Suey works I don't know if people realize that So Suey was barely down on the news I mean they literally You know

interfered with the core logic of the blockchain. They're trading at about 390 before the hack. They're down at 367. So it turns out like blockchains can get hacked, almost destroyed, discredited, and nothing happens to the price. It's true. That's true. A bunch of news from these, what do we, what is the class of company that is just buying

Bitcoin these days? What do we call them? I call them Bitcoin Access vehicles. Okay. So the Bitcoin Access. Access vehicles were busy this week. So strategy bought another 7,390 Bitcoin. MetaPlanet bought another 1,004 Bitcoin.

It just seems like there's a relentless bid. I guess we didn't even say Bitcoin went to an all-time high this week. We're half an hour into this podcast. We didn't mention it. But it seems like these access vehicles are just relentlessly bidding Bitcoin. Yeah, I mean, so I tweeted this earlier today. I think the trade of the next two years, kind of like how G. was the whole trade. The next trade is just monitoring the slope here of acquisition of Bitcoin

and selling when they start to sell, which will happen. I can guarantee it will happen. I'm not saying it's going to happen to micro strategy. It might not be Metaplanet, but some of the copycats, they're going to get over their skis. These things are going to trade a discount to NAV. And the way to fix that is by selling Bitcoin to raise cash to get it back to back to NAB. So there will come a moment when just like GPDC, the premium flips to a discount

and then the whole market is in total shambles. And that's going to happen at some point. Well, it's just so important to monitor the types of debt instruments that are being raised by this category of company. And so if they keep on doing converts, then it's probably fine.

You keep on doing, if they can service the debt, right, or if they can convert the debt into equity. But it's really where you see some of these exhaustions. debt structures pop on the scene, that'll be the early warning sign. I mean, but even the converts are much trickier if the stock's trading at a discount.

So I think the whole thing's predicated by the existence of these premium. And if that goes away, the whole engine is, you know, doesn't really work. Well, the premium, not necessarily, right? So you can, that'll mean they'll stop buying Bitcoin, but that they can always convert that debt into equity with the convert structure. So the only way they get stomped out. and start to have to sell the Bitcoin is if they can't service the debt. They can't make the interest payments.

So that really would come into play if you were taking out a loan, you know, against your Bitcoin collateral or something like that. So we're going to keep monitor. We're actually going to start monitoring this more closely. Kind of just like GPDC back in the day. With GPDC, you could kind of forecast a bit when the premium would flip to a discount. You could look at the creations. With this, I think it'll be similar.

So we're going to start looking into it. One of the things with GBT, if you go back in time, what should have been a huge warning sign, and to some it was, was when Three Arrow's Capital made that public disclosure that they owned like six or seven percent of all GBT. And everyone's like, oh, what? Like, how much money do these guys have?

That should have been the, and obviously they're very, very levered into that trade. So I think all the information you need, here is in public filings and we're going to get to the bottom of it. Getting multiple requests to publish the podcast. There's some upset members of Brink Nation out there. Yes.

I'm literally texting someone. We're recording this as we speak. Don't worry. We've heard your pleas and we're going to publish it right when we finish recording, which is right when we finish. All right, we're going to put this in our newsletter. By the way, if you don't go get our newsletter,

just go to our website. there's a sign up button to get the newsletter. But we'll put in this speech from SEC Commissioner Hester Purse this week. Spoke in depth about a lot of things, but mostly about how the SEC would interface with digital asset market, talking about novel incentive mechanisms for decentralized and permissionless networks, and how the SEC has further work to do on how tokenized real-world assets should be regulated. So I want to get one shill in before we,

go here as well we have a report coming out next week this is our third major stablecoin report so we'd crypto dollars in 2020 the emerging markets report in 24 and now this one in 25 so what we've done is i won't share all the details but we've done the first ever data set data aggregation of stablecoin flows from the bottom up in terms of who's using civil coins for what via various different stable coin PSPs so that's going to come out next next week and we're going to talk about it at stablecon that would be awesome looking forward to seeing that it's a really good report i guess that'll push back against some of this new york times nonsense yeah i mean i think if you just look at the data you realize that stable coins are this meaningful economic rail

in their own right of transactional rail and we think the data is undeniable so I'm very excited to show that with you all right so I think that's it for the week would have been hard to record it last night after that dinner that was a that was almost like a hurricane storm we were in yeah I don't know what is up with Boston

but that was terrible weather I had a tree popped down in my neighbor's yard knocked out the power at five or six houses yeah it was like the apocalypse out there. All right, everyone, have a safe and healthy Memorial Day weekend, and we will see you on Monday.