[
  {
    "start": 15.74,
    "end": 22.66,
    "text": "Hello and welcome to another news episode of BFRR, our Bitcoin Fiat & Rock'n Roll podcast."
  },
  {
    "start": 23.0,
    "end": 31.5,
    "text": "We explore the intersection of traditional finance digital money and digital assets... ...and help you understand how Digital Money and Assets will evolve in future!"
  },
  {
    "start": 32.159,
    "end": 33.44,
    "text": "I'm co-host Michael Blaschken."
  },
  {
    "start": 33.519,
    "end": 44.72,
    "text": "Today it's time for another news episode, today we look back to the month of June and discuss what we deem as most relevant developments in the institutional DLT space."
  },
  {
    "start": 45.1,
    "end": 49.58,
    "text": "To this i am joined by our co host Manu Ilklein."
  },
  {
    "start": 49.9,
    "end": 50.379,
    "text": "Hi Manu!"
  },
  {
    "start": 60.2,
    "end": 61.019,
    "text": "Yeah, that was lovely."
  },
  {
    "start": 61.099,
    "end": 69.78,
    "text": "We're actually right back in our offices after both Manu and I And other co-hosts joined the point zero forum."
  },
  {
    "start": 70.3,
    "end": 75.62,
    "text": "So stay tuned on that because yeah we plan to certainly look back under point zero."
  },
  {
    "start": 75.92,
    "end": 76.28,
    "text": "form."
  },
  {
    "start": 76.4,
    "end": 85.64,
    "text": "two for today will look back on the news of June and Will gonna cover today?"
  },
  {
    "start": 86.02,
    "end": 87.32,
    "text": "In a market section."
  },
  {
    "start": 88.3,
    "end": 98.88,
    "text": "first that june was a brutal month for group to yeah with the total market cap sliding down two trillion bitcoin and ethereum both in deep red."
  },
  {
    "start": 99.92,
    "end": 121.34,
    "text": "Then now we want money side of things where first stable coins still going mainstream money grab bankomar so fights first bang issued coin and the giants are also circling mastercard striped visa reportedly building settlement raise that could revire, banking as we know it today and in a third section."
  },
  {
    "start": 121.679,
    "end": 128.44,
    "text": "week close with the fight that then decides all regulation ECB versus stable coins."
  },
  {
    "start": 128.52,
    "end": 139.4,
    "text": "Europe reporting reopening my kind Washington's clarity act gaining ground increasingly so gonna cover markets money and the race of the future."
  },
  {
    "start": 139.54,
    "end": 142.1,
    "text": "all in the next sixty minutes let's get into."
  },
  {
    "start": 143.9,
    "end": 145.32,
    "text": "So let's look on the markets."
  },
  {
    "start": 145.4,
    "end": 148.86,
    "text": "The last thirty days were rough across the board."
  },
  {
    "start": 148.94,
    "end": 160.4,
    "text": "total crypto market cap fell roughly eighteen percent to around two trillion US dollars with Bitcoin down twenty-two percent and Ethereum off more than twenty four percent."
  },
  {
    "start": 160.78,
    "end": 175.76,
    "text": "in June, Cycle and a clear capital rotation toward AI with Bitcoin trading less like a safe even more like high frequency liquidity gorge."
  },
  {
    "start": 176.42,
    "end": 179.74,
    "text": "But there are interesting signals underneath all that."
  },
  {
    "start": 179.86,
    "end": 197.2,
    "text": "price action strategy for example is selling bitcoin for the first time since twenty two black rock stocking up eight nine trillion dollar redeployment while launching a yield engineering ETF."
  },
  {
    "start": 197.38,
    "end": 206.78,
    "text": "and Vitalik Buterin is repositioning privacy as native Ethereum property to meet institutional demands."
  },
  {
    "start": 207.0,
    "end": 217.7,
    "text": "Meanwhile, gold ticked up and equities had roughly fled reinforcing the crypto drains first Thesis that so many promote."
  },
  {
    "start": 217.78,
    "end": 220.46,
    "text": "Yeah, let's run a bit through the market detail."
  },
  {
    "start": 220.56,
    "end": 227.06,
    "text": "So as I said The crypto market in total ended into trillion us dollars which is a minus eighty percent."
  },
  {
    "start": 227.14,
    "end": 234.06,
    "text": "Bitcoin itself started the month at seventy two thousand US Dollars and did it on below sixty thousand?"
  },
  {
    "start": 234.16,
    "end": 236.0,
    "text": "So minus twenty percent."
  },
  {
    "start": 236.7,
    "end": 243.3,
    "text": "And the bitcoin ETFs total asset under management are around eighty-two billion."
  },
  {
    "start": 243.76,
    "end": 253.56,
    "text": "Yeah, so much about the numbers we are recording in the middle of what is to me by any honest definition a bear market."
  },
  {
    "start": 254.42,
    "end": 260.88,
    "text": "Bitcoin printed an all-time high around one hundred twenty six thousand dollars last October."
  },
  {
    "start": 261.579,
    "end": 270.7,
    "text": "it then felt roughly sixty thousand and February It clawed its way back into the low eighties in May And then rolled over again."
  },
  {
    "start": 271.54,
    "end": 279.76,
    "text": "We sit here, it's hovering around the sixty thousand US dollar mark and frankly a lot of attention that used to flow into crypto is now all flowing in AI."
  },
  {
    "start": 280.6,
    "end": 283.82,
    "text": "Let us wait for what ends this current bear market?"
  },
  {
    "start": 284.6,
    "end": 304.66,
    "text": "Now looking below or underneath some interesting market movements and certainly number one topic in the space was sailor strategy selling thirty two bitcoin so that made really a lot of noise into space relative to its actual size."
  },
  {
    "start": 305.34,
    "end": 310.28,
    "text": "In late May Michael sailors strategies sold thirty two Bitcoin."
  },
  {
    "start": 310.34,
    "end": 317.76,
    "text": "thats about two-and-a half million dollars at an average just above seventy seven thousand."
  },
  {
    "start": 318.7,
    "end": 324.42,
    "text": "He sold it disclosed in an eight K filing now against a treasury of."
  },
  {
    "start": 324.48,
    "end": 328.66,
    "text": "Eight hundred forty three coin thousand coins."
  },
  {
    "start": 328.7,
    "end": 331.32,
    "text": "so eight hundred forty-three thousand coins."
  },
  {
    "start": 331.68,
    "end": 337.76,
    "text": "that is really rounding error something like four thousands off one percent."
  },
  {
    "start": 338.0,
    "end": 346.24,
    "text": "yet the scene completely lost its mind because this is the man whose entire brand is Never sell your bitcoin."
  },
  {
    "start": 346.28,
    "end": 350.7,
    "text": "yeah he even tweeted exactly this statement that is never sell your Bitcoin."
  },
  {
    "start": 351.12,
    "end": 358.1,
    "text": "back then in Germany and twenty-twenty four when Saxony was offloading it sees the coins."
  },
  {
    "start": 358.76,
    "end": 361.5,
    "text": "Yeah now all of a sudden disguise as Bitcoin at."
  },
  {
    "start": 361.54,
    "end": 363.48,
    "text": "that really made a lot of noise."
  },
  {
    "start": 364.38,
    "end": 366.88,
    "text": "And here's why i think that this is more simple."
  },
  {
    "start": 366.94,
    "end": 368.6,
    "text": "isn't the actual substance?"
  },
  {
    "start": 368.66,
    "end": 374.32,
    "text": "so sailor told us exactly why he did it actually frame this as."
  },
  {
    "start": 374.96,
    "end": 376.36,
    "text": "Vaccinating the market."
  },
  {
    "start": 376.44,
    "end": 389.94,
    "text": "so providing the bitcoin on a corporate balance sheet is liquid and monetizable but you can actually access to value when you need two as an entrepreneur to service your preferred share dividends."
  },
  {
    "start": 390.02,
    "end": 395.98,
    "text": "on for our audience, Now people sitting in treasury risk and it inside financial institutions."
  },
  {
    "start": 397.0,
    "end": 400.56,
    "text": "that's the sophisticated reading to me."
  },
  {
    "start": 400.74,
    "end": 405.08,
    "text": "so a credit finance treasury model has to demonstrate."
  },
  {
    "start": 405.58,
    "end": 419.14,
    "text": "To rating agencies and credit analyst that asset on the balance sheet is real usable collateral not, Only a religious relic you can never touch."
  },
  {
    "start": 419.86,
    "end": 425.96,
    "text": "So actually I thought i find it cool that sailor proved when You need some liquidity to sell your bitcoin and off you go."
  },
  {
    "start": 426.2,
    "end": 429.02,
    "text": "so It's just the pragmatic use of an asset on the bell sheet."
  },
  {
    "start": 429.06,
    "end": 439.16,
    "text": "And but the market Really expected him to never sell really at not the smallest amount Of Bitcoin, then we went crazy."
  },
  {
    "start": 439.24,
    "end": 439.38,
    "text": "yeah."
  },
  {
    "start": 440.1,
    "end": 443.82,
    "text": "Then A second interesting markets."
  },
  {
    "start": 445.12,
    "end": 456.18,
    "text": "Yeah, signal was around Jack Malus and the smoke alarm if you will which takes us neatly to more of a macro story."
  },
  {
    "start": 457.28,
    "end": 462.2,
    "text": "Because of sailor is here the micro picture selling thirty two Bitcoin with his which has nothing for him."
  },
  {
    "start": 462.36,
    "end": 464.64,
    "text": "check malice is now the macro one."
  },
  {
    "start": 465.26,
    "end": 474.58,
    "text": "so Malus the strike CEO now also running twenty one capital has been arguing that bitcoins weakness isn't a bitcoin problem at all."
  },
  {
    "start": 474.66,
    "end": 475.84,
    "text": "It's a fear problem."
  },
  {
    "start": 475.98,
    "end": 483.68,
    "text": "actually his line is that Bitcoin is a quote unquote smoke alarm for liquidity stress in the traditional system."
  },
  {
    "start": 483.86,
    "end": 496.44,
    "text": "so when central banks tighten or simply refuse to expand their balance sheets liquidity drains and Bitcoin being the most liquid twenty-four seven globally traded asset there is."
  },
  {
    "start": 497.16,
    "end": 498.72,
    "text": "I'm feeling it first."
  },
  {
    "start": 498.86,
    "end": 506.84,
    "text": "so we're bringing this here because Malus really brought an interesting thesis on why the bitcoin price is so low, And you are in this bear market."
  },
  {
    "start": 507.3,
    "end": 511.92,
    "text": "his signature phrase one every trader already knows among you."
  },
  {
    "start": 512.64,
    "end": 514.24,
    "text": "So you sell what?"
  },
  {
    "start": 514.319,
    "end": 516.0,
    "text": "You can not what you want."
  },
  {
    "start": 516.14,
    "end": 516.799,
    "text": "end of quote."
  },
  {
    "start": 517.079,
    "end": 523.48,
    "text": "that's the hallmark off forced liquidation, and the decoupling he points to his real."
  },
  {
    "start": 523.539,
    "end": 534.199,
    "text": "So when Bitcoin sells off hard while equities hold steady that's somebody meeting a margin call by dumping the asset with the deepest order book."
  },
  {
    "start": 535.4,
    "end": 543.06,
    "text": "now where I push back two matters is this is the European monetary theory angle i like On the show?"
  },
  {
    "start": 543.18,
    "end": 552.28,
    "text": "malice is essentially describing bitcoin as a high frequency liquidity gorge rather than a store of value and that's a double edge."
  },
  {
    "start": 553.24,
    "end": 567.819,
    "text": "To claim with bitcoins to smoke alarm then it structurally the first thing sold in stress which is almost opposite off the digital gold pitch we heard for years."
  },
  {
    "start": 567.9,
    "end": 568.64,
    "text": "so yeah really?"
  },
  {
    "start": 569.04,
    "end": 573.68,
    "text": "look into this super interesting thinking in piece on an explanation of why we are."
  },
  {
    "start": 574.14,
    "end": 587.459,
    "text": "In a bear market, in crypto and then ultimately also about Bitcoin Black Rocks nine trillion US dollar call and the BIT or beta launch?"
  },
  {
    "start": 588.14,
    "end": 590.26,
    "text": "This where does the liquidity go?"
  },
  {
    "start": 590.439,
    "end": 595.099,
    "text": "next question is exactly what black rock just walked into."
  },
  {
    "start": 595.339,
    "end": 605.52,
    "text": "So Rick Reader, the Global Fixed Income CIO told Bluback there's up to nine trillion dollars of cash sitting on the sidelines."
  },
  {
    "start": 606.02,
    "end": 609.38,
    "text": "so exactly the counter thesis is to check malice here."
  },
  {
    "start": 609.54,
    "end": 619.78,
    "text": "So roughly seven trillion in money markets funds another two trillion and fixed income ETFs And he expects an explosive redeployment once the Fed starts easing."
  },
  {
    "start": 620.219,
    "end": 627.459,
    "text": "He even publicly leaned Thatcher Kevin worse to hold off on hikes."
  },
  {
    "start": 627.66,
    "end": 634.439,
    "text": "Yeah, so in comparison to the check malice thesis that we are in liquidity crisis."
  },
  {
    "start": 635.719,
    "end": 641.16,
    "text": "BlackRock is rather bullish here with a bullish prediction for Bitcoin prices."
  },
  {
    "start": 641.54,
    "end": 645.78,
    "text": "now also briefly looking on ethereum We started some month of ethereum."
  },
  {
    "start": 645.839,
    "end": 655.26,
    "text": "around two thousand one hundred dollars ended it on One thousand five hundred dollars which is a minus twenty-five percent price dump."
  },
  {
    "start": 656.56,
    "end": 664.459,
    "text": "Ethereum ETFs currently holding fourteen billion US dollars totally under management."
  },
  {
    "start": 665.079,
    "end": 679.439,
    "text": "and the most interesting piece of news regarding Bitcoin was Vitalik Buterin on Ethereum's privacy pivot, I think this is actually a more strategically important for this month."
  },
  {
    "start": 679.66,
    "end": 703.459,
    "text": "Vitaly butterin posted on where ethereum and the ethereum foundation are going because while everyone else is talking about price, particularly about bitcoin and ethereum price, butterine is now making or intends to make privacy a native protocol level property of ethereum's layer one rather than something you add other levels through other means."
  },
  {
    "start": 703.56,
    "end": 715.76,
    "text": "here in his argument quite striking, so strong privacy is what gives either genuine money-ness the qualities of physical cash as he puts it."
  },
  {
    "start": 716.479,
    "end": 729.819,
    "text": "He put a concrete roadmap behind that account abstraction combined with fork joys and forced inclusion lists to make it impossible for block builders to censor private transactions."
  },
  {
    "start": 730.42,
    "end": 735.979,
    "text": "So much about potentially price moving news For Ethereum?"
  },
  {
    "start": 736.699,
    "end": 739.04,
    "text": "To add maybe one point, Michio on Ethereum."
  },
  {
    "start": 740.219,
    "end": 757.92,
    "text": "What was striking is that so many quite senior people left the Ethereum Foundation and Vitalik really reacted with this very long post in Twitter where he explained again what he believes Ethereum should be developing into now a strong push to privacy."
  },
  {
    "start": 758.4,
    "end": 760.78,
    "text": "I think it's now technologically feasible."
  },
  {
    "start": 760.839,
    "end": 777.599,
    "text": "It seems technologically visible Net really goes all in into privacy and deploying new protocols on the network to ensure a privacy, which is still missing piece of public blockchain."
  },
  {
    "start": 778.66,
    "end": 787.219,
    "text": "He tries to explain again why he believes Ethereum is obviously still important when so many senior colleagues from the Ethereum Foundation are"
  },
  {
    "start": 787.28,
    "end": 787.5,
    "text": "leaving."
  },
  {
    "start": 788.14,
    "end": 788.479,
    "text": "Exactly!"
  },
  {
    "start": 788.88,
    "end": 805.76,
    "text": "My take on this whole privacy move is that putterin and ethereum foundation explicitly answering institutional demand so serious on chain adoption by banks asset managers corporates i really heard at the point zero form."
  },
  {
    "start": 806.819,
    "end": 812.479,
    "text": "It simply cannot happen on a fully transparent ledger where every counterpart can see your positions in flow."
  },
  {
    "start": 812.62,
    "end": 824.579,
    "text": "so confidential transactions are a precondition, not a nice to have and this lands directly on top of Europe's whole agenda like data protection, GDPR digital sovereignty."
  },
  {
    "start": 825.28,
    "end": 840.38,
    "text": "So while the US conversations about wrapping Bitcoin in ever fancier ETF structures, Ethereum conversation is moving toward privacy and confidentiality properties that European institutions has been demanding for years."
  },
  {
    "start": 840.839,
    "end": 843.18,
    "text": "it's interesting contrast."
  },
  {
    "start": 843.4,
    "end": 850.3,
    "text": "let's see if that turns out to be true that these privacy aspects really serve the institutional demand."
  },
  {
    "start": 850.9,
    "end": 855.719,
    "text": "Yeah so much about bitcoin and ethereum and some potentially price moving signals."
  },
  {
    "start": 855.88,
    "end": 859.8,
    "text": "behind the unfortunately deep red month for crypto."
  },
  {
    "start": 860.339,
    "end": 876.859,
    "text": "there are also some news related interesting investments in fundraising, So, quite some money flew into tokenization infrastructure this month."
  },
  {
    "start": 877.579,
    "end": 885.64,
    "text": "Four dealers stand out and together they show capital moving toward the plumbing of regulated on-chain finance."
  },
  {
    "start": 885.959,
    "end": 890.56,
    "text": "First we see a global network buying in to European regulatory infrastructure."
  },
  {
    "start": 890.76,
    "end": 900.06,
    "text": "that is Dela and Cashlink who see two protocols hitting A to billion dollar valuation the same week from opposite philosophical corners."
  },
  {
    "start": 900.819,
    "end": 904.9,
    "text": "One privacy and permissioning versus openness and composability."
  },
  {
    "start": 905.079,
    "end": 907.16,
    "text": "that is canton and morpher."
  },
  {
    "start": 907.959,
    "end": 924.439,
    "text": "And we see a wall street incumbent part partnering with a crypto exchange to put new york stack exchange equities on chain, i c e n o k x. so the investors are increasingly also the users."
  },
  {
    "start": 924.62,
    "end": 939.099,
    "text": "an operators at the action is concentrating where regulatory clarity and institute Institutional demand intersect which is kind of a no-brainer because if you have regulatory clarity and institutional demands Things can move."
  },
  {
    "start": 939.54,
    "end": 941.42,
    "text": "probably another learning from the point zero"
  },
  {
    "start": 942.06,
    "end": 942.38,
    "text": "forum."
  },
  {
    "start": 942.719,
    "end": 949.24,
    "text": "Yeah, so let's run quickly through them And start with Estella and cash link."
  },
  {
    "start": 950.199,
    "end": 951.38,
    "text": "So that started home."
  },
  {
    "start": 951.42,
    "end": 959.02,
    "text": "Manu in Frankfurt at the Stella Development Foundation took a strategic stake in cashlink technologies."
  },
  {
    "start": 959.64,
    "end": 967.38,
    "text": "now For our audience this is the one to really pay attention because cash link is Germany's most active registrar."
  },
  {
    "start": 967.479,
    "end": 968.839,
    "text": "for sure securities."
  },
  {
    "start": 968.939,
    "end": 986.56,
    "text": "they are licensed both as a. Crypto that papier register Führer sorry for that mouthful and their license as a crypto custodian anti-operate under the EWPG the German electronic Securities Act in debt legal frame."
  },
  {
    "start": 986.74,
    "end": 987.9,
    "text": "Mr whole point on there."
  },
  {
    "start": 988.3,
    "end": 1004.88,
    "text": "this EWPG, so a DLT-based issuance can dispense with the classic central securities depository altogether and instead use blockchain native register as their legal record of ownership."
  },
  {
    "start": 1005.4,
    "end": 1024.26,
    "text": "And that is not technical convenience it's really more structural change to how securities settlement works in Germany has set at the center of european capital markets for a long time now becomes optional."
  },
  {
    "start": 1025.04,
    "end": 1028.14,
    "text": "And and cash link has the traction to back it up."
  },
  {
    "start": 1028.44,
    "end": 1038.76,
    "text": "so more than three hundred life issuance is around eight hundred fifty million euros in volume heading toward one billion market client list that is generally tier-one."
  },
  {
    "start": 1039.0,
    "end": 1051.639,
    "text": "Deutsche bank, This is a US-born globally reaching network, Stella buying into European regulatory infrastructure."
  },
  {
    "start": 1051.96,
    "end": 1053.52,
    "text": "Not the other way around."
  },
  {
    "start": 1054.08,
    "end": 1060.6,
    "text": "at least this is my take and the licensees and the EWPG framework are the mode in every."
  },
  {
    "start": 1060.84,
    "end": 1066.899,
    "text": "one now understands that regulated register is a scarce asset."
  },
  {
    "start": 1067.5,
    "end": 1071.3,
    "text": "Definitely congratulations to Kaschlingk, Mr Dutlinger and whole team."
  },
  {
    "start": 1072.18,
    "end": 1077.06,
    "text": "I find it very interesting that Stellar now really also invests into these infrastructure players."
  },
  {
    "start": 1077.74,
    "end": 1085.62,
    "text": "Stellar has been on the rise, i would say again especially with tokenization and some institutional adoption."
  },
  {
    "start": 1086.3,
    "end": 1090.74,
    "text": "so we're very interested to follow where the Stellar network ends up."
  },
  {
    "start": 1091.379,
    "end": 1107.98,
    "text": "as far as Stellar hasn't used here in Europe widely for issuing tokenized bonds or tokenize securities how that will and still a development foundation might also help to reach the next level."
  },
  {
    "start": 1108.139,
    "end": 1108.34,
    "text": "Right?"
  },
  {
    "start": 1108.94,
    "end": 1109.44,
    "text": "Yes, Tyne!"
  },
  {
    "start": 1109.639,
    "end": 1111.12,
    "text": "Three-handed issuances live."
  },
  {
    "start": 1111.32,
    "end": 1126.6,
    "text": "it sounds very good but obviously three hundred fifty million euro volume outstanding or tokenized volume four for tokenize securities is still minuscule when you compare two major issuance."
  },
  {
    "start": 1126.76,
    "end": 1126.94,
    "text": "right."
  },
  {
    "start": 1127.62,
    "end": 1135.72,
    "text": "so Only the Siemens bond alone was three hundred million, but that was also deemed quite small especially for this large organization."
  },
  {
    "start": 1135.82,
    "end": 1144.2,
    "text": "So let's see how these investment can help Keschlingk to reach more ambitious targets and issuance volume"
  },
  {
    "start": 1145.139,
    "end": 1145.5,
    "text": "All right."
  },
  {
    "start": 1145.56,
    "end": 1154.62,
    "text": "then to wrap up market sections Let me drop a final interesting piece of market investments."
  },
  {
    "start": 1155.06,
    "end": 1166.78,
    "text": "In June, also digital asset closed a three hundred fifteen million dollar series F led by a sixteen C crypto at roughly two billion dollar valuation."
  },
  {
    "start": 1167.02,
    "end": 1169.34,
    "text": "The investor list actually is the story to me."
  },
  {
    "start": 1169.44,
    "end": 1180.58,
    "text": "so alongside the crypto funds you have BNP Paribas HSBC ABN Ambro Citadile Securities S&P Global Trade Web and so on."
  },
  {
    "start": 1181.1,
    "end": 1187.28,
    "text": "there's the Abu Dhabi Investment Authority then Coinbase Ventures and Polychain on the crypto side."
  },
  {
    "start": 1187.34,
    "end": 1195.46,
    "text": "So this is a who-is-who of Wall Street in European banking, now writing checks into a single network."
  },
  {
    "start": 1195.82,
    "end": 1198.46,
    "text": "so that why it's important to me to bring one up?"
  },
  {
    "start": 1199.0,
    "end": 1205.58,
    "text": "And yeah just add digital asset has its canton network right and canton is gaining more momentum."
  },
  {
    "start": 1206.419,
    "end": 1209.159,
    "text": "It was also big topic at point zero conference talk about."
  },
  {
    "start": 1209.84,
    "end": 1214.0,
    "text": "I personally also need to look, again deeper into Canton what is really happening there."
  },
  {
    "start": 1214.6,
    "end": 1224.34,
    "text": "But yeah the DTCC wants to bring all its tokenized securities on Canton right and it's really focusing on privacy."
  },
  {
    "start": 1224.8,
    "end": 1233.02,
    "text": "first with regards to institutional adoption i think at the moment they talk too their head of IWA of Canton point zero forum as well."
  },
  {
    "start": 1233.56,
    "end": 1239.56,
    "text": "It's really around DeFi so decentralized exchanges and lending protocols."
  },
  {
    "start": 1240.159,
    "end": 1257.639,
    "text": "Well, so USDC is used, TreptEath has deployed but I think they're really eyeing for institutional adoption And as you say the investor list is quite impressive being prepared by GSPC, BN Amro But then also other FMIs that want to bring float on Canton now."
  },
  {
    "start": 1258.04,
    "end": 1261.419,
    "text": "So we will definitely follow further where this leads"
  },
  {
    "start": 1262.0,
    "end": 1262.52,
    "text": "Brilliant."
  },
  {
    "start": 1263.159,
    "end": 1275.659,
    "text": "So let's move from markets to money and look at stable con launches, and the adoption of innovative emerging alternative payment rails."
  },
  {
    "start": 1276.139,
    "end": 1276.68,
    "text": "Yeah thanks Michi."
  },
  {
    "start": 1277.879,
    "end": 1281.5,
    "text": "there is also quite a lot that has happened over the last month."
  },
  {
    "start": 1281.6,
    "end": 1294.659,
    "text": "here in June we're going start with some remittance flows because Moneygram They plan to issue their own stablecoin and now they have done that, also on Stellar."
  },
  {
    "start": 1295.22,
    "end": 1309.639,
    "text": "So talking about Stellar which had secured this stake in Keschlingk obviously there are a high performance blockchain that can very quickly settle And this is why MoneyGram has chosen Stellar for its global payment network."
  },
  {
    "start": 1309.72,
    "end": 1319.36,
    "text": "so they launched MGUSD native use Stellar Stablecoin built to power its own global payments network that is used for remittance."
  },
  {
    "start": 1319.96,
    "end": 1326.26,
    "text": "They really upgrade their existing infrastructure, the existing remittence infrastructure and business with stablecoins."
  },
  {
    "start": 1326.36,
    "end": 1331.76,
    "text": "now it should become a genius act compliant stablecoin when it goes live."
  },
  {
    "start": 1332.379,
    "end": 1339.98,
    "text": "Mzero sending them in burn processes via smart contracts on fire blocks provides The custody of the wallet infrastructure."
  },
  {
    "start": 1340.919,
    "end": 1347.7,
    "text": "It will launch first in the US and will be directly embedded into the MoneyGram app via a self-custodial wallet."
  },
  {
    "start": 1348.22,
    "end": 1358.06,
    "text": "Quite interesting, so FireBlock is helping to provide the wallet infrastructure but SelfCustodia Wallet's directly in the existing MoneyGam App."
  },
  {
    "start": 1358.899,
    "end": 1366.56,
    "text": "And yeah, MoneyGraham has been already partnering five years with the Stellar Development Foundation... ...to now bring out this stablecoin!"
  },
  {
    "start": 1367.36,
    "end": 1376.44,
    "text": "What I think is interesting that it really rebuild of the infrastructure, of the legacy remittance infrastructure of Moneygram."
  },
  {
    "start": 1377.379,
    "end": 1386.379,
    "text": "And they really bet on this new infrastructure and this new type of money, a stablecoin that can obviously be moved very efficiently across borders."
  },
  {
    "start": 1386.76,
    "end": 1399.08,
    "text": "it really signals further adoption from financial infrastructure players like Moneygram That has been powering remittances for quite awhile already."
  },
  {
    "start": 1399.879,
    "end": 1408.08,
    "text": "Interestingly enough, here it's not using an existing stablecoin but creates its own and therefore wants to create the Yield themselves."
  },
  {
    "start": 1409.2,
    "end": 1414.54,
    "text": "It is really a distinct use case for this stablecoin which is KYC'd."
  },
  {
    "start": 1415.139,
    "end": 1422.379,
    "text": "only clients of Moneygram that can then hold this stable coin in their wallet directly."
  },
  {
    "start": 1422.48,
    "end": 1424.1,
    "text": "so it's very distinct use-case."
  },
  {
    "start": 1429.7,
    "end": 1439.8,
    "text": "focus on the adoption here and The figures over the next months in years while it scales up, but I think also stablecoins is a quite Remittance rather."
  },
  {
    "start": 1440.46,
    "end": 1445.899,
    "text": "Is a good use case for stablecoins that we've been talking about quite a lot already."
  },
  {
    "start": 1446.399,
    "end": 1447.7,
    "text": "so curious to follow That."
  },
  {
    "start": 1448.82,
    "end": 1461.54,
    "text": "And there's another news update from Yeah new project around stablecoin issuance which is Banco Mart which is an Italy's national debit card network."
  },
  {
    "start": 1462.139,
    "end": 1467.62,
    "text": "So you can think about it when you're in Germany, there is the gyrocard or in France a card banquier."
  },
  {
    "start": 1467.7,
    "end": 1477.22,
    "text": "so domestic card scheme and a bankomad also issues a domestic card schema as vast ATM network."
  },
  {
    "start": 1477.28,
    "end": 1491.08,
    "text": "then they are issuing or want to issue their year EUR Bank stablecoin which is directly plugged into the banking system of the nine major Italian banks that are backing it."
  },
  {
    "start": 1491.159,
    "end": 1501.96,
    "text": "So, it's in Tessa San Polo, Bacco BPM, Monterey Pasi, Banca Sella, Credit Acrigolli Italia and a few others... so essentially most of Italy's banking establishment!"
  },
  {
    "start": 1503.04,
    "end": 1517.1,
    "text": "And quite interestingly three of these pilot banks, Banka Sella and in Tessasan Polo also back in Quivales a stablecoin project of thirty-seven European banks."
  },
  {
    "start": 1517.639,
    "end": 1529.62,
    "text": "So they now also go with another project here where they target a public launch for late twenty, twenty six or early twenty, seventy seven pending regulatory approval."
  },
  {
    "start": 1529.72,
    "end": 1534.28,
    "text": "so it could eventually be faster than the Kivalis stablecoin."
  },
  {
    "start": 1534.919,
    "end": 1537.76,
    "text": "let's see which projects lands first."
  },
  {
    "start": 1538.399,
    "end": 1551.74,
    "text": "yeah quite interestingly This will be issued by Flowpay, which is an open banking fintech bankomart acquired last August where those banks obviously are also joint shareholders."
  },
  {
    "start": 1552.24,
    "end": 1553.76,
    "text": "There's no separate consortium."
  },
  {
    "start": 1553.919,
    "end": 1565.24,
    "text": "so everything will run through a bankomarts existing governance framework and this fintek that has already been acquired last august."
  },
  {
    "start": 1566.52,
    "end": 1571.58,
    "text": "Another interesting fact is that the reserves will sit entirely in cash, so entirely in deposits."
  },
  {
    "start": 1572.08,
    "end": 1574.62,
    "text": "That are custodial pro rata across the distributed banks."
  },
  {
    "start": 1575.159,
    "end": 1582.28,
    "text": "So no government wants backing this stablecoin but rather they're directly deposits with those banks."
  },
  {
    "start": 1582.399,
    "end": 1588.139,
    "text": "and a bank that distributes twenty million of the token then also holds to twenty million off reserve?"
  },
  {
    "start": 1588.399,
    "end": 1598.26,
    "text": "There's an incentive To ultimately distribute this token And therefore than I also receive their reserves where there's the NII and that interest income to be earned."
  },
  {
    "start": 1599.3,
    "end": 1610.96,
    "text": "So quite an interesting move again here from the banking industry, from the European banking industry... ...that is doubling down on Eurodenominators' requirements?"
  },
  {
    "start": 1611.94,
    "end": 1613.379,
    "text": "I think two interests there."
  },
  {
    "start": 1614.46,
    "end": 1617.899,
    "text": "it fits into two patterns we increasingly observe."
  },
  {
    "start": 1617.98,
    "end": 1622.32,
    "text": "number one is banks prefer the consortium model."
  },
  {
    "start": 1623.22,
    "end": 1625.399,
    "text": "I mean, Kivalis is just another example."
  },
  {
    "start": 1626.1,
    "end": 1631.5,
    "text": "We've mentioned other examples here on how banks team up to launch stablecoins."
  },
  {
    "start": 1631.56,
    "end": 1637.08,
    "text": "at the second pattern that emerges Is there a question around yet?"
  },
  {
    "start": 1637.159,
    "end": 1638.159,
    "text": "Another stablecoin?"
  },
  {
    "start": 1638.22,
    "end": 1641.0,
    "text": "Yeah It always makes me kind of smile one."
  },
  {
    "start": 1641.06,
    "end": 1644.08,
    "text": "it's cool That new stablecoin projects are launched."
  },
  {
    "start": 1644.12,
    "end": 1648.46,
    "text": "On the other hand who needs another stablecoin in particular euro stablecoin?"
  },
  {
    "start": 1648.659,
    "end": 1661.7,
    "text": "so we see European denominated stable cons of euro back stable coins struggle not capturing market share and yet at least."
  },
  {
    "start": 1663.46,
    "end": 1665.86,
    "text": "Bango Mart or the bank solution here."
  },
  {
    "start": 1666.54,
    "end": 1671.04,
    "text": "I think that you had another European stable coin can be promising now,"
  },
  {
    "start": 1671.139,
    "end": 1677.6,
    "text": "And what didn't come out clearly from at least the press release and articles that I found is, um... The concrete use case they want to target."
  },
  {
    "start": 1677.98,
    "end": 1679.34,
    "text": "Is there a concrete use-case?"
  },
  {
    "start": 1679.379,
    "end": 1680.12,
    "text": "That they wanna target?"
  },
  {
    "start": 1681.26,
    "end": 1684.139,
    "text": "Uh..I don't think this publicly announced yet."
  },
  {
    "start": 1684.22,
    "end": 1689.62,
    "text": "so.... The question will it be like a permissionless stablecoin that can used in any other DeFi protocol?"
  },
  {
    "start": 1689.8,
    "end": 1696.54,
    "text": "Is that what these banks aim for right or which other use cases are their focusing on?"
  },
  {
    "start": 1697.58,
    "end": 1704.1,
    "text": "Domestic Use Case with euros and instant payments being unlimited now."
  },
  {
    "start": 1705.5,
    "end": 1713.06,
    "text": "Being able to reach obviously also every Italian bank, I still struggle a bit but let's see how that succeeds."
  },
  {
    "start": 1713.78,
    "end": 1722.1,
    "text": "quite interesting especially for these three banks that are also invested in Kivalis And all those two stablecoins will also compete together."
  },
  {
    "start": 1723.139,
    "end": 1734.659,
    "text": "So we'll definitely have an eye on other news brought out here Mastercard, the obviously major credit card company and clearing billions every day."
  },
  {
    "start": 1735.26,
    "end": 1743.72,
    "text": "They also now want to extend their settlement capabilities two stablecoins for inter-day holiday and weekend options."
  },
  {
    "start": 1744.659,
    "end": 1759.379,
    "text": "so they announce that they want to use now or want offer a settlement with stablecoins which gives and they settle car transactions, in particular for cross-border payments."
  },
  {
    "start": 1760.379,
    "end": 1768.54,
    "text": "And payouts were timing transparency meta that will allow intraday payouts on weekends as well."
  },
  {
    "start": 1769.08,
    "end": 1777.18,
    "text": "They don't restrict their settlement to specific stablecoins but rather say they support a circuit's USDC."
  },
  {
    "start": 1778.46,
    "end": 1792.12,
    "text": "then PAXOS issued stablecoins like PYUSD which is the PayPal Stablecoin USDG Ustp and Ripple's RL-USD, and actually also now SoFi's new stablecoin SoFi USD."
  },
  {
    "start": 1793.3,
    "end": 1801.78,
    "text": "They support multiple blockchains as well, Arbitrum based Canton, Ethereum Polygon Solana Tempo as well and XRPL."
  },
  {
    "start": 1802.399,
    "end": 1813.96,
    "text": "so it is rather really a broad chain approach and a broad stablecoin approach And they have already secured few users cross river and lead bank."
  },
  {
    "start": 1814.139,
    "end": 1820.28,
    "text": "There are two US banks that quite actively partnering with stablecoin issuers, and the whole crypto space in general."
  },
  {
    "start": 1820.919,
    "end": 1830.26,
    "text": "And Nuvi as well which is an acquiring firm to use this settlement mechanism in the"
  },
  {
    "start": 1830.36,
    "end": 1830.54,
    "text": "U.S.,"
  },
  {
    "start": 1830.74,
    "end": 1834.46,
    "text": "Latin America and MasterCard wants to roll out globally."
  },
  {
    "start": 1835.04,
    "end": 1837.76,
    "text": "So why it's interesting obviously?"
  },
  {
    "start": 1837.94,
    "end": 1842.46,
    "text": "This completely new infrastructure that is now really adopted."
  },
  {
    "start": 1842.639,
    "end": 1857.12,
    "text": "Again, also here after Visa has announced similar steps by Mastercard so using this new rail as plumbing to settle transactions via their card networks."
  },
  {
    "start": 1857.86,
    "end": 1859.22,
    "text": "and how does it work?"
  },
  {
    "start": 1860.78,
    "end": 1863.399,
    "text": "The consumer or the merchant side rather untouched."
  },
  {
    "start": 1864.22,
    "end": 1877.94,
    "text": "So the cart holder swipes with its traditional card and authorization happens, then the transaction clears in fiat currencies or account-based money exactly as before."
  },
  {
    "start": 1878.8,
    "end": 1895.86,
    "text": "Nothing about checkouts ultimately changes but the stablecoin rather purely sits on an interbank settlement leg where here the issuer can choose to fund settlement application in stablecoins instead of a wire transfer."
  },
  {
    "start": 1896.32,
    "end": 1909.3,
    "text": "So, ultimately the issuer holds stablecoins transfers these stablecoins to meet its obligations rather than sending regular wire transfer and the acquirer."
  },
  {
    "start": 1909.86,
    "end": 1923.7,
    "text": "they can actually choose to receive this stablecoin as a settlement mechanism I'll admit the mastercard, act as a routing layer."
  },
  {
    "start": 1923.78,
    "end": 1934.72,
    "text": "The orchestration layer and don't even really touch this stablecoin but rather the stablecoin is then sent directly from the issuer to the acquirer."
  },
  {
    "start": 1935.76,
    "end": 1936.82,
    "text": "Yeah i really enjoy it."
  },
  {
    "start": 1936.879,
    "end": 1955.48,
    "text": "This piece of news not only in that at least on an infrastructural level we now have the twenty four seven capability Of settling But also like because It's really evidence that blockchain pushes the incumbents."
  },
  {
    "start": 1955.58,
    "end": 1979.32,
    "text": "I mean, traditional current settlement didn't run on weekends holidays as we all know it and blockchains through twenty-four seven settlement finality or in particular stablecoins twenty four seven capabilities Really pushed the incumbence with that mastercard and visa to expand their capability."
  },
  {
    "start": 1979.52,
    "end": 1990.58,
    "text": "so i'm not saying this would never have happened otherwise but i am saying that the emergence of blockchain with its twenty four seven capabilities."
  },
  {
    "start": 1991.52,
    "end": 1995.04,
    "text": "Really pushed the incumbents to innovate faster."
  },
  {
    "start": 1995.24,
    "end": 2004.04,
    "text": "yeah, I think without the merchants of block chain we will still operate ten or twenty years on an infrastructure that doesn't allow twenty four."
  },
  {
    "start": 2005.5,
    "end": 2012.7,
    "text": "We will follow closely also how many of these oil, what's the volume ultimately that it would be cleared by stablecoins with Visa."
  },
  {
    "start": 2013.26,
    "end": 2019.7,
    "text": "They've announced quite some time ago I recently read so far It has not been used So much."
  },
  {
    "start": 2020.18,
    "end": 2037.26,
    "text": "obviously depends on the uptake of the issuers and the acquirers That they agree that they want to use stablecoins And i think particular product that they might also then sell to the merchants, for example for intraday payouts or payouts on the weekend."
  },
  {
    "start": 2038.04,
    "end": 2048.98,
    "text": "For domestic transactions here this is possible with instant payments but in particular when cross-border clearing comes into play."
  },
  {
    "start": 2049.639,
    "end": 2052.9,
    "text": "I think stablecoins could fill a gap."
  },
  {
    "start": 2053.26,
    "end": 2062.82,
    "text": "so far it couldn't be provided and ultimately the money moving faster into the bank account of the merchants."
  },
  {
    "start": 2063.52,
    "end": 2075.7,
    "text": "And yeah, next to an announcement that MasterCard wants to use stablecoin rails there's also been a news that Mastercard Stripe and Visa are supposedly working on new stablecoin."
  },
  {
    "start": 2076.3,
    "end": 2081.64,
    "text": "so this is not yet an official statement but it was widely spread in the news."
  },
  {
    "start": 2082.56,
    "end": 2095.02,
    "text": "these companies among others also Coinbase Apparently, are you thinking about forming a consortium to launch the new stablecoin platform that directly competes then also with CircuitUSD-C and Tether's USDT?"
  },
  {
    "start": 2096.54,
    "end": 2100.1,
    "text": "This was all based on a coin desk article."
  },
  {
    "start": 2100.96,
    "end": 2102.94,
    "text": "That cited anonymous sources."
  },
  {
    "start": 2103.06,
    "end": 2105.78,
    "text": "so there is not yet formal announcement."
  },
  {
    "start": 2106.4,
    "end": 2112.74,
    "text": "no deal nor name or token structure for it has been disclosed but It was widely discussed in the news."
  },
  {
    "start": 2112.8,
    "end": 2118.98,
    "text": "hence we thought This can also already be included here in the news, even though it's not officially supported."
  },
  {
    "start": 2119.06,
    "end": 2121.46,
    "text": "And why is this interesting?"
  },
  {
    "start": 2121.58,
    "end": 2127.06,
    "text": "that these companies come together and think about issuing a new stablecoin?"
  },
  {
    "start": 2127.6,
    "end": 2138.7,
    "text": "Well obviously to break this duopoly we currently see... ...and eventually you'll think of new revenue share models."
  },
  {
    "start": 2138.76,
    "end": 2140.96,
    "text": "because Yeah, for example Coinbase."
  },
  {
    "start": 2141.3,
    "end": 2143.82,
    "text": "They profit quite strongly here from USDC."
  },
  {
    "start": 2144.12,
    "end": 2145.84,
    "text": "so that would be quite interesting."
  },
  {
    "start": 2146.38,
    "end": 2158.28,
    "text": "if they really think about forming a new stablecoin then clearly the revenue model is interested in how their distribution share or the revenue share based on the distribution is allocated."
  },
  {
    "start": 2158.84,
    "end": 2171.06,
    "text": "Coinbase keeps hundred percent of interest income from USDc held its own exchange and splits remaining Revenue fifty-fifty for you to see with here a circle, obviously."
  },
  {
    "start": 2171.62,
    "end": 2189.08,
    "text": "And those distribution deals ultimately are the most interesting pieces of the stablecoins because stablecoins have this very nice interest income that should then be distributed through those who distribute the stablecoin."
  },
  {
    "start": 2189.18,
    "end": 2206.38,
    "text": "so we will definitely also follow it closely where lots of other initiatives have been announced and released, but maybe jumping now also to central banks and commercial banks again."
  },
  {
    "start": 2206.78,
    "end": 2214.02,
    "text": "Two news that I've brought with is the clearinghouse and its shareholder banks."
  },
  {
    "start": 2214.82,
    "end": 2225.14,
    "text": "They've announced they really want a settlement infrastructure for settling tokenized deposit transactions in its member banks."
  },
  {
    "start": 2226.38,
    "end": 2227.4,
    "text": "What is the clearing house?"
  },
  {
    "start": 2227.48,
    "end": 2239.42,
    "text": "It's basically a joint venture of major banks that have formed this clearing infrastructure, which clears and settles transactions between different banks."
  },
  {
    "start": 2240.12,
    "end": 2243.56,
    "text": "Predominantly ACH and faster payment transactions."
  },
  {
    "start": 2243.66,
    "end": 2247.92,
    "text": "but it also has high value transfer settlement infrastructure."
  },
  {
    "start": 2248.5,
    "end": 2254.1,
    "text": "So its comparable to the EBA in Europe Which are private institutions."
  },
  {
    "start": 2256.26,
    "end": 2264.36,
    "text": "And yeah, it has direct connectivity into central bank money and therefore can settle between tokenized deposits of the different banks."
  },
  {
    "start": 2265.22,
    "end": 2294.56,
    "text": "So here ultimately we'll work together was announced JPMorgan Chase Bank Of America city group Wells Fargo were named but there are other banks also that our shareholders off this joint venture and they will automatically build a new network to the different tokenized deposit platforms of their respective banks, and therefore then allow a legitly twenty-four seven settlement across the different tokens as deposit platforms."
  },
  {
    "start": 2295.18,
    "end": 2322.54,
    "text": "So our dear listeners obviously know that tokenized deposits platforms lack still interoperability in the settlement layer between them, particularly when they are bank centric or run on bank-centric blockchains is where the clearinghouse wants to target their need for settlement and ultimately provide a settlement kit that stitches together with different bank-centric blockchain networks."
  },
  {
    "start": 2323.12,
    "end": 2327.82,
    "text": "And therefore then settle in central bank money, so quite an interesting news."
  },
  {
    "start": 2327.88,
    "end": 2336.94,
    "text": "it was all over the press... To my view it's misrepresented by mentioning of banks built together something."
  },
  {
    "start": 2337.46,
    "end": 2345.56,
    "text": "My reading and understanding that the clearinghouse will provide this settlement network, which can then connect to networks of banks."
  },
  {
    "start": 2346.42,
    "end": 2353.3,
    "text": "So indirectly the banks are building something but rather it's a clearing house and builds exactly that."
  },
  {
    "start": 2353.96,
    "end": 2383.12,
    "text": "This is ultimately result from a sprint that has been taking place I think earlier in last year we reported on it where the Zell Network A joint network of all the different banks have been rather focusing then after the outcome of this joint sprint on stablecoins and The clearing house decided to rather focus on settlement of token as deposit in."
  },
  {
    "start": 2383.2,
    "end": 2387.84,
    "text": "This is now the official announcement that they do plan To provide this network."
  },
  {
    "start": 2388.1,
    "end": 2391.68,
    "text": "yeah, last but not least And the last news is Enbridge?"
  },
  {
    "start": 2391.98,
    "end": 2400.14,
    "text": "We've talked a lot about Enbridge already which is just joined whole state CBDC Network different central banks around the world."
  },
  {
    "start": 2400.76,
    "end": 2414.32,
    "text": "So here we are talking Chinese central bank, the central bank from Hong Kong Thailand UAE and Saudi Arabia coming together to build this joint platform for interoperable wholesale CBDCs."
  },
  {
    "start": 2414.8,
    "end": 2440.8,
    "text": "there were some test transactions over the last years but now they really want to commercialize this platform in China is continuing take hold of this infrastructure and getting ready for the commercial rollout, that should also support the overall Belt & Road Initiative in China to allow more efficient settlement of wholesale CBDCs against each other."
  },
  {
    "start": 2441.88,
    "end": 2453.6,
    "text": "And therefore a settlement of FX transactions without needing to go through US dollars as trading pair but offering direct FX between those currencies."
  },
  {
    "start": 2454.12,
    "end": 2463.22,
    "text": "They didn't reveal the exact date of the commercial launch, but they said that preparation was advanced and were working towards official go-life."
  },
  {
    "start": 2464.26,
    "end": 2474.96,
    "text": "Quite interestingly what has been announced are also figures which I still rather small when you compare it to other settlement figures than they see minuscule."
  },
  {
    "start": 2475.1,
    "end": 2495.3,
    "text": "so Enbridge had processed roughly four hundred seventy billion yuan which is about sixty nine billion dollars in cumulative cross-border settlement up from a fifty five billion the Atlantic Council tracked last November and across more than four thousand transactions."
  },
  {
    "start": 2495.34,
    "end": 2497.48,
    "text": "That sounds big, but that's absolutely not big."
  },
  {
    "start": 2498.1,
    "end": 2509.92,
    "text": "so common figure Swift cited that it roughly settles five trillion dollar every day globally compared to sixty nine billion in cumulative."
  },
  {
    "start": 2512.44,
    "end": 2522.04,
    "text": "And also they estimate to fifty-five million messages per day, compared that with the four thousand transactions set on their platform."
  },
  {
    "start": 2522.14,
    "end": 2533.72,
    "text": "So it's absolutely tiny so far and comparable to other settlement systems or chips which is actually operated by The Clearinghouse that we just talked about."
  },
  {
    "start": 2534.0,
    "end": 2535.04,
    "text": "It's two trillion per day!"
  },
  {
    "start": 2538.66,
    "end": 2543.46,
    "text": "or the euro system at least, it's roughly three and a half trillion dollar."
  },
  {
    "start": 2544.14,
    "end": 2545.7,
    "text": "sorry in this case Euro obviously per day."
  },
  {
    "start": 2546.3,
    "end": 2550.88,
    "text": "So yeah still room to grow but let's follow that closely."
  },
  {
    "start": 2551.22,
    "end": 2556.04,
    "text": "how they will play out whether these new initiatives can actually scale up?"
  },
  {
    "start": 2556.4,
    "end": 2562.04,
    "text": "And then provide global settlement directly in CentroBank money between those different center banks."
  },
  {
    "start": 2563.08,
    "end": 2577.24,
    "text": "so That was it for the uptake of another month with lots of stable kind initiatives, but also here again the uptick off central banks and traditional banks during token as deposits."
  },
  {
    "start": 2578.7,
    "end": 2581.0,
    "text": "Yeah thanks for that summary Manu."
  },
  {
    "start": 2581.24,
    "end": 2583.74,
    "text": "let's now move to regulation policy."
  },
  {
    "start": 2584.04,
    "end": 2586.82,
    "text": "at a public money CBDC debate."
  },
  {
    "start": 2587.42,
    "end": 2594.1,
    "text": "there is an interesting question going on in that whole rain ran this who anchors the tokenized economy?"
  },
  {
    "start": 2594.38,
    "end": 2597.08,
    "text": "public money or private stable coins?"
  },
  {
    "start": 2597.16,
    "end": 2599.28,
    "text": "and there is a transatlantic split."
  },
  {
    "start": 2600.58,
    "end": 2603.26,
    "text": "That is increasingly getting sharper in Europe."
  },
  {
    "start": 2603.32,
    "end": 2607.18,
    "text": "the ECB laid out its most coherent public money doctrine."
  },
  {
    "start": 2607.26,
    "end": 2610.74,
    "text": "get specifically Mrs Schnabel and mrs Lagarde."
  },
  {
    "start": 2611.14,
    "end": 2621.68,
    "text": "then the commission opened it's first major my car review at the bank of England finalized notably conservative, stable coin regime interned."
  },
  {
    "start": 2621.92,
    "end": 2626.06,
    "text": "The direction is the mirror image."
  },
  {
    "start": 2627.36,
    "end": 2644.48,
    "text": "Congress is moving to ban a retail CBDC while protecting private-dollar stablecoins, and the Fed's own governor frames those stablecoins as an extension of American monetary power rather than threat."
  },
  {
    "start": 2645.42,
    "end": 2659.8,
    "text": "Underneath all that political noise and this transatlantic splits... The supervisors are building the cross-border planning, specifically EBA and NYDFS."
  },
  {
    "start": 2660.68,
    "end": 2672.32,
    "text": "So it's the same facts but its opposite conclusions on two sides of the Atlantic is to mirror image bats or future money."
  },
  {
    "start": 2672.48,
    "end": 2681.88,
    "text": "let us now go through them in a bit more detail and let me start on the European ends with ECB's case against stablecoins."
  },
  {
    "start": 2681.96,
    "end": 2685.82,
    "text": "So we had even two major ECB speeches, June."
  },
  {
    "start": 2685.88,
    "end": 2696.06,
    "text": "they're taking together amount to so far most complete public money doctrine the ECB has put out To me."
  },
  {
    "start": 2696.5,
    "end": 2699.94,
    "text": "the first was Isabel Schnabel in Seoul on the first of June."
  },
  {
    "start": 2700.0,
    "end": 2700.54,
    "text": "her frame."
  },
  {
    "start": 2700.74,
    "end": 2708.76,
    "text": "Was quite brilliant actually because she didn't reach for crypto analogies She reached for money market funds."
  },
  {
    "start": 2709.0,
    "end": 2720.44,
    "text": "argument is that stable coins are basically a rerun off the Money Market Fund story from the nineteen seventies Onward and that history testers exactly what to worry about."
  },
  {
    "start": 2720.96,
    "end": 2724.94,
    "text": "yeah, so one run risk when confidence cracks."
  },
  {
    "start": 2725.24,
    "end": 2736.06,
    "text": "These instruments are prone to panic redemptions, just like the reserve primary fund breaking the buck in two thousand eights than the two fire sales."
  },
  {
    "start": 2736.18,
    "end": 2741.08,
    "text": "so mass Redemption's force issues too dumb preserve assets."
  },
  {
    "start": 2741.2,
    "end": 2746.64,
    "text": "and if those reserves our government bonds you get spillover into sovereign debt markets."
  },
  {
    "start": 2746.82,
    "end": 2766.5,
    "text": "And her third argument this is The specific European twist of his speech Contagion into banks because under mica stablecoin issues have to hold a big chunk of reserves at least thirty percent rising two sixty percent for significant tokens as bank Deposit."
  },
  {
    "start": 2766.62,
    "end": 2771.04,
    "text": "so a stable coin collapse transmits straight Into the banking sector."
  },
  {
    "start": 2771.7,
    "end": 2781.38,
    "text": "then her fourth argument distortion of monetary policy Because issuers parking hundreds of billions in short-term t-bills compress yields."
  },
  {
    "start": 2781.86,
    "end": 2783.76,
    "text": "add the short end of the curve."
  },
  {
    "start": 2784.12,
    "end": 2787.6,
    "text": "and five in her speech, the entrenchment."
  },
  {
    "start": 2788.28,
    "end": 2797.36,
    "text": "Of dollar dominance since roughly ninety nine percent off stable coins are dollars denominated depending on the numbers you look at."
  },
  {
    "start": 2799.02,
    "end": 2810.54,
    "text": "And second two weeks later than on June fifteen Christine Lagarde gave a similar if not same thesis but with much bigger frame."
  },
  {
    "start": 2811.3,
    "end": 2826.54,
    "text": "She did so at the ECB's own conference called money in transition shio with the medieval fairs of champagne where a divided Europe once set it its account as one which is."
  },
  {
    "start": 2827.58,
    "end": 2831.42,
    "text": "Cool rhetoric but the substance underneath was really cool."
  },
  {
    "start": 2831.54,
    "end": 2833.54,
    "text": "so she brought up killer statistic."
  },
  {
    "start": 2834.0,
    "end": 2843.8,
    "text": "that is still has, Thirty two central securities depositories keeping these records while the United States has to."
  },
  {
    "start": 2844.52,
    "end": 2849.88,
    "text": "that fragmentation is In her eyes kind of a disease and her pitch."
  },
  {
    "start": 2850.04,
    "end": 2851.24,
    "text": "Is there tokenization?"
  },
  {
    "start": 2851.34,
    "end": 2856.4,
    "text": "It's though once in a generation chance To build a single settlement layer, but it isn't her words."
  },
  {
    "start": 2856.98,
    "end": 2868.28,
    "text": "Complete from the start rather than trying to be thirty-two national systems together after The fact and critically she said The market told the ECB directly."
  },
  {
    "start": 2868.52,
    "end": 2879.1,
    "text": "so she listened to the markets and heard more than sixty participants made clear they will not issue digital assets at scale until that can settle in central bank money."
  },
  {
    "start": 2879.68,
    "end": 2881.12,
    "text": "That's what you proposed."
  },
  {
    "start": 2881.24,
    "end": 2896.16,
    "text": "on cross border she framed tips interlinking strategy, built with India's UPI, the advanced work on nexus network in south east Asia and Switzerland SIC IP system."
  },
  {
    "start": 2896.66,
    "end": 2902.36,
    "text": "Explicitly as a way to take window out of dollar stable coin sales and cross-border payments."
  },
  {
    "start": 2902.7,
    "end": 2907.42,
    "text": "My take here is whatever you think off conclusions for two ladies."
  },
  {
    "start": 2907.62,
    "end": 2914.84,
    "text": "this now fully formed doctrine by use or not set up nervous warning there."
  },
  {
    "start": 2916.0,
    "end": 2925.32,
    "text": "To me, it rests on real monetary theory argument that the risk-free elastic settlement asset has to be public."
  },
  {
    "start": 2926.08,
    "end": 2931.48,
    "text": "That's a serious position the community needs consider and we should treat as such."
  },
  {
    "start": 2931.94,
    "end": 2933.7,
    "text": "so much about these two speeches."
  },
  {
    "start": 2934.38,
    "end": 2937.42,
    "text": "I found them quite interesting and remarkable."
  },
  {
    "start": 2937.7,
    "end": 2941.1,
    "text": "they now push strongly against stablecoins."
  },
  {
    "start": 2942.84,
    "end": 2955.72,
    "text": "I felt that also the BIS has recently, over the last weeks again further strengthened their arguments against stablecoins."
  },
  {
    "start": 2956.86,
    "end": 2982.42,
    "text": "So they're really focused on explaining again that central bank money is a kit that keeps the money single so it's always introduced as concept and ultimately allows settlement between different... issuers, which are banks obviously and that they really do not want to see a future where stablecoins play a major role in comparison."
  },
  {
    "start": 2992.56,
    "end": 2992.66,
    "text": "All"
  },
  {
    "start": 2994.16,
    "end": 2996.44,
    "text": "right, and then there is the mica review."
  },
  {
    "start": 2996.56,
    "end": 3003.7,
    "text": "so at the same time At The European Commission isn't sitting still on the private side either."
  },
  {
    "start": 3003.88,
    "end": 3017.34,
    "text": "So On May the consultation under functioning of my car open until August the thirty first with both a public track And they targeted technical track."
  },
  {
    "start": 3017.74,
    "end": 3028.48,
    "text": "people are already calling this my car version two, and it's the most significant European crypto consultation since your original work back in twenty nineteen hour."
  },
  {
    "start": 3029.08,
    "end": 3036.76,
    "text": "Dear former guest Patrick Hansens read on the live question is worth flagging here at a cool LinkedIn post."
  },
  {
    "start": 3036.8,
    "end": 3041.88,
    "text": "so The big one is mighty issuer stablecoin structures."
  },
  {
    "start": 3042.16,
    "end": 3045.72,
    "text": "micah version one assumed one token one issue."
  },
  {
    "start": 3046.0,
    "end": 3053.04,
    "text": "but global stablecoin infrastructure increasingly uses distributed issues structures across jurisdictions."
  },
  {
    "start": 3053.6,
    "end": 3055.8,
    "text": "so this about whether global issues can."
  },
  {
    "start": 3056.54,
    "end": 3059.38,
    "text": "Even operate cleanly in the you know."
  },
  {
    "start": 3059.56,
    "end": 3071.96,
    "text": "and then there's the economic viability of asset reference tokens where at the version one, Requirements are arguably so strict they're commercially unworkable."
  },
  {
    "start": 3072.54,
    "end": 3075.42,
    "text": "also an argument i heard at the point zero forum."
  },
  {
    "start": 3075.6,
    "end": 3077.58,
    "text": "then there's defy anger."
  },
  {
    "start": 3077.74,
    "end": 3079.06,
    "text": "so staking and."
  },
  {
    "start": 3080.12,
    "end": 3094.7,
    "text": "Landing ray zone that version one mostly punted on, and then there is a line between money tokens and tokenize deposits which matters as european banks build their own on chain payment instrument."
  },
  {
    "start": 3094.82,
    "end": 3097.08,
    "text": "So where is the line to be drawn here?"
  },
  {
    "start": 3097.72,
    "end": 3107.22,
    "text": "And then ultimately also in Europe, we have a move by the EBA and The New York DFS."
  },
  {
    "start": 3107.56,
    "end": 3116.62,
    "text": "there's an MOU, a Memorandum of Understanding between two entities which came on the second of June."
  },
  {
    "start": 3116.68,
    "end": 3129.4,
    "text": "so the European Banking Authority signed such a memorandum of understanding with the New York State Department of Financial Services on supervising cross-border stablecoin activity."
  },
  {
    "start": 3129.72,
    "end": 3147.54,
    "text": "This is under article one hundred twenty six of Micah, which lets the EBA strike information sharing agreements with third country supervisors as actually quite interesting because this cross-country supervision is fairly new at least to me."
  },
  {
    "start": 3148.58,
    "end": 3156.4,
    "text": "We have genius and clarity in the US, we have a Micah in you but really there's cross-continental or cross jurisdiction."
  },
  {
    "start": 3156.8,
    "end": 3167.1,
    "text": "regulation is something required in the crypto institutional DLT space But only early signs of it show up now with this memorandum of understanding."
  },
  {
    "start": 3167.2,
    "end": 3169.4,
    "text": "so no worries, no big regulatory moves here."
  },
  {
    "start": 3169.44,
    "end": 3171.5,
    "text": "It's an MOU nothing more"
  },
  {
    "start": 3172.84,
    "end": 3178.56,
    "text": "to the same direction as also the BIS has stressed a lot now over the last days."
  },
  {
    "start": 3179.3,
    "end": 3186.2,
    "text": "And I think in their yearly economic report, they also spend some pages on that."
  },
  {
    "start": 3186.48,
    "end": 3195.86,
    "text": "there's need for stronger cooperation between the different regulators and the respective jurisdictions to regulate stablecoins jointly."
  },
  {
    "start": 3201.08,
    "end": 3219.76,
    "text": "regulation because they are global instruments and if you don't want to go into a direction where there's domestic regulated smart contracts, ultimately that issue the stablecoins for example Euro or Europe USDC in the USA USDC."
  },
  {
    "start": 3220.16,
    "end": 3226.66,
    "text": "Where those two need to be exchanged against each other when they are traded or when they're transferred across borders."
  },
  {
    "start": 3227.72,
    "end": 3237.52,
    "text": "then harmonized regulation, because ultimately then the stablecoin is or can continue to function as a global bearer instrument."
  },
  {
    "start": 3238.06,
    "end": 3246.08,
    "text": "So yeah it goes hand in hand with the stronger push of the BIS to further harmonize the global regulations."
  },
  {
    "start": 3247.0,
    "end": 3253.18,
    "text": "All right and to conclude the European angle of policy regulation and public money."
  },
  {
    "start": 3253.76,
    "end": 3261.34,
    "text": "let's also take a look at The Bank Of England which finalizes A systemic stable corn regime."
  },
  {
    "start": 3261.4,
    "end": 3271.44,
    "text": "on the twenty second of June, The Bank Of England published its final policy statement and that draft code of practice for systemic stable coin issuers."
  },
  {
    "start": 3272.72,
    "end": 3277.04,
    "text": "The headline here is a really you turn from what they consulted on last year."
  },
  {
    "start": 3277.14,
    "end": 3283.24,
    "text": "so remember the original proposal had this twenty thousand pound holding cap per individual."
  },
  {
    "start": 3283.36,
    "end": 3292.9,
    "text": "The idea was to stop people pulling deposits out of commercial banks and parking them in stablecoins, which would hit the banking system's ability to lend."
  },
  {
    "start": 3293.24,
    "end": 3295.36,
    "text": "this is now reversed."
  },
  {
    "start": 3295.42,
    "end": 3303.74,
    "text": "instead they are introducing a temporary issuance guardrail off forty billion pounds per systemic stablecoin."
  },
  {
    "start": 3303.82,
    "end": 3313.64,
    "text": "so rather than policing every individual wallet there capping that total size up each coin Same policy goal here, but really protecting credit provision."
  },
  {
    "start": 3313.78,
    "end": 3316.62,
    "text": "But in their words cheap and easier to implement."
  },
  {
    "start": 3316.76,
    "end": 3321.66,
    "text": "that allows unrestricted use by households and businesses are so cool pivoting I think."
  },
  {
    "start": 3322.26,
    "end": 3329.86,
    "text": "importantly they've said this got where it gets riveted regularly and removed once the risk two lending is dead with all right?"
  },
  {
    "start": 3330.5,
    "end": 3332.42,
    "text": "So much about the European side."
  },
  {
    "start": 3332.6,
    "end": 3344.92,
    "text": "now let's really move through the US angle were the u.s.. Senate passes A housing bill with a four year fat cbdc ban."
  },
  {
    "start": 3345.18,
    "end": 3355.74,
    "text": "so on the twenty second of june that u.s.. Senate passed the twenty first century road to housing x by eighty five boats two five."
  },
  {
    "start": 3355.8,
    "end": 3367.72,
    "text": "it's primarily an affordable housing the most significant housing legislation decades in the States, restricting Wall Street from buying up single-family homes and funding new construction."
  },
  {
    "start": 3368.1,
    "end": 3379.88,
    "text": "But buried inside it is a clause that bans the Federal Reserve for issuing a central bank digital currency until the end of twenty thirty."
  },
  {
    "start": 3380.06,
    "end": 3385.64,
    "text": "so this really interesting at the irony Building one."
  },
  {
    "start": 3385.72,
    "end": 3391.76,
    "text": "so this is legislation against something that barely exists beyond a research topic."
  },
  {
    "start": 3391.98,
    "end": 3394.54,
    "text": "after twenty thirty any digital dollar would need."
  },
  {
    "start": 3395.26,
    "end": 3397.72,
    "text": "explicit congressional authorization."
  },
  {
    "start": 3398.46,
    "end": 3402.54,
    "text": "there's a deliberate carve out for permission less private dollar token."
  },
  {
    "start": 3402.7,
    "end": 3406.12,
    "text": "so circles usdc and tethered usdt are untouched."
  },
  {
    "start": 3406.68,
    "end": 3408.7,
    "text": "mean they aren't cbdcs after all."
  },
  {
    "start": 3408.78,
    "end": 3415.2,
    "text": "anyways the framing from republican lawmakers is that i see bdc is a surveillance tool."
  },
  {
    "start": 3415.94,
    "end": 3419.96,
    "text": "And it read to commercial banking, model."
  },
  {
    "start": 3420.04,
    "end": 3420.12,
    "text": "yeah."
  },
  {
    "start": 3420.24,
    "end": 3421.84,
    "text": "so it's not fully law."
  },
  {
    "start": 3421.96,
    "end": 3429.26,
    "text": "yet trump is reportedly delaying his signature trying it to a separate elections bill the save america act."
  },
  {
    "start": 3429.64,
    "end": 3430.88,
    "text": "but that direction."
  },
  {
    "start": 3431.42,
    "end": 3436.02,
    "text": "Is ever more clear in the united states and united states ended bills on trams."
  },
  {
    "start": 3436.22,
    "end": 3436.66,
    "text": "january."
  },
  {
    "start": 3436.72,
    "end": 3447.86,
    "text": "twenty-twenty five executive order against a digital dollar, end of new fat chair worse calling cbdc a bad policy decision during this confirmation."
  },
  {
    "start": 3448.14,
    "end": 3448.46,
    "text": "Yeah, Michi."
  },
  {
    "start": 3448.84,
    "end": 3466.2,
    "text": "As you said in order to get something like a CBDC done in the US it would need to go through Congress and given that there's already an executive order being signed by Trump I wouldn't have expected that a retail CBDC will ever come right?"
  },
  {
    "start": 3466.76,
    "end": 3473.92,
    "text": "But now here in this housing act has very close that prevents the Fed from issuing a CBDC."
  },
  {
    "start": 3474.68,
    "end": 3478.68,
    "text": "The key question is does it include a whole state CBDC as well, right?"
  },
  {
    "start": 3478.74,
    "end": 3484.62,
    "text": "And I think I've read also some interpretations that tokenized reserves for example are still possible."
  },
  {
    "start": 3485.3,
    "end": 3492.9,
    "text": "That's the lingo used by Fed Governors and Fed Officials talking about wholesale CVDCs."
  },
  {
    "start": 3493.38,
    "end": 3502.28,
    "text": "given that CVDC is such a burned name or ultimately you cannot use CVDC anymore You need to call it Tokenized Reserve."
  },
  {
    "start": 3502.52,
    "end": 3503.92,
    "text": "Quite an interesting move."
  },
  {
    "start": 3504.02,
    "end": 3517.28,
    "text": "now Let's see, because ultimately the Fed is also participating in Project Agura where there obviously need for issuing a wholesale CBDC or tokenized reserves and that seems to be still feasible."
  },
  {
    "start": 3518.52,
    "end": 3522.48,
    "text": "My take after all they are banning something The FED never was building."
  },
  {
    "start": 3522.56,
    "end": 3525.08,
    "text": "so there is no real CBDC project."
  },
  {
    "start": 3525.14,
    "end": 3531.12,
    "text": "So this rather symbolic but it really cements public money divergence."
  },
  {
    "start": 3534.14,
    "end": 3537.68,
    "text": "If it wasn't clear to you, now is no CBDC in the US."
  },
  {
    "start": 3538.42,
    "end": 3541.8,
    "text": "All right then also updates on clarity."
  },
  {
    "start": 3543.96,
    "end": 3547.08,
    "text": "The Clarity Act cleared Senate banking."
  },
  {
    "start": 3547.34,
    "end": 3552.3,
    "text": "fifteen two nine building on the genius act from July twenty-twenty five."
  },
  {
    "start": 3552.34,
    "end": 3560.0,
    "text": "so with enshrined stable coins as a distinct category quote unquote permitted payment."
  },
  {
    "start": 3560.1,
    "end": 3570.0,
    "text": "stable coins enhance that CFTC primary authority over spot crypto commodities like Bitcoin and it leaves securities with the SEC."
  },
  {
    "start": 3570.54,
    "end": 3574.56,
    "text": "It's finally drawing a line under that whole turf war, yeah?"
  },
  {
    "start": 3574.92,
    "end": 3589.72,
    "text": "There is one interesting detail to watch advance paying direct interest on simply holding a stablecoin which has a win for the bank lobby in the States worried about deposit flight but it allows transaction based rewards."
  },
  {
    "start": 3590.04,
    "end": 3596.57,
    "text": "so analysts put a final twenty, twenty six passage at roughly fifty-fifty."
  },
  {
    "start": 3597.53,
    "end": 3599.19,
    "text": "So you know my take already."
  },
  {
    "start": 3599.35,
    "end": 3614.57,
    "text": "if the world power number one and the largest economy finally rose out in first market structure regulation for blockchain then I'm happy they take their time and they negotiated carefully."
  },
  {
    "start": 3615.23,
    "end": 3620.13,
    "text": "some critics criticize or complain that it's taking so long but i think its good."
  },
  {
    "start": 3620.73,
    "end": 3622.17,
    "text": "This is carefully negotiated."
  },
  {
    "start": 3622.49,
    "end": 3623.25,
    "text": "Yeah, good."
  },
  {
    "start": 3623.73,
    "end": 3627.55,
    "text": "and this brings us to the ultimate news."
  },
  {
    "start": 3627.67,
    "end": 3635.85,
    "text": "in US on the very first of May fat governor Christopher Waller was speaking in a Dubrovnik."
  },
  {
    "start": 3636.49,
    "end": 3643.41,
    "text": "He said that spread off dollar stable coins around the world will broaden The reach of u.s monetary policy."
  },
  {
    "start": 3644.15,
    "end": 3654.59,
    "text": "his exact framing as countries that adopt them are quote unquote like a fixed exchange rate system importing u.s monetary monetary conditions."
  },
  {
    "start": 3654.75,
    "end": 3662.03,
    "text": "now sit with that for a second because it's really the perfect mirror of schnapple and lagart who also had speeches."
  },
  {
    "start": 3662.61,
    "end": 3669.37,
    "text": "is this same facts like ninety nine ninety seven to ninety nine percent of stablecoins are two dollar denominated."
  },
  {
    "start": 3669.79,
    "end": 3674.65,
    "text": "they hold hundreds or billions in teabags, But it's true opposite conclusions."
  },
  {
    "start": 3674.75,
    "end": 3688.65,
    "text": "The ECBC dollars stablecoins as a sovereignty threat and the driver of uncontrolled digital dollarization, the Fed which now waller speech shows looks at the same phenomenon and sees a feature not a bug."
  },
  {
    "start": 3688.77,
    "end": 3698.83,
    "text": "so free demand for short-term treasuries that lowers US borrowing costs in the digital entrenchment off dollar dominance especially in emerging markets."
  },
  {
    "start": 3699.63,
    "end": 3705.57,
    "text": "So one continents threat is another continent's strategic asset."
  },
  {
    "start": 3705.81,
    "end": 3717.39,
    "text": "And so you may want to contrast further the two speed or three speeches, a tool on Europe's end and one on US End with Waller."
  },
  {
    "start": 3717.77,
    "end": 3717.85,
    "text": "Yeah!"
  },
  {
    "start": 3718.09,
    "end": 3727.85,
    "text": "With that we close the policy regulation and public money debate of the two sides of the continents."
  },
  {
    "start": 3727.99,
    "end": 3729.99,
    "text": "Manu anything add from your hand?"
  },
  {
    "start": 3731.43,
    "end": 3735.03,
    "text": "Yeah, I mean on the last point just surprisingly direct."
  },
  {
    "start": 3735.11,
    "end": 3744.03,
    "text": "Waller has already been in the past very-very direct about his support of stablecoins and also that ultimately it entrencheds the role of the US dollar."
  },
  {
    "start": 3744.67,
    "end": 3752.33,
    "text": "And also that allows for disbursement of US debt into the world and diversify the holders of U.S."
  },
  {
    "start": 3752.39,
    "end": 3754.29,
    "text": "debts to retail users."
  },
  {
    "start": 3757.27,
    "end": 3768.53,
    "text": "You might think In other parts of the world this would be an imagination, but here they are very clearly stated again."
  },
  {
    "start": 3770.49,
    "end": 3784.15,
    "text": "It's not a secret what the ultimate interest in US government to back stablecoins is about additional displacement and obviously to manifest the role."
  },
  {
    "start": 3786.97,
    "end": 3793.45,
    "text": "So those fears of ECB and Schnabel cannot be wiped away by dismissing them as fear."
  },
  {
    "start": 3793.89,
    "end": 3797.99,
    "text": "No, there are clear statements from fit governance now as well."
  },
  {
    "start": 3798.03,
    "end": 3798.23,
    "text": "again"
  },
  {
    "start": 3799.11,
    "end": 3805.19,
    "text": "Alrighty let's close our June news analysis if you will with our knowledge."
  },
  {
    "start": 3805.27,
    "end": 3805.67,
    "text": "bites."
  },
  {
    "start": 3805.89,
    "end": 3807.25,
    "text": "Manu what do you recommend?"
  },
  {
    "start": 3807.51,
    "end": 3809.41,
    "text": "Our audience to further consume?"
  },
  {
    "start": 3809.97,
    "end": 3818.83,
    "text": "Yes so I brought a BIS working paper by Fabian Scher, Nekikose, Tara Rice and Takeshi Shirakami."
  },
  {
    "start": 3819.69,
    "end": 3827.69,
    "text": "And yeah, Fabian is likely also not an unknown person here to many of you listening this podcast."
  },
  {
    "start": 3828.19,
    "end": 3856.33,
    "text": "he's a researcher at the University of Basel that focuses on public permissionless infrastructure and blockchain in general issuing a very interesting paper, the Anatomy of Stablecoin Transactions where he basically analyzes five hundred and ninety million events from one hundred forty-one million Ethereum transactions across Tether USDC and PayPal."
  },
  {
    "start": 3857.03,
    "end": 3858.67,
    "text": "And his takeaways are quite interesting!"
  },
  {
    "start": 3859.55,
    "end": 3894.79,
    "text": "I would highly encourage to go through that paper if you're interested in how stablecoins actually used because he basically finds out, or the authors found that complex transactions that emit multiple transfer events are roughly sixty percent of all stablecoin transfers which means smart contracts are interacting with each other and therefore orchestrating rather complex transaction sometimes up to one thousand steps orchestrated via DeFi protocols, for example."
  },
  {
    "start": 3895.63,
    "end": 3901.13,
    "text": "So interpreting each transfer as a standalone payment really misclassifies."
  },
  {
    "start": 3901.25,
    "end": 3908.99,
    "text": "then almost six out of ten transfers events that also overstate both stablecoin transfer counts and transferred volumes."
  },
  {
    "start": 3909.79,
    "end": 3916.49,
    "text": "That is quite interesting because we already see by Visa adjusted stablecoin volume flows."
  },
  {
    "start": 3916.79,
    "end": 3934.65,
    "text": "BCGS issued the paper on very recently to dive deeper into how stablecoins are actually used and what's the fraction of real-world payment flows that those interested in how stablecoin is adopted, for example BtoB cross-border payments look at."
  },
  {
    "start": 3935.17,
    "end": 3949.11,
    "text": "So here again, stablecoins rather use complex transactions across multiple hops in DeFi And Fabian sharing colleagues are portraying this very nicely."
  },
  {
    "start": 3950.27,
    "end": 3951.13,
    "text": "Thank you so much manu."
  },
  {
    "start": 3951.29,
    "end": 3952.43,
    "text": "it's definitely on my list."
  },
  {
    "start": 3952.57,
    "end": 3957.71,
    "text": "i appreciate far beyond shares and his co-authors thinking a lot and is writing."
  },
  {
    "start": 3958.57,
    "end": 3975.91,
    "text": "Now moving onto now but to my model knowledge by for our germans because I want to flag a really sharp bite its episode three hundred eighty five of dania status bto podcast called, Digitale Euro."
  },
  {
    "start": 3976.39,
    "end": 3986.35,
    "text": "So it's the perfect counter way to everything we just discussed, We spent this whole or a major part of the episode laying out the ECBs case for public money."
  },
  {
    "start": 3986.55,
    "end": 3993.17,
    "text": "This episode is the serious well-argued case against the digital euro Against Public Money."
  },
  {
    "start": 3993.27,
    "end": 3999.91,
    "text": "so listen to precisely to stress test Europe's narrative Or at least ECB's narrative."
  },
  {
    "start": 3999.97,
    "end": 4009.09,
    "text": "his guest is Volker Wieland Professor of Monetary economics and director of the IMFS at Goethe University Frankfurt."
  },
  {
    "start": 4009.27,
    "end": 4020.13,
    "text": "So one of Germany's leading monetary theorists, it is a heavyweight academic who gave formal testimony to The Bundestag And his one liner I'd remember Is this?"
  },
  {
    "start": 4020.61,
    "end": 4026.15,
    "text": "The Ditchie Eurals is A Solution Searching for a Problem!"
  },
  {
    "start": 4027.17,
    "end": 4035.21,
    "text": "His point was what does actually solve when you can already pay cashless with card sepa instant or barrel?"
  },
  {
    "start": 4035.49,
    "end": 4035.59,
    "text": "yeah."
  },
  {
    "start": 4036.19,
    "end": 4044.05,
    "text": "so enjoy this episode at least for our germans because as the recording is in german."
  },
  {
    "start": 4045.05,
    "end": 4050.65,
    "text": "Good thank you for listening to bfr r and from making it until the end of this slightly long episode."
  },
  {
    "start": 4050.95,
    "end": 4061.93,
    "text": "thank you to you manuel for your super interesting takes and insights And if you enjoy the podcast in this session, please recommend and rate us that helps us the most."
  },
  {
    "start": 4062.17,
    "end": 4063.57,
    "text": "Make sure to subscribe!"
  },
  {
    "start": 4065.09,
    "end": 4071.05,
    "text": "Join next week when we'll be exploring another critical development of digital finance."
  },
  {
    "start": 4071.23,
    "end": 4077.13,
    "text": "Until then – this is Bitcoin Fjedenrakenroll bringing Europe's perspective on digital money and digital assets."
  },
  {
    "start": 4085.69,
    "end": 4086.83,
    "text": "The views expressed"
  },
  {
    "start": 4087.07,
    "end": 4087.17,
    "text": "are"
  },
  {
    "start": 4087.31,
    "end": 4091.73,
    "text": "solely the personal opinions of the hosts and provided for informational purposes"
  },
  {
    "start": 4091.83,
    "end": 4092.03,
    "text": "only."
  },
  {
    "start": 4092.89,
    "end": 4107.59,
    "text": "This podcast does not offer financial or investment advice, always conduct your own research."
  }
]