[
  {
    "start": 15.58,
    "end": 21.92,
    "text": "Hello and welcome to another news episode of BFRR, our Bitcoin Fiat & Rock'n Roll podcast."
  },
  {
    "start": 22.16,
    "end": 31.3,
    "text": "We explore the intersection of traditional finance digital money and digital assets... ...and help you understand how digital money will evolve in the future."
  },
  {
    "start": 32.06,
    "end": 36.519,
    "text": "I am co-host Michael Blaschke and today it's time for another news episode."
  },
  {
    "start": 36.66,
    "end": 51.86,
    "text": "Today we look back to the month of April at discuss key news in institutional blockchain, To this i'm joined by Jonas and Lydia Kurz CEO at Citurion and BX Digital."
  },
  {
    "start": 52.08,
    "end": 52.82,
    "text": "Hi there guys!"
  },
  {
    "start": 52.94,
    "end": 55.64,
    "text": "Lydia how about you introduce yourself briefly?"
  },
  {
    "start": 58.88,
    "end": 60.08,
    "text": "Hi, pleasure to be here."
  },
  {
    "start": 60.14,
    "end": 64.52,
    "text": "Thanks a lot for the invitation looking forward to this interesting podcast hour."
  },
  {
    "start": 65.18,
    "end": 66.96,
    "text": "and yeah you already said that most of those things are."
  },
  {
    "start": 67.0,
    "end": 67.979,
    "text": "CEO at Ceturion."
  },
  {
    "start": 68.52,
    "end": 74.28,
    "text": "it's one off the subsidiaries of Börse Stuttgart Group larger European exchange group."
  },
  {
    "start": 74.82,
    "end": 78.259,
    "text": "Ceturn is a pan-European settlement platform for tokenized assets."
  },
  {
    "start": 78.66,
    "end": 86.919,
    "text": "we also have a subsidiary in Switzerland called Bigstigital which basically speaking an exchange for tokenised asset including also a settlement system."
  },
  {
    "start": 87.62,
    "end": 90.1,
    "text": "And of course, there is no need to introduce Jonas."
  },
  {
    "start": 90.18,
    "end": 91.979,
    "text": "Great to have you with us today again."
  },
  {
    "start": 92.1,
    "end": 92.639,
    "text": "Hi Jonas!"
  },
  {
    "start": 93.139,
    "end": 93.699,
    "text": "Thanks so much."
  },
  {
    "start": 93.759,
    "end": 98.979,
    "text": "I'm glad to be here and good discussions like a lot of interesting topics as always... ...and good to have Lydia on the show again."
  },
  {
    "start": 99.56,
    "end": 111.919,
    "text": "Absolutely indeed we cover a lot Today We start with a market overview including some potential revelations On Satoshi Nakamoto The Sidonimus creator Of Bitcoin."
  },
  {
    "start": 112.02,
    "end": 112.94,
    "text": "That's A Tough Word."
  },
  {
    "start": 113.16,
    "end": 120.46,
    "text": "Then we look at Interesting stablecoin news in the private sector, but also inter public sector."
  },
  {
    "start": 121.3,
    "end": 129.479,
    "text": "And In a final block we look on all things institutional tokenization and threat fire market infrastructure."
  },
  {
    "start": 129.52,
    "end": 139.06,
    "text": "This is one of many reasons why it's great to have Lidia with us today as this really your domain at a Citurion and BX stitch to write."
  },
  {
    "start": 140.18,
    "end": 141.08,
    "text": "so let's dive in."
  },
  {
    "start": 142.18,
    "end": 143.82,
    "text": "Yes, and I mean to kind of set the scene."
  },
  {
    "start": 143.9,
    "end": 152.34,
    "text": "Let's see where the market currently stands in our end off April when we record so i think generally a pretty good month for crypto compared to previous months."
  },
  {
    "start": 152.46,
    "end": 181.84,
    "text": "So we at the end of the month had around two point six trillion market capitalization, a rough ten percent increase over the month and Bitcoin standing at seventy eight K which was also yeah fifteen percent increased compared to the beginning off the month And also crypto ETFs that regained A lot of their initial Yeah let's say loss in volume an asset under management In the previous month Which basically Yeah, it was an increase also related to twenty percent."
  },
  {
    "start": 182.1,
    "end": 203.34,
    "text": "Which I guess driving some of the Bitcoin price increases as well and also Goldman Sachs which is basically now a new player that also entered the bitcoin ETF game cinema maybe little bit later than others like who launched actually quite awhile ago but also Goldman now present with an ETF on Bitcoin."
  },
  {
    "start": 203.44,
    "end": 211.22,
    "text": "for ethereum it was a similar nine percent return on that and i think generally just interesting because crypto here totally."
  },
  {
    "start": 212.48,
    "end": 215.06,
    "text": "Yeah, has performed little bit better than other asset classes."
  },
  {
    "start": 215.34,
    "end": 217.56,
    "text": "so ms ci world for example for stocks what's up?"
  },
  {
    "start": 217.64,
    "end": 219.56,
    "text": "seven percent or six percent?"
  },
  {
    "start": 219.64,
    "end": 221.86,
    "text": "gold kind of around zero percent."
  },
  {
    "start": 221.92,
    "end": 232.0,
    "text": "so generally in a macro environment which was where the tensions were a little bit east In particular with Iran, Bitcoin was basically outperforming some of the asset classes."
  },
  {
    "start": 232.06,
    "end": 234.06,
    "text": "But still on a low level."
  },
  {
    "start": 234.16,
    "end": 239.38,
    "text": "if it's just five percentage point higher but at least a star contrast to previous months I would say"
  },
  {
    "start": 239.88,
    "end": 244.04,
    "text": "Yeah, and a ten percent month for the broader crypto market."
  },
  {
    "start": 244.46,
    "end": 251.68,
    "text": "if you assume that bitcoin at ETH is the broader Crypto Market against a seven percent MSCI world under flat gold print."
  },
  {
    "start": 252.16,
    "end": 254.62,
    "text": "That's really kind of relative performance."
  },
  {
    "start": 254.66,
    "end": 257.68,
    "text": "we want to get attention in allocator meetings."
  },
  {
    "start": 257.82,
    "end": 259.32,
    "text": "end it really should again yeah."
  },
  {
    "start": 259.839,
    "end": 269.56,
    "text": "but then number I actually focus on this conversation is the ETF Assets under management move from eighty eight to one hundred four billion."
  },
  {
    "start": 269.62,
    "end": 278.2,
    "text": "That's a nineteen percent increase in the single month and it's running ahead of the price, which means we're not just seeing market to market."
  },
  {
    "start": 278.28,
    "end": 283.6,
    "text": "We've seen genuine net inflows from allocators who were NOT in the trade thirty days ago."
  },
  {
    "start": 283.82,
    "end": 287.52,
    "text": "so that's the institutional bid showing up in real time here."
  },
  {
    "start": 287.72,
    "end": 294.38,
    "text": "and then Goldman Files their first Bitcoin ETF in twenty twenty six or I'd say late two."
  },
  {
    "start": 294.74,
    "end": 307.46,
    "text": "the party but what this actually tells me at least is holdout tier of Wall Street has now concluded that not having a Bitcoin product is no."
  },
  {
    "start": 308.74,
    "end": 313.46,
    "text": "Rather, a competitive liability regardless off what the internal view on the asset class is."
  },
  {
    "start": 313.52,
    "end": 329.68,
    "text": "so the distribution decision has now decoupled from their conviction decision at least at Goldman internally and that's the moment an asset class becomes structurally embedded in the institutional Stack that is if an institution just has to do it."
  },
  {
    "start": 329.96,
    "end": 335.92,
    "text": "To offer it independent of what a majority Of the staff internally believes."
  },
  {
    "start": 336.3,
    "end": 337.34,
    "text": "Michael The Bullis back."
  },
  {
    "start": 339.34,
    "end": 342.76,
    "text": "Yes, Michael definitely turned turned optimistic again."
  },
  {
    "start": 342.84,
    "end": 345.2,
    "text": "That's very good too."
  },
  {
    "start": 345.24,
    "end": 353.52,
    "text": "here I mean i guess still you know some way up Michael for the market to hit our Our Bitcoin price predictions by end-of-year right at least from mine."
  },
  {
    "start": 353.74,
    "end": 357.08,
    "text": "so yeah We should see a few more months like that."
  },
  {
    "start": 357.74,
    "end": 364.4,
    "text": "Yeah, but maybe just to add I mean i agree with all your interpretation Michael however would be The markets are so wild and volatile You know?"
  },
  {
    "start": 364.56,
    "end": 383.5,
    "text": "I'm a little bit cautious on if this was now a permanent trend That again crypto is outperforming or the rest Or If This Was Just One Month Because Of Course There Are Signals you Know That Showed That This Is Maybe Again Back To The Normal Before But Again Markets Are So Crazy So I wouldn't overinterpret it at that point in time At least if you ask me."
  },
  {
    "start": 384.66,
    "end": 394.66,
    "text": "There are also two kind of interesting related or bitcoin-related news that I think it's worth to discuss today and one highlight definitely is about Satoshi, but we will practice for now."
  },
  {
    "start": 394.98,
    "end": 397.42,
    "text": "Another was basically the Kingdom of Bhutan."
  },
  {
    "start": 398.02,
    "end": 403.38,
    "text": "We talked about them actually quite a few times in this podcast And there were some news."
  },
  {
    "start": 403.6,
    "end": 410.6,
    "text": "they sold seventy percent of their Bitcoin holdings over the last eighteen months so bullish on bitcoin."
  },
  {
    "start": 410.66,
    "end": 422.66,
    "text": "they also were mining and i also wear you know kind of seen as like the bullish bitcoin country who also understood how bitcoin can contribute to a global energy market stabilizations power grids etc."
  },
  {
    "start": 423.4,
    "end": 425.36,
    "text": "but now data indicate that day."
  },
  {
    "start": 425.92,
    "end": 427.22,
    "text": "substantially reduced their holding."
  },
  {
    "start": 427.3,
    "end": 450.04,
    "text": "As I said, seventy percent in the last eighteen months which was from thirteen thousand bitcoins on October twenty-twenty four to around four thousand bit coins today so basically more than two hundred millions that have been sold and also not really if at least a few you know believe data some players put together no meaningful mining activity of course You know, why is this the case?"
  },
  {
    "start": 450.22,
    "end": 451.5,
    "text": "Why are they slowing down."
  },
  {
    "start": 451.88,
    "end": 454.02,
    "text": "Is there a complete change in their policies?"
  },
  {
    "start": 454.1,
    "end": 468.32,
    "text": "maybe just because they may need electricity somewhere right but that's I think something which one could discuss because obviously they were one of the pioneers and now it seems like they reduce activities at least alot in past few months."
  },
  {
    "start": 468.64,
    "end": 468.78,
    "text": "here"
  },
  {
    "start": 469.54,
    "end": 473.14,
    "text": "Am I take the Bhutan story as being misread by many."
  },
  {
    "start": 473.3,
    "end": 482.7,
    "text": "really The headline I often perceive is, quote unquote with sovereign sales bitcoin and the implied narrative that at least reaches me."
  },
  {
    "start": 482.8,
    "end": 486.02,
    "text": "Is there a state lost conviction in Bitcoin?"
  },
  {
    "start": 486.42,
    "end": 488.6,
    "text": "And That's not what happened here to me."
  },
  {
    "start": 488.72,
    "end": 497.08,
    "text": "What actually In my interpretation happen is that Bhutan ran The most successful sovereign Bitcoin strategy of any country in the world."
  },
  {
    "start": 497.14,
    "end": 513.36,
    "text": "they monetized stranded hydropower inner treasury as it wrote it from accumulation to a peak position of around thirteen thousand bitcoin and are now systematically rotating out at materially higher prices than they mind that."
  },
  {
    "start": 513.439,
    "end": 519.459,
    "text": "So, uh...that's not the capitulation that some of these media coverages imply."
  },
  {
    "start": 519.86,
    "end": 523.24,
    "text": "That is actually textbook treasury management of estates."
  },
  {
    "start": 523.48,
    "end": 530.54,
    "text": "The fact we're not used seeing sovereign executed with this level of disciplines has more about our expectations."
  },
  {
    "start": 530.62,
    "end": 537.06,
    "text": "then bout butan I applaud Gutan for their discipline in treasury management."
  },
  {
    "start": 537.78,
    "end": 546.52,
    "text": "And obviously you also never know or don't know why they did this move, but that's the interesting thing with Bitcoin mining – you can always switch on and off."
  },
  {
    "start": 546.859,
    "end": 547.92,
    "text": "the mining devices, right?"
  },
  {
    "start": 548.0,
    "end": 551.06,
    "text": "So if you have a lot of excess energy."
  },
  {
    "start": 551.339,
    "end": 552.14,
    "text": "You can turn it on."
  },
  {
    "start": 552.219,
    "end": 559.56,
    "text": "and I mean there are also some sources that say one of the reasons why they shut this more down is really that they export more energy to India in other countries."
  },
  {
    "start": 560.42,
    "end": 562.28,
    "text": "so just another use for that."
  },
  {
    "start": 562.939,
    "end": 569.68,
    "text": "but here i think it shows which role Bitcoin can play in stabilizing all these energy supply."
  },
  {
    "start": 574.04,
    "end": 576.56,
    "text": "Yeah, definitely an interesting one here as well."
  },
  {
    "start": 598.8,
    "end": 604.42,
    "text": "of the Point Zero Forum and will be reporting live on site with the full co-host team."
  },
  {
    "start": 605.26,
    "end": 616.719,
    "text": "Organized by the Global Finance & Technology Network, and the Swiss State Secretariat of Finance The Point Zero forum takes place in Zurich from twenty third to twenty fifth June."
  },
  {
    "start": 616.939,
    "end": 617.68,
    "text": "twenty twenty six."
  },
  {
    "start": 618.319,
    "end": 623.38,
    "text": "this year's lineup includes swiss federal councillor Karin Keller Souter."
  },
  {
    "start": 637.54,
    "end": 644.839,
    "text": "The agenda covers everything from AI in financial services and digital assets of stablecoins, tokenization."
  },
  {
    "start": 645.42,
    "end": 668.339,
    "text": "And the new regulatory frontier where Come meet us in Zurich, register at pointzeroforum.com and as a BFRR listener you get thirty percent off the full-price industry pass with code BFRR Twenty twenty six."
  },
  {
    "start": 669.859,
    "end": 673.9,
    "text": "I repeat BFR R Twenty Twenty Six."
  },
  {
    "start": 675.54,
    "end": 680.599,
    "text": "And then another news peace news or maybe also non-news let's see."
  },
  {
    "start": 681.099,
    "end": 695.66,
    "text": "but this is about Satoshi because there were a few And I'm really excited to talk about that because it's always very entertaining and i'm really curious To get your perspective on that, Because we know that Satoshi Nakamoto is basically the pseudonymous creator of bitcoin published."
  },
  {
    "start": 695.739,
    "end": 697.439,
    "text": "The white paper twenty eight started."
  },
  {
    "start": 697.5,
    "end": 703.719,
    "text": "so the Bitcoin you Know kind of platform protocol in two thousand two thousand nine."
  },
  {
    "start": 703.76,
    "end": 705.719,
    "text": "but also identity has never been proven."
  },
  {
    "start": 705.939,
    "end": 711.839,
    "text": "So there was a lot of mystery around who was this Probably brilliant mind that created Bitcoin."
  },
  {
    "start": 711.959,
    "end": 713.9,
    "text": "I think there's also a little bit part of Bitcoin."
  },
  {
    "start": 714.56,
    "end": 723.859,
    "text": "and interesting thing is now, in this one month two news have been dropped or to findings if you will who Satoshi could be?"
  },
  {
    "start": 724.839,
    "end": 729.719,
    "text": "One was from the New York Times where kind of an investigative journalist started."
  },
  {
    "start": 729.959,
    "end": 742.099,
    "text": "the whole Satoshi finding all over has brought some names forward And basically documentary who was produced by our New York Times bestselling author, also brought a few new names to that."
  },
  {
    "start": 742.16,
    "end": 743.42,
    "text": "So that's why we discuss it now."
  },
  {
    "start": 743.5,
    "end": 751.76,
    "text": "you may think about discussing for this now for eighteen years right now but thats really the reason they have been."
  },
  {
    "start": 752.939,
    "end": 770.92,
    "text": "some new names or established names come up and I want use a little bit deeper into Who can be Satoshi and who is basically in this whole discussion already, being a candidate for being Satoshi Nakamoto."
  },
  {
    "start": 771.719,
    "end": 774.18,
    "text": "So to bring it also into perspective there are few names."
  },
  {
    "start": 774.339,
    "end": 774.52,
    "text": "again."
  },
  {
    "start": 775.599,
    "end": 798.479,
    "text": "its very interesting if somebody would know who satoshi is because that will be some kind of the face off bitcoin similar maybe to italic at ethereum and also chance in chung from the video, which brains has designed bitcoin but also who's ultimately one of the richest persons in the world, right?"
  },
  {
    "start": 798.599,
    "end": 801.76,
    "text": "Because Satoshi owns very likely more than one million Bitcoin."
  },
  {
    "start": 802.06,
    "end": 812.92,
    "text": "Which yeah just in terms of value is around eighty billion US dollars currently in value and I think that's some part why this really matters for a lot people."
  },
  {
    "start": 813.62,
    "end": 818.52,
    "text": "But let's go a little bit deeper into the candidates before also getting your perspective on all of that."
  },
  {
    "start": 818.579,
    "end": 826.9,
    "text": "So one person who was mentioned quite often in this whole seek for who Satoshi is, Nick Szabo... Basically, yeah."
  },
  {
    "start": 827.04,
    "end": 845.64,
    "text": "One of the people that also worked on Bitgolds or one of the precursors of Bitcoin and also deep crypto in economics expertise longstanding candidate but this person basically denied quite a while ago so it's no proof in his direction as well for other candidates."
  },
  {
    "start": 846.04,
    "end": 848.959,
    "text": "Then another one was Hal Finney, who is a very early researcher."
  },
  {
    "start": 849.199,
    "end": 855.959,
    "text": "Also the first Bitcoin recipient from Satoshi and really an elite cryptographer."
  },
  {
    "start": 856.099,
    "end": 861.54,
    "text": "also some direct email conversations with Satoshi in their early days."
  },
  {
    "start": 862.06,
    "end": 865.26,
    "text": "A very natural name candidate I loved as well."
  },
  {
    "start": 865.3,
    "end": 867.18,
    "text": "One Candidate was Dordia Nakamoto."
  },
  {
    "start": 867.3,
    "end": 868.78,
    "text": "I'm not sure if you know this documentary."
  },
  {
    "start": 869.199,
    "end": 874.699,
    "text": "I think i watched it on Netflix at some point of time where just this person has had the name."
  },
  {
    "start": 874.76,
    "end": 884.8,
    "text": "Nakamoto was approached by so many journalists and got confronted of being the inventor of Bitcoin, but he really didn't know or seem to did not what she is talking about."
  },
  {
    "start": 885.0,
    "end": 887.06,
    "text": "So that's definitely an interesting one I'm sure."
  },
  {
    "start": 887.4,
    "end": 888.459,
    "text": "do you this documentary?"
  },
  {
    "start": 889.62,
    "end": 894.78,
    "text": "Yeah no it certainly wasn't The Age Of Enlightenment when It Comes To Journalism."
  },
  {
    "start": 895.12,
    "end": 907.839,
    "text": "That Was Really Poor Work Just Following A Name And His Profession That Fitted Being a Math Teacher A bit naive and undinvestigated."
  },
  {
    "start": 908.28,
    "end": 910.359,
    "text": "Yes, but also quite entertaining!"
  },
  {
    "start": 911.819,
    "end": 913.859,
    "text": "And then a few other candidates."
  },
  {
    "start": 914.339,
    "end": 934.319,
    "text": "Len Sasserman from the crypto community CypherPunk so deeply embedded in this space similar to Satoshi's strong privacy focus... ...and timing because he basically passed away in twenty thirteen which was around that time when Satoshi disappeared you know, some people who saw kind of a connection here."
  },
  {
    "start": 934.719,
    "end": 948.819,
    "text": "Then also Craig Wright whose often in this space he has said like our nickname is often fake Toshi because he claimed to be Satoshi and tried to prove it but also hear legal court was pretty clear that his proof wasn't really sufficient."
  },
  {
    "start": 951.0,
    "end": 956.92,
    "text": "And then I think now where's getting interesting?"
  },
  {
    "start": 957.14,
    "end": 957.959,
    "text": "there were these two"
  },
  {
    "start": 958.839,
    "end": 959.06,
    "text": "new"
  },
  {
    "start": 959.739,
    "end": 967.9,
    "text": "or old kind of, yeah let's say indicators or evidence for who Satoshi would be from this month also."
  },
  {
    "start": 968.06,
    "end": 972.959,
    "text": "And one name that the New York Times investigation brought forward was Adam Beck."
  },
  {
    "start": 973.64,
    "end": 977.719,
    "text": "So Adam Beck in the crypto space, I guess also one of the most prominent figures."
  },
  {
    "start": 977.819,
    "end": 979.979,
    "text": "generally he invented hash cash."
  },
  {
    "start": 980.3,
    "end": 984.579,
    "text": "Also some kind of a protocol that was cited in Bitcoin and white paper."
  },
  {
    "start": 985.12,
    "end": 988.739,
    "text": "He's all so British which often it wasn't from writing style."
  },
  {
    "start": 989.239,
    "end": 1000.3,
    "text": "Something lot people claimed that Satoshi must be British And this is basically what The New York Times investigation revealed In their perspective that Adam back has to be Satoshi."
  },
  {
    "start": 1001.819,
    "end": 1006.18,
    "text": "From the other documentary, it was basically said that again we had this name already."
  },
  {
    "start": 1006.26,
    "end": 1010.979,
    "text": "That they think a Hellfini together with Lance Sasserman is Satoshi."
  },
  {
    "start": 1011.199,
    "end": 1011.459,
    "text": "so there's."
  },
  {
    "start": 1011.5,
    "end": 1013.939,
    "text": "I've basically brought two people to gather."
  },
  {
    "start": 1014.52,
    "end": 1022.26,
    "text": "So now you question us You know after you heard about having these information on the new revealed Satoshi like."
  },
  {
    "start": 1022.88,
    "end": 1023.339,
    "text": "what do you think?"
  },
  {
    "start": 1023.76,
    "end": 1024.64,
    "text": "Who's Satoshi?"
  },
  {
    "start": 1025.099,
    "end": 1026.94,
    "text": "one of the two Satoshi Do have an opinion?"
  },
  {
    "start": 1027.599,
    "end": 1031.18,
    "text": "Yeah, I don't have an opinion on which individual it is."
  },
  {
    "start": 1031.76,
    "end": 1047.28,
    "text": "Uh i'm a believer in the group theory as blockchain and bitcoin in particular has just promoting a new form of digital money or digital asset um takes so many expertises."
  },
  {
    "start": 1047.34,
    "end": 1055.02,
    "text": "that is crypto economics systems design inventing a new technology database technology decentralized one that is blockchain."
  },
  {
    "start": 1056.44,
    "end": 1060.02,
    "text": "this can barely be done by an individual."
  },
  {
    "start": 1060.1,
    "end": 1074.46,
    "text": "So I believe in the group theory and let's not forget Satoshi Nakamoto is the author of The White Paper, which necessarily means that he was one and only inventor for data-based technology or money as it were back then."
  },
  {
    "start": 1074.66,
    "end": 1076.0,
    "text": "so Believe In The Group Theory."
  },
  {
    "start": 1076.52,
    "end": 1082.68,
    "text": "you nicely asked a question Is It Important To Know Who Satoshi Is?"
  },
  {
    "start": 1083.16,
    "end": 1086.94,
    "text": "I think it is, but i think its important not to know who Satoshi is."
  },
  {
    "start": 1088.28,
    "end": 1102.06,
    "text": "It's important that i negated because when talking about bitcoin many things of cryptography or the supply cap and consensus mechanism as a key design feature."
  },
  {
    "start": 1102.68,
    "end": 1109.0,
    "text": "But I think the underrated design feature actually the most important one is the absence of a founder."
  },
  {
    "start": 1109.18,
    "end": 1117.8,
    "text": "so every other crypto network that then followed has a face and every phase becomes an attack surface from security perspective."
  },
  {
    "start": 1118.34,
    "end": 1127.12,
    "text": "So regulatory legal narrative, personal, so Vitalik gets sub-pwned."
  },
  {
    "start": 1127.3,
    "end": 1128.82,
    "text": "Ethereum has a problem."
  },
  {
    "start": 1129.3,
    "end": 1132.84,
    "text": "Jensen makes a bad quarter call and Vidya takes the hit."
  },
  {
    "start": 1133.4,
    "end": 1139.32,
    "text": "but Bitcoin has no such surface And that's not an accident to me."
  },
  {
    "start": 1139.48,
    "end": 1141.98,
    "text": "That's the most underrated design feature."
  },
  {
    "start": 1142.14,
    "end": 1146.16,
    "text": "So it is important NOT to know who Satoshi is?"
  },
  {
    "start": 1146.24,
    "end": 1147.62,
    "text": "I really hope they are all wrong."
  },
  {
    "start": 1148.42,
    "end": 1155.68,
    "text": "So I'm totally on Michael's camp here, or understand why everyone wants to know but i truly believe it doesn't matter at all."
  },
  {
    "start": 1156.08,
    "end": 1162.12,
    "text": "It is the technology that is the relevant part and who actually created it."
  },
  {
    "start": 1162.22,
    "end": 1165.82,
    "text": "whether it was a group of person in my opinion is irrelevant?"
  },
  {
    "start": 1174.36,
    "end": 1180.82,
    "text": "Having said that at the last point also, it's not a person who is currently guiding Bitcoin alone."
  },
  {
    "start": 1181.56,
    "end": 1189.96,
    "text": "It would obviously be important to know who this is but as community-driven projects or infrastructure... That's irrelevant in that sense."
  },
  {
    "start": 1190.34,
    "end": 1196.36,
    "text": "Let us not forget, I mean all this coverage predominantly targets retail investors or allocators."
  },
  {
    "start": 1196.44,
    "end": 1202.1,
    "text": "but think about it from an institutional locator perspective where there is more than curiosity."
  },
  {
    "start": 1202.28,
    "end": 1211.68,
    "text": "so part of the or their due diligence framework on any digital asset and governance concentration of the asset."
  },
  {
    "start": 1212.1,
    "end": 1223.02,
    "text": "So if the founder or team behind Bitcoin would be revealed, that would have implications on their due diligence activity."
  },
  {
    "start": 1223.18,
    "end": 1230.34,
    "text": "certainly so bitcoin is only network with that line item in the due diligence is structurally zero."
  },
  {
    "start": 1230.86,
    "end": 1236.44,
    "text": "you cannot investigate the founder risk and governance concentrations because there are none."
  },
  {
    "start": 1237.02,
    "end": 1245.02,
    "text": "Yeah, but if it were to change and the Bitcoin founder where to be found that would have implications for the institutional allocators listening."
  },
  {
    "start": 1247.66,
    "end": 1249.62,
    "text": "Yeah, then we are absolutely on the same track."
  },
  {
    "start": 1249.7,
    "end": 1250.68,
    "text": "So I fully agree with you."
  },
  {
    "start": 1250.76,
    "end": 1256.46,
    "text": "that was also a reason why i didn't even put together The new evidence for these two new candidates."
  },
  {
    "start": 1256.54,
    "end": 1261.42,
    "text": "so if you want to read it up We link in the show notes You can but For me its very interesting."
  },
  {
    "start": 1261.48,
    "end": 1273.92,
    "text": "It's Very entertaining Also how people you know interpret specific Evidence from ten years ago and everything And it just...I think Its part of the mystery also To have New names or old Names coming Up all over again."
  },
  {
    "start": 1274.84,
    "end": 1275.48,
    "text": "totally agree."
  },
  {
    "start": 1275.6,
    "end": 1295.62,
    "text": "I think it's really more a feature than a bug to not have this one person and that also, you know as part of all these decentralized Bitcoin narrative what Bitcoin basically is which i think person, but rather have this kind of mysterious discussions."
  },
  {
    "start": 1295.92,
    "end": 1300.04,
    "text": "So yeah... But you know for all of who wants to read it up I also read the article and enjoyed."
  },
  {
    "start": 1300.14,
    "end": 1307.86,
    "text": "that was really like reading a good book where you cannot stop reading so i never less find it very entertaining but would release to be honest uh.. You know?"
  },
  {
    "start": 1308.22,
    "end": 1308.7,
    "text": "I don't care!"
  },
  {
    "start": 1308.84,
    "end": 1313.2,
    "text": "And think um.. Yeah its not more than entertainment at some point."
  },
  {
    "start": 1313.96,
    "end": 1320.14,
    "text": "All right, let's move away from the market and crypto assets specifically Bitcoin and ETH."
  },
  {
    "start": 1320.3,
    "end": 1329.24,
    "text": "Let's move way from with the crypto conversations towards at The Private Sector to word stated coins in the private sector."
  },
  {
    "start": 1330.26,
    "end": 1337.22,
    "text": "And in all this Nakamoto turmoil, one news was rather underappreciated."
  },
  {
    "start": 1337.3,
    "end": 1346.32,
    "text": "I think if not the most under-appreciate story of the month, Crédit Agricoil is preparing its own euro stablecoin for context This Europe's second largest banking group."
  },
  {
    "start": 1346.44,
    "end": 1354.9,
    "text": "two point four trillion euros on the balance sheet and The reporting suggests a possible go live as early as this summer already."
  },
  {
    "start": 1355.4,
    "end": 1356.8,
    "text": "If that really holds."
  },
  {
    "start": 1356.88,
    "end": 1369.44,
    "text": "so Crédito would be the fourth major European Bank to enter stable coin issuance after Société Generale via SGForge, banking circle and auto BHF."
  },
  {
    "start": 1370.62,
    "end": 1371.96,
    "text": "Maybe why we picked this story?"
  },
  {
    "start": 1372.5,
    "end": 1383.54,
    "text": "To me because it's the kind of news that gets a two line mention in the trade press income particular in comparison to the Nakamoto story, but then it disappears."
  },
  {
    "start": 1383.94,
    "end": 1400.06,
    "text": "But when in fact this is really one of the clearest signals we've had that European Universal Banking has internally now crossed a threshold and I'm saying internally here because this more targeted towards a treasury management use case."
  },
  {
    "start": 1400.12,
    "end": 1406.06,
    "text": "so We hear not interested in cataloging every stable coin announcement we observe globally on Europe."
  },
  {
    "start": 1424.86,
    "end": 1428.42,
    "text": "advising treasurers regulators are competing institutions."
  },
  {
    "start": 1428.84,
    "end": 1436.0,
    "text": "this not changes your baseline assumption about where the european banking sector actually is on adoption."
  },
  {
    "start": 1437.12,
    "end": 1442.88,
    "text": "And what i find fascinating in that particular case it's not necessarily with that they're doing at."
  },
  {
    "start": 1443.04,
    "end": 1447.04,
    "text": "i mean its just not the first bank launching a stablecoin hits."
  },
  {
    "start": 1447.34,
    "end": 1451.0,
    "text": "how the first use case here, Isn't retail banking."
  },
  {
    "start": 1451.22,
    "end": 1452.76,
    "text": "it isn't merchant payments."
  },
  {
    "start": 1452.9,
    "end": 1469.78,
    "text": "It's internal treasury and that makes perfect sense once you remember the criteria recall is not a centralized group, its federation of more than two thousand three hundred entities roughly forty regional banks and a long list of specialized subsidiaries."
  },
  {
    "start": 1470.1,
    "end": 1481.54,
    "text": "So moving liquidity between those units today is operationally expensive, and the stablecoin gives them a twenty four seven settlement lane for internal flows at the capital."
  },
  {
    "start": 1481.6,
    "end": 1487.94,
    "text": "efficiency gain from unlocking pre funded accounts is genuinely material for our global universal bank."
  },
  {
    "start": 1488.78,
    "end": 1489.94,
    "text": "Now let me ask the question."
  },
  {
    "start": 1490.1,
    "end": 1493.44,
    "text": "I'm always asking for this kind of news and that's play The Devil's Advocate."
  },
  {
    "start": 1494.38,
    "end": 1496.76,
    "text": "Do we really need another stablecoin?"
  },
  {
    "start": 1496.98,
    "end": 1501.0,
    "text": "So many players have announced they're stablecoins, i cannot even count anymore."
  },
  {
    "start": 1501.76,
    "end": 1506.04,
    "text": "is it just such an amazing news?"
  },
  {
    "start": 1507.14,
    "end": 1513.92,
    "text": "Maybe to answer that question, I think it's amazing on the side that we see further institutional adoption."
  },
  {
    "start": 1514.2,
    "end": 1518.52,
    "text": "On digital asset site be done in cash side or then at some point also security side."
  },
  {
    "start": 1518.9,
    "end": 1527.28,
    "text": "so really shows that DLT infrastructure can be used for large use cases within banks outside of banks right?"
  },
  {
    "start": 1527.34,
    "end": 1528.86,
    "text": "So i think this is a first thing."
  },
  {
    "start": 1529.16,
    "end": 1531.58,
    "text": "very good have data as further sign."
  },
  {
    "start": 1535.82,
    "end": 1537.5,
    "text": "like hundreds of different stablecoins."
  },
  {
    "start": 1538.1,
    "end": 1542.0,
    "text": "So what is very good as well if those stablecoin providers start working together?"
  },
  {
    "start": 1542.76,
    "end": 1545.44,
    "text": "Nonetheless, we are at the beginning off the things right."
  },
  {
    "start": 1545.6,
    "end": 1553.04,
    "text": "it's totally normal that for certain use cases you might want to have The state coin that UR actually in charge of that."
  },
  {
    "start": 1553.1,
    "end": 1555.24,
    "text": "You can decide on which rails their own."
  },
  {
    "start": 1555.32,
    "end": 1560.7,
    "text": "and so one especially For that use case Which I agree It's a Very interesting use case internal treasure use Case."
  },
  {
    "start": 1561.14,
    "end": 1564.62,
    "text": "i see the idea Of having an Own stablecoin And using it for That."
  },
  {
    "start": 1565.6,
    "end": 1568.78,
    "text": "If they would stop there, say okay that's it we're gonna use only our stablecoin."
  },
  {
    "start": 1568.84,
    "end": 1570.74,
    "text": "We never go and to look at other stablecoins."
  },
  {
    "start": 1570.78,
    "end": 1572.72,
    "text": "you are not working together with others on digital cash."
  },
  {
    "start": 1573.24,
    "end": 1575.48,
    "text": "then I would say i will be short-sighted."
  },
  {
    "start": 1575.88,
    "end": 1576.96,
    "text": "but thats what im reading here."
  },
  {
    "start": 1577.0,
    "end": 1578.12,
    "text": "so its for the first use case."
  },
  {
    "start": 1578.16,
    "end": 1585.88,
    "text": "in makes sense But definitely this should push into industry in bringing those infrastructures together, having probability between it and working together."
  },
  {
    "start": 1586.08,
    "end": 1587.32,
    "text": "And you're not still answer your question?"
  },
  {
    "start": 1587.38,
    "end": 1592.92,
    "text": "There's one design detail that is worth or requiring a flagging."
  },
  {
    "start": 1593.0,
    "end": 1602.32,
    "text": "so under MICA credit institution can either fully back a stablecoin with segregated reserves or structured against the bank's own balance sheet."
  },
  {
    "start": 1602.74,
    "end": 1610.56,
    "text": "AutoBHF for example already chose the balance sheet route with its UROD, Credit Acricoll looks to be going in the same direction."
  },
  {
    "start": 1611.16,
    "end": 1616.82,
    "text": "and now it is your question if Credit Acrecall chooses their own balance sheets!"
  },
  {
    "start": 1617.16,
    "end": 1626.18,
    "text": "as the reserve, then of course they must launch their own because no other entity can launch a stablecoin backed with its own balance sheet."
  },
  {
    "start": 1626.7,
    "end": 1632.86,
    "text": "So if they want and need that for their internal treasury use case... For whatever reason they have to do it like this"
  },
  {
    "start": 1633.34,
    "end": 1635.32,
    "text": "And also that you know, y-you don't get me wrong."
  },
  {
    "start": 1635.46,
    "end": 1638.18,
    "text": "I'm not against this news and i appreciate it."
  },
  {
    "start": 1638.48,
    "end": 1642.88,
    "text": "like Lydia said more institutional adoption It's great that such banks talk around."
  },
  {
    "start": 1642.94,
    "end": 1645.58,
    "text": "That im seeing from an end user product perspective."
  },
  {
    "start": 1645.78,
    "end": 1653.5,
    "text": "in the end You have so many stablecoins where for me its really just a rail Where magic happens but not amount of stablecoins."
  },
  {
    "start": 1653.82,
    "end": 1655.88,
    "text": "But i agree it needs cooperation."
  },
  {
    "start": 1656.54,
    "end": 1667.88,
    "text": "maybe This is first phase to get everybody hyped on stablecoins thinking about doing stablecoins and then to align on standards, so that in the end it also adds value for the end user."
  },
  {
    "start": 1667.94,
    "end": 1672.56,
    "text": "And you don't have like a stablecoin for the stablecoins sake that you've introduced."
  },
  {
    "start": 1673.44,
    "end": 1676.38,
    "text": "I believe there will be different stablecoins from different use cases right?"
  },
  {
    "start": 1677.16,
    "end": 1678.48,
    "text": "On the retail side totally agree."
  },
  {
    "start": 1678.68,
    "end": 1684.46,
    "text": "as a retail end-user we do not want to have hundreds of stablecoins to select from but they'll be a handful likely."
  },
  {
    "start": 1688.08,
    "end": 1694.68,
    "text": "Nonetheless, there might be many more for different use cases that in retail investors you would never see and he will never buy."
  },
  {
    "start": 1694.88,
    "end": 1697.64,
    "text": "But still they may have high volumes of those cases as well."
  },
  {
    "start": 1698.06,
    "end": 1710.98,
    "text": "I think the point really is if your accredited institution issuing a token against their own balance sheet what you have economically is not let's say USDT."
  },
  {
    "start": 1711.72,
    "end": 1715.58,
    "text": "It's more of a tokenized deposit with better branding."
  },
  {
    "start": 1715.76,
    "end": 1717.2,
    "text": "Yeah, so I think Lidia will."
  },
  {
    "start": 1717.26,
    "end": 1722.64,
    "text": "uh Lidias blood pressure will increase a bit because of this misuse of terminology."
  },
  {
    "start": 1722.72,
    "end": 1732.02,
    "text": "but the Mika framework is effectively allowing banks to issue tokenize deposits under a stablecoin label which is both a regulatory arbitrage and distribution advantage."
  },
  {
    "start": 1732.52,
    "end": 1738.34,
    "text": "And the reason treasury first is the right starting move, at least for Crédia Gricolle."
  },
  {
    "start": 1738.72,
    "end": 1744.42,
    "text": "Is that it's one use case where the issuer and user are same entity?"
  },
  {
    "start": 1744.58,
    "end": 1756.42,
    "text": "The adoption problem which so many have in particular the Euro stablecoin issuers Which has killed almost or many tokenization pilots In last few years."
  },
  {
    "start": 1756.78,
    "end": 1763.64,
    "text": "It simply doesn't exist in this case Where you're an issuer And then also your user of that stablecoin."
  },
  {
    "start": 1764.16,
    "end": 1771.3,
    "text": "So I'm not the expert on Mika, so i don't know in detail how all those different savings can be structured."
  },
  {
    "start": 1771.64,
    "end": 1783.1,
    "text": "But for me that important differentiating criteria and we will see how credit article is going to implement it Is whether you're gonna fully back-it or whether your'e not fully backing right?"
  },
  {
    "start": 1783.5,
    "end": 1793.26,
    "text": "If u are using the cash That serves as underlying of the stablecoin if ur reusing this for other purposes That's in my opinion a deposit token."
  },
  {
    "start": 1793.46,
    "end": 1801.2,
    "text": "And if you keep that fully backed, be it on the balance sheet or be it an integrated account then for me its stablecoin."
  },
  {
    "start": 1801.46,
    "end": 1811.58,
    "text": "but might not be lying how industry qualifies And I've always had a hard time understanding the deposit token side."
  },
  {
    "start": 1822.06,
    "end": 1823.12,
    "text": "as it is, right?"
  },
  {
    "start": 1823.5,
    "end": 1825.96,
    "text": "Which is the great benefit of digital cash."
  },
  {
    "start": 1826.48,
    "end": 1844.36,
    "text": "And if you move into a deposit token framework where its not fully backed and basically at credit risk towards the one issuing in much larger extent than stablecoin would be then So you might not use that credit-agricle stablecoin or any other, which would be a deposit token."
  },
  {
    "start": 1844.6,
    "end": 1848.14,
    "text": "Not saying the credit-argricle is doing a deposit-token but if he were to do a deposit token."
  },
  {
    "start": 1848.56,
    "end": 1857.94,
    "text": "it's much harder transfer without having an infrastructure in the back end of actually reallocating again where those deposits are."
  },
  {
    "start": 1858.52,
    "end": 1864.98,
    "text": "That was my take on the deposit token versus table coin and let us see how the credit agricultural structure will turn out."
  },
  {
    "start": 1866.66,
    "end": 1869.06,
    "text": "then we can definitely qualify it as what might be."
  },
  {
    "start": 1869.48,
    "end": 1870.14,
    "text": "Yeah, thank you Lidia."
  },
  {
    "start": 1870.28,
    "end": 1872.96,
    "text": "Goal life expected in the summer once they launch?"
  },
  {
    "start": 1873.06,
    "end": 1885.28,
    "text": "We certainly talk about that will hit with respective news episodes of this go live month and then we evaluate the item implementation."
  },
  {
    "start": 1885.4,
    "end": 1888.28,
    "text": "so is more of a debasit token or stable coin?"
  },
  {
    "start": 1889.1,
    "end": 1898.88,
    "text": "do really stick to internal treasury use case only Outward to corporate clients then inter banking than capital markets infrastructure."
  },
  {
    "start": 1899.46,
    "end": 1900.88,
    "text": "There might be a playbook behind this."
  },
  {
    "start": 1901.0,
    "end": 1903.34,
    "text": "We will evaluate all of these after go live."
  },
  {
    "start": 1903.38,
    "end": 1904.82,
    "text": "certainly good."
  },
  {
    "start": 1905.34,
    "end": 1906.84,
    "text": "Second story Switzerland."
  },
  {
    "start": 1907.46,
    "end": 1924.0,
    "text": "on the eighth of April UBS post-finance sygnum Rifeisen zur Kantonalbank BCV and Swiss stablecoin AG a local Swiss stable coin issue announced a joint Swiss Frank stablecoin sandbox."
  },
  {
    "start": 1924.52,
    "end": 1926.12,
    "text": "I underscore Sandbox."
  },
  {
    "start": 1926.24,
    "end": 1927.84,
    "text": "so they didn't launch a stablecoin."
  },
  {
    "start": 1927.9,
    "end": 1934.56,
    "text": "They launched us sandbox, but that's for me Significant and made it to this episode for three reasons."
  },
  {
    "start": 1934.68,
    "end": 1936.08,
    "text": "first there is still no."
  },
  {
    "start": 1936.96,
    "end": 1941.4,
    "text": "Regulated Swiss Frank stable coin with broad application."
  },
  {
    "start": 1941.52,
    "end": 1947.24,
    "text": "so we know that all unity launch its with a friend stablecoin but there's none without application."
  },
  {
    "start": 1947.34,
    "end": 1960.42,
    "text": "the swiss frank is conspicuously absent from a global stablecoin market although it's super strong currency And the stablecoin market is still roughly ninety-seven percent dollar denominated."
  },
  {
    "start": 1960.52,
    "end": 1965.42,
    "text": "The second reason, two of four systemically relevant Swiss banks are in."
  },
  {
    "start": 1966.1,
    "end": 1974.66,
    "text": "and third several institutions were part of Project Helvetia on Hosei CBDC with the Swiss National Bank."
  },
  {
    "start": 1975.14,
    "end": 1982.74,
    "text": "so this kind of same operational muscle but now clearly private sector led and stablecoin oriented."
  },
  {
    "start": 1984.02,
    "end": 1986.36,
    "text": "I think it's an amazing step for the Swiss industry."
  },
  {
    "start": 1986.66,
    "end": 1992.1,
    "text": "Full disclosure, i am a co-founder of The Swiss Tablecoin AG so have my slightly biased view maybe."
  },
  {
    "start": 1992.38,
    "end": 1998.66,
    "text": "but as you're saying there has been an absence of A Swiss table coin So far except for the recently launched odd unity."
  },
  {
    "start": 1999.18,
    "end": 2002.84,
    "text": "one Of the main reason is the missing regulatory framework in Switzerland For that?"
  },
  {
    "start": 2003.62,
    "end": 2018.94,
    "text": "As opposed to other areas such as crypto Such as tokenized securities where switzerland Is quite far ahead In terms of regulation On the stablecoin side, there is no regulation that it's very much applicable or allows to actually launch stablecoins on a full scale."
  },
  {
    "start": 2019.36,
    "end": 2037.16,
    "text": "There has even been a rule being issued by the financial market authority FINMA which a white listing requirement if you issue it in Switzerland, which actually makes it very difficult for a lot of stablecoins outside of Switzerland to be active."
  },
  {
    "start": 2038.1,
    "end": 2042.3,
    "text": "But having said that there is regulation underway so it's being worked on."
  },
  {
    "start": 2044.04,
    "end": 2050.659,
    "text": "has been actively engaged for the last years in actually building a stablecoin environment and ecosystem."
  },
  {
    "start": 2051.1,
    "end": 2060.219,
    "text": "So it's amazing to see that those banks are now coming together, to actually act on this stable coin environment and issue stablecoins within that sandbox."
  },
  {
    "start": 2060.719,
    "end": 2065.94,
    "text": "so first thing I think is very good step especially for Switzerland which lags behind."
  },
  {
    "start": 2066.98,
    "end": 2071.679,
    "text": "Do you have a feeling, Lydia how long it will take until such regulation is there?"
  },
  {
    "start": 2071.759,
    "end": 2072.199,
    "text": "So your sad."
  },
  {
    "start": 2072.259,
    "end": 2075.419,
    "text": "You know what currently its been working on the regulatory guidelines for stablecoins."
  },
  {
    "start": 2075.46,
    "end": 2076.639,
    "text": "do we have a filling of time line?"
  },
  {
    "start": 2077.02,
    "end": 2081.279,
    "text": "so they are in them let's say in the final phases as putting the law together."
  },
  {
    "start": 2081.5,
    "end": 2085.6,
    "text": "it obviously still needs to go through all the processes involved and low making."
  },
  {
    "start": 2086.5,
    "end": 2093.48,
    "text": "that's going to take quite some times till but nevertheless One can start now, and that's what the sandbox shows."
  },
  {
    "start": 2093.6,
    "end": 2098.839,
    "text": "So even with having the regulation not in place yet you can issue stablecoins."
  },
  {
    "start": 2098.919,
    "end": 2101.919,
    "text": "so it is not allowed or possible to do this."
  },
  {
    "start": 2102.919,
    "end": 2111.5,
    "text": "That also why it has been done in a sandbox environment which was actually envisioned as future regulatory amendments."
  },
  {
    "start": 2112.339,
    "end": 2118.419,
    "text": "At the same time it is implemented in a productive environment, so its not just tests as sandbox might imply."
  },
  {
    "start": 2118.5,
    "end": 2126.06,
    "text": "It's really stable coins on a productive enviroment which I think that those banks are acting and trying out."
  },
  {
    "start": 2127.06,
    "end": 2131.18,
    "text": "maybe one last note also on the CBDC project."
  },
  {
    "start": 2131.44,
    "end": 2132.859,
    "text": "you were saying i think thats an important point."
  },
  {
    "start": 2132.899,
    "end": 2138.259,
    "text": "I truly believe that there will be, as said before on the use cases towards retail."
  },
  {
    "start": 2138.58,
    "end": 2140.24,
    "text": "That we'll also apply to that topic."
  },
  {
    "start": 2140.759,
    "end": 2150.0,
    "text": "so for me this stablecoin sandbox is not let's say the continuation of Hellfazia or it's not that hellfazian wouldn't work."
  },
  {
    "start": 2150.08,
    "end": 2152.379,
    "text": "and now you do the next thing and try whether that works?"
  },
  {
    "start": 2152.919,
    "end": 2163.7,
    "text": "It really... The whole CBC research that has been done by the Swiss National Bank which is quite far ahead, is for really wholesale payments and wholesale payment only."
  },
  {
    "start": 2164.18,
    "end": 2168.04,
    "text": "Whereas the stablecoin route goes into different directions."
  },
  {
    "start": 2168.22,
    "end": 2170.98,
    "text": "so ultimately also could go to the retail side of things."
  },
  {
    "start": 2171.06,
    "end": 2175.759,
    "text": "So from me those projects Helvetia as well now this sandbox are very much in parallel."
  },
  {
    "start": 2176.799,
    "end": 2177.44,
    "text": "yeah"
  },
  {
    "start": 2177.68,
    "end": 2178.18,
    "text": "Brilliant!"
  },
  {
    "start": 2178.52,
    "end": 2180.66,
    "text": "And with that let's move to Tether."
  },
  {
    "start": 2181.279,
    "end": 2187.66,
    "text": "Tether signs big four audit firm Audit."
  },
  {
    "start": 2187.799,
    "end": 2196.799,
    "text": "so they really have signed a big four accounting firm for its full independent financial statement audit at a reported."
  },
  {
    "start": 2196.839,
    "end": 2200.859,
    "text": "One hundred eighty-four billion dollars in reserves."
  },
  {
    "start": 2200.96,
    "end": 2220.859,
    "text": "this is possibly the largest inaugural audits in financial history and industry reporting names KPMG an PWC, part of the motivation is clearly The US Genius Act which requires rigorous audits for stablecoin issuers."
  },
  {
    "start": 2221.259,
    "end": 2240.14,
    "text": "And we picked this story really because Tether Is THE single largest counterparty risk in the crypto economy and how that risk is documented at disclosed effects market participants heavily so whether they hold usd t or not."
  },
  {
    "start": 2240.58,
    "end": 2241.899,
    "text": "so we're not piling on."
  },
  {
    "start": 2242.0,
    "end": 2242.399,
    "text": "tether are."
  },
  {
    "start": 2243.859,
    "end": 2264.319,
    "text": "Relitigating all debates which is highlighting that this because it's the moment a decade long argument about transparency standards collapses now in real time at the Operational consequences, particularly for reserve composition might ripple through fixed income markets in ways that are not yet priced."
  },
  {
    "start": 2264.399,
    "end": 2271.02,
    "text": "If you do manage liquidity this matters to even if you've never touched a stablecoin."
  },
  {
    "start": 2271.46,
    "end": 2278.44,
    "text": "I can only say finally i have been waiting at the moment for ten years but so many years."
  },
  {
    "start": 2279.16,
    "end": 2283.919,
    "text": "And so, I mean it's good and long overdue that the step is taking place."
  },
  {
    "start": 2284.859,
    "end": 2291.399,
    "text": "Obviously Michael you could frame this as kind of the largest inaugural audit in financial history but... You know?"
  },
  {
    "start": 2291.46,
    "end": 2297.2,
    "text": "...you can also say its pretty crazy until the size of a company don't have an independent audit right!"
  },
  {
    "start": 2297.359,
    "end": 2302.759,
    "text": "So yeah matter-of-framing But long story short i think really good to this takes place."
  },
  {
    "start": 2303.12,
    "end": 2305.56,
    "text": "Curious what will figure out?"
  },
  {
    "start": 2306.2,
    "end": 2311.759,
    "text": "A proactive step now, you know been taking from tether."
  },
  {
    "start": 2311.839,
    "end": 2316.52,
    "text": "i would be surprised if they find something very surprising to us."
  },
  {
    "start": 2317.339,
    "end": 2321.419,
    "text": "It's cool that regulation is actually working at least as my interpretation."
  },
  {
    "start": 2321.48,
    "end": 2334.379,
    "text": "for a decade now tether position was that quarterly attestations form of smaller italian firm were sufficient transparency and That argument died in the moment that Genius Act was signed."
  },
  {
    "start": 2334.46,
    "end": 2340.259,
    "text": "A single legislative cycle ended a debate, The crypto industry had been having for ten years."
  },
  {
    "start": 2340.339,
    "end": 2346.74,
    "text": "so even how to really audit these day one stablecoin issues?"
  },
  {
    "start": 2346.819,
    "end": 2351.879,
    "text": "In fact How To Audit THE originator of this form Of digital money?"
  },
  {
    "start": 2352.02,
    "end": 2352.379,
    "text": "Even Yeah"
  },
  {
    "start": 2353.5,
    "end": 2356.839,
    "text": "Yes and my feeling is it's more and More turning positive."
  },
  {
    "start": 2357.08,
    "end": 2359.319,
    "text": "the sentiments or little bit Lydia on what you said before."
  },
  {
    "start": 2359.5,
    "end": 2362.68,
    "text": "There is more traction coming, more institutional interest."
  },
  {
    "start": 2362.759,
    "end": 2366.14,
    "text": "But also my feeling as the sentiment is getting... ...more positive."
  },
  {
    "start": 2366.319,
    "end": 2393.66,
    "text": "and one piece for this sentiment was now a few quotes from the French finance minister who basically said like small volume of Euro-packed stablecoins compared to dollar packed ones Is currently not satisfactory which also means that more euro stablecoins are here demanded or it's asked for."
  },
  {
    "start": 2393.819,
    "end": 2403.279,
    "text": "I'm personally not a big fan of we discussed this before on the topic amount, so i don't think way more stable coins."
  },
  {
    "start": 2403.48,
    "end": 2414.419,
    "text": "I think it's really the other factors that have to be given, so some of them are legal uncertainty which we also do to Mika."
  },
  {
    "start": 2415.22,
    "end": 2420.72,
    "text": "Understanding and awareness is increasing as well with ministries in member states."
  },
  {
    "start": 2422.819,
    "end": 2427.56,
    "text": "positive also on the potentials of stablecoins, which is at least my observation."
  },
  {
    "start": 2427.799,
    "end": 2441.259,
    "text": "for Would you agree that from the public sector, this sentiment is getting more and more positive here?"
  },
  {
    "start": 2441.339,
    "end": 2447.5,
    "text": "And also like what do think still needs to change for Euro stablecoins or maybe also Switzerland."
  },
  {
    "start": 2447.74,
    "end": 2455.96,
    "text": "For fiat stablecoins generally they are not US dollar denominated to thrive so it's basically may be currently missing in market around stablecoins."
  },
  {
    "start": 2456.68,
    "end": 2463.339,
    "text": "I actually feel that, especially in Europe the sentiment has for quite some time now already been very positive on their public side."
  },
  {
    "start": 2463.399,
    "end": 2465.66,
    "text": "So we see it as a regulation put into place."
  },
  {
    "start": 2466.68,
    "end": 2468.98,
    "text": "Obviously, there is always room for improvement."
  },
  {
    "start": 2469.18,
    "end": 2474.02,
    "text": "Also with respect to regulation but nonetheless we have a very good basis and that's what you see."
  },
  {
    "start": 2474.14,
    "end": 2477.98,
    "text": "also looking at the number of stablecoin issues it seems to work."
  },
  {
    "start": 2478.48,
    "end": 2486.2,
    "text": "It seems to be A good enough like Regulation as well as public opinion on all stablecoins in general."
  },
  {
    "start": 2486.379,
    "end": 2490.1,
    "text": "so I think We already are not on a Very Good very good past ahead."
  },
  {
    "start": 2490.24,
    "end": 2499.02,
    "text": "Switzerland bit of an exception As said still needs to Have the regulation and still need to have this public positive appearance to be implemented."
  },
  {
    "start": 2499.899,
    "end": 2507.339,
    "text": "What still is needed for actually those currencies also, too, to flourish next to the US dollar stablecoins are actual use cases."
  },
  {
    "start": 2508.279,
    "end": 2514.68,
    "text": "so as we see the US dollars table coins are highly dominant but that's mainly driven by DeFi use cases."
  },
  {
    "start": 2514.779,
    "end": 2520.98,
    "text": "I don't see quite that quickly, so I assume this dollar dominance is going to stay in the DeFi segment."
  },
  {
    "start": 2521.16,
    "end": 2525.5,
    "text": "What do i expect though when we have more and more institutional adoption on the stablecoin side?"
  },
  {
    "start": 2526.279,
    "end": 2528.68,
    "text": "That will obviously be very currency driven!"
  },
  {
    "start": 2528.859,
    "end": 2532.64,
    "text": "So um... The institutions are not going to move on a US dollar stablecoin for business."
  },
  {
    "start": 2532.859,
    "end": 2535.12,
    "text": "they're doing today in Euro or Swiss franc"
  },
  {
    "start": 2535.22,
    "end": 2535.419,
    "text": "right?!"
  },
  {
    "start": 2536.1,
    "end": 2540.879,
    "text": "As soon as the institution adoption coming-in.. We gonna increase volumes of other currencies."
  },
  {
    "start": 2541.899,
    "end": 2544.24,
    "text": "So it's amazing that we have those table coins out there."
  },
  {
    "start": 2544.74,
    "end": 2547.74,
    "text": "Beed EuroCV by Sokchan, bead Kivalis"
  },
  {
    "start": 2550.06,
    "end": 2550.919,
    "text": "which is not live yet"
  },
  {
    "start": 2551.5,
    "end": 2553.54,
    "text": "but with a lot of banks working on it."
  },
  {
    "start": 2553.62,
    "end": 2555.94,
    "text": "so its very good and you are going into this direction?"
  },
  {
    "start": 2556.799,
    "end": 2557.18,
    "text": "Let see!"
  },
  {
    "start": 2558.319,
    "end": 2561.299,
    "text": "But what I think is missing the use cases now."
  },
  {
    "start": 2561.6,
    "end": 2563.98,
    "text": "So we have the stablecoins, whether they are live or not."
  },
  {
    "start": 2564.1,
    "end": 2567.12,
    "text": "And then agree or disagree on which ones are set to make it."
  },
  {
    "start": 2567.18,
    "end": 2569.98,
    "text": "but we need them to be implemented and used in use cases."
  },
  {
    "start": 2570.6,
    "end": 2571.96,
    "text": "We need move away from."
  },
  {
    "start": 2572.1,
    "end": 2576.22,
    "text": "everyone has his own stablecoin actually collaborating bringing that together."
  },
  {
    "start": 2576.819,
    "end": 2578.66,
    "text": "I hear some skepticism Michael at your end"
  },
  {
    "start": 2580.54,
    "end": 2582.799,
    "text": "You know, just about a bank consortia."
  },
  {
    "start": 2583.7,
    "end": 2588.759,
    "text": "I'm not uh...I understand why banks form consortia or sandboxes."
  },
  {
    "start": 2589.06,
    "end": 2602.62,
    "text": "i just don't believe that A consortium in itself but then a particular one formed of financial institutions Has the same firepower as a stable coin startup like us dollar tether."
  },
  {
    "start": 2602.919,
    "end": 2606.68,
    "text": "so i'm just skeptical Of the speed and effect of their implementation."
  },
  {
    "start": 2606.72,
    "end": 2608.279,
    "text": "But that's a whole different debate."
  },
  {
    "start": 2608.359,
    "end": 2615.759,
    "text": "here we are talking A statement of a sitting G seven finance minister who publicly says the dollar."
  },
  {
    "start": 2616.419,
    "end": 2621.54,
    "text": "Stable point dominance is not satisfactory, which is pretty diplomatic."
  },
  {
    "start": 2622.06,
    "end": 2626.62,
    "text": "So that's no longer a comment on crypto as we've seen it so far."
  },
  {
    "start": 2626.68,
    "end": 2640.68,
    "text": "That's really a monetary sovereign statement and it tells you stable coins have officially crossed from a fintech your curiosity for some politicians into strategic infrastructure at the highest levels of European policy?"
  },
  {
    "start": 2645.779,
    "end": 2650.0,
    "text": "though, is that political will alone won't move the needle here."
  },
  {
    "start": 2650.1,
    "end": 2653.52,
    "text": "So Euro stablecoins don't lose to USDC and Tether."
  },
  {
    "start": 2653.68,
    "end": 2654.46,
    "text": "on regulation."
  },
  {
    "start": 2655.56,
    "end": 2668.98,
    "text": "Micah actually gave Europe a head start in regulation but the euro-stable coins loose on use cases as Lydia said on liquidity depth at the fact that global crypto rails were built dollar native from day one."
  },
  {
    "start": 2669.08,
    "end": 2670.5,
    "text": "And what Europe actually needs?"
  },
  {
    "start": 2674.379,
    "end": 2683.52,
    "text": "Lydia also said it needs one or two serious players with bank rate distribution, real institutional integration and a coordinated push from the ECB."
  },
  {
    "start": 2684.359,
    "end": 2686.24,
    "text": "The commission at the private sector."
  },
  {
    "start": 2686.58,
    "end": 2691.94,
    "text": "otherwise we keep having this very same conversation here still in twenty-twenty"
  },
  {
    "start": 2691.98,
    "end": 2692.18,
    "text": "seven."
  },
  {
    "start": 2692.22,
    "end": 2695.819,
    "text": "and I totally agree with what you said like Hey, we need legal clarity."
  },
  {
    "start": 2695.96,
    "end": 2702.379,
    "text": "We have this kind of given by Amika... ...we need use cases where everybody is basically asked to support right?"
  },
  {
    "start": 2702.44,
    "end": 2704.56,
    "text": "It's not one party pointing to the other."
  },
  {
    "start": 2704.66,
    "end": 2710.52,
    "text": "it really needs you know the stablecoin industry.. ..the financial industry or other industries for use-cases."
  },
  {
    "start": 2710.94,
    "end": 2718.799,
    "text": "I mean what i'm really happy about and i think i agree with you Lydia that generally the sentiment towards stablecoins also in regulation was very positive."
  },
  {
    "start": 2719.24,
    "end": 2727.62,
    "text": "but what i missed in the past year as well from politics a lot of support in the sense of really member states and other entities on that."
  },
  {
    "start": 2727.72,
    "end": 2744.879,
    "text": "And I think this is currently changing which also good for these environment, what i always hope then here in public sector more understanding driven and also maybe that some more budget for specific projects are being provided by the public sector."
  },
  {
    "start": 2744.919,
    "end": 2747.859,
    "text": "That's what I'm often hoping to get, you know?"
  },
  {
    "start": 2747.899,
    "end": 2759.58,
    "text": "The use cases may be figured out more... And this is why i think it's a whole Euro stable con journey at least small nuances in communication really worthwhile as we do on this episode."
  },
  {
    "start": 2760.08,
    "end": 2767.379,
    "text": "But let's now and take a quick look at stable coin regulation in the US again, we discussed that previous episode as well."
  },
  {
    "start": 2768.66,
    "end": 2783.419,
    "text": "We know that The Genius Act is basically passed already last year but currently the clarity act was basically second piece of regulation Having a lot of discussions at one point and is I wouldn't say it little bit stuck."
  },
  {
    "start": 2783.64,
    "end": 2788.259,
    "text": "but, um... It has not been adopted in entered into force yet particular due to."
  },
  {
    "start": 2788.66,
    "end": 2791.6,
    "text": "One top one open topic maybe a little bit more about one key topic?"
  },
  {
    "start": 2791.759,
    "end": 2797.12,
    "text": "And this the topic off Interest rates and interest remuneration on stablecoins."
  },
  {
    "start": 2797.299,
    "end": 2801.96,
    "text": "And we know from the you, from the mica that stablecoin issuers are not allowed to pay yields."
  },
  {
    "start": 2802.12,
    "end": 2808.64,
    "text": "so You cannot say as a stablecoin issue where I pay you whatever five percent interest rate A year if you just hold this table coin."
  },
  {
    "start": 2808.68,
    "end": 2811.52,
    "text": "That's actually forbidden from the regulation In the"
  },
  {
    "start": 2811.58,
    "end": 2811.759,
    "text": "U.S.,"
  },
  {
    "start": 2811.819,
    "end": 2818.899,
    "text": "it's very similar in the Genius Act, this direct allowing of yields or interest rates paying out-interest income is not allowed."
  },
  {
    "start": 2819.5,
    "end": 2830.72,
    "text": "however there was currently some kind of a loophole which basically on about third party affiliate yield products that may exist where you can get indirect remuneration via stablecoins."
  },
  {
    "start": 2831.04,
    "end": 2841.279,
    "text": "so to tell you an example could be does not get interest on a stablecoin holding itself like USDC but can opt into a separate, let's say landing product."
  },
  {
    "start": 2841.399,
    "end": 2845.62,
    "text": "So for example our user deposits the stablecoins at an exchange, let us say Coinbase."
  },
  {
    "start": 2846.18,
    "end": 2851.08,
    "text": "Coinbase would round the funds to a third-party DeFi protocol that is maybe say Morpho or somebody else."
  },
  {
    "start": 2851.7,
    "end": 2861.02,
    "text": "Borrowers take loans using Cryptocollateral and their interests from the borrowers are passed through end users interest rate income, maybe five to ten percent yield."
  },
  {
    "start": 2861.919,
    "end": 2868.22,
    "text": "That is basically a current loophole in the Genius Act which you can currently use and there are lot of discussions now about that."
  },
  {
    "start": 2868.299,
    "end": 2869.2,
    "text": "should this be allowed?"
  },
  {
    "start": 2869.259,
    "end": 2869.64,
    "text": "Should it be"
  },
  {
    "start": 2869.74,
    "end": 2870.14,
    "text": "forbidden?\"."
  },
  {
    "start": 2870.98,
    "end": 2872.44,
    "text": "Here what the news piece is."
  },
  {
    "start": 2872.64,
    "end": 2902.6,
    "text": "why we brought us today was new evidence actually from the Council on Economic Advisers in the United States that said if you would ban the yields on stablecoins so not allowing also these indirect remuneration This would only a little bit negatively impact bank lending namely pi zero point two percent, which was one of the main concerns from the banking lobby and why they are lobbying against this option that you're allowed to pay indirect income."
  },
  {
    "start": 2903.14,
    "end": 2909.1,
    "text": "And here basically now this Council of Economic Advises says hey this problem is not really huge."
  },
  {
    "start": 2909.96,
    "end": 2914.259,
    "text": "we re-quantified You know, let's not close this loophole."
  },
  {
    "start": 2914.319,
    "end": 2917.259,
    "text": "what the banks however see from a different perspective."
  },
  {
    "start": 2917.52,
    "end": 2919.52,
    "text": "It also then just related to that."
  },
  {
    "start": 2919.68,
    "end": 2933.7,
    "text": "couple of days later and Treasury Secretary Scott Besen published an op-ed in The Wall Street Journal To push the clarity act more clarity on the clarity act so basically asking them to put the clarity a draft on the table of the president."
  },
  {
    "start": 2934.12,
    "end": 2948.48,
    "text": "So what you see here is basically some kind of public sector players making really providing data publishing numbers, that this topic can be resolved."
  },
  {
    "start": 2948.56,
    "end": 2962.859,
    "text": "So I think that was very interesting to see and maybe it's some kind of a push to get the clarity act in a final form soon because we will see, but at least there were some interesting and remarkable news on this issue of stable contravenoration in the"
  },
  {
    "start": 2962.899,
    "end": 2962.919,
    "text": "US?"
  },
  {
    "start": 2962.96,
    "end": 2970.919,
    "text": "Maybe just one thought to add here...I'm totally in favor any regulation which allows us build innovative businesses."
  },
  {
    "start": 2971.1,
    "end": 2980.98,
    "text": "so regulations shouldn't cementing the status quo, because I believe also large institutions can actually then amend their business cases according to new laws."
  },
  {
    "start": 2981.02,
    "end": 2988.22,
    "text": "So there is a possibility of an existing case if it's beneficial for ultimately society."
  },
  {
    "start": 2988.859,
    "end": 2995.96,
    "text": "Now having said that on the yield topping so sure whether the argument is right as it's currently being done."
  },
  {
    "start": 2996.06,
    "end": 3003.68,
    "text": "I understand obviously that from a digital asset perspective, especially on a stablecoin perspective you want to be able to pay yields on this table coin."
  },
  {
    "start": 3004.56,
    "end": 3006.96,
    "text": "but if we look at today why are your interest?"
  },
  {
    "start": 3007.399,
    "end": 3013.04,
    "text": "It actually earning interests because they're giving their money for an institution and accepting credit risk or debt."
  },
  {
    "start": 3014.0,
    "end": 3019.06,
    "text": "This institution can take that money and do other business with it, can hand out mortgages or anything."
  },
  {
    "start": 3019.12,
    "end": 3020.16,
    "text": "so there is a credit risk."
  },
  {
    "start": 3020.68,
    "end": 3029.299,
    "text": "We might not feel that much anymore because usually banks are being saved by the governments in case they're might be but ultimately we give money to bank."
  },
  {
    "start": 3029.359,
    "end": 3031.299,
    "text": "we have credit risks therefore get interest right?"
  },
  {
    "start": 3031.899,
    "end": 3036.12,
    "text": "Also when you look at cash so physical cash today uh... You don't get interested on that Right!"
  },
  {
    "start": 3036.299,
    "end": 3037.399,
    "text": "So That's different."
  },
  {
    "start": 3037.759,
    "end": 3041.279,
    "text": "why you got an interest of certain cash environments then you dont' get interesting others."
  },
  {
    "start": 3041.879,
    "end": 3047.02,
    "text": "Now on the stablecoin, so if a stablecoin is fully backed maybe even think about that at some point."
  },
  {
    "start": 3047.62,
    "end": 3051.94,
    "text": "A stable coin provider might have access to central bank account and directly transfer."
  },
  {
    "start": 3051.98,
    "end": 3052.299,
    "text": "they yield."
  },
  {
    "start": 3052.379,
    "end": 3055.879,
    "text": "it gets under centerbank to end user and dead on a fully back scenario."
  },
  {
    "start": 3056.16,
    "end": 3061.08,
    "text": "And If insolvency risk are implemented an in right way then you actually don't have credit risks."
  },
  {
    "start": 3061.14,
    "end": 3065.6,
    "text": "So why would need an interest, or why would you require an interest?"
  },
  {
    "start": 3065.64,
    "end": 3067.56,
    "text": "Because then it will be ultimately cash."
  },
  {
    "start": 3067.799,
    "end": 3070.22,
    "text": "But obviously we'd get interested if use that cash."
  },
  {
    "start": 3070.48,
    "end": 3070.7,
    "text": "again."
  },
  {
    "start": 3070.799,
    "end": 3077.08,
    "text": "the comparison to physical cash If he used that cash and uses in for example a lending context."
  },
  {
    "start": 3077.399,
    "end": 3081.22,
    "text": "So take the cash borrow into someone as someone pays your interests on It."
  },
  {
    "start": 3081.72,
    "end": 3086.5,
    "text": "so I'm not sure whether this interest yield component is simply of how they should be treated."
  },
  {
    "start": 3086.54,
    "end": 3094.919,
    "text": "The same as banks are allowed to pay interest We also need to think about why this interest is being paid today and whether that's the same thing in a set environment."
  },
  {
    "start": 3095.319,
    "end": 3101.22,
    "text": "Not saying there shouldn't be those same conscious saying, That's a different argument but it also needs to be considered when thinking about their topic."
  },
  {
    "start": 3101.879,
    "end": 3103.98,
    "text": "Maybe Lydia you are deeper on your topic than me."
  },
  {
    "start": 3104.419,
    "end": 3111.62,
    "text": "The Genius Act yield ban Is classic case of regulation protecting incumbents rather then consumers."
  },
  {
    "start": 3111.7,
    "end": 3124.259,
    "text": "So the council of economic advisers own numbers show adds a rounding arrow, two point one billion in bank lending while costing the users eight hundred million."
  },
  {
    "start": 3124.46,
    "end": 3136.98,
    "text": "In welfare through yields which is exactly that kind of trade off That gets made when Bank lobbying outweighs The evidence that the Council Of Economic Advisers produced themselves."
  },
  {
    "start": 3137.1,
    "end": 3144.1,
    "text": "so maybe my thinking isn't as nuanced As yours yet but to me this Is just lobbyism protecting their business model."
  },
  {
    "start": 3144.74,
    "end": 3146.02,
    "text": "And yeah, it likely is."
  },
  {
    "start": 3146.08,
    "end": 3152.08,
    "text": "So I'm not saying anything against that... It's likely because as a large institution who would be heard by dad."
  },
  {
    "start": 3152.14,
    "end": 3154.259,
    "text": "you obviously are lobbying against that."
  },
  {
    "start": 3155.16,
    "end": 3159.839,
    "text": "so totally with you on that i'm just saying there might be an additional argument that needs to be sought through."
  },
  {
    "start": 3160.14,
    "end": 3164.08,
    "text": "if that has been sort too and taken care of then please let's implement this right?"
  },
  {
    "start": 3164.399,
    "end": 3168.6,
    "text": "Totally not in favor of having regulation that cements the status quo."
  },
  {
    "start": 3168.799,
    "end": 3168.919,
    "text": "Yeah!"
  },
  {
    "start": 3169.14,
    "end": 3170.259,
    "text": "So understand your point."
  },
  {
    "start": 3170.839,
    "end": 3173.779,
    "text": "Just um As an additional thought That may something consider."
  },
  {
    "start": 3174.66,
    "end": 3183.16,
    "text": "And what I found very remarkable just one more sentence is that basically the public sector like the government or this entity, this advisers entity was on."
  },
  {
    "start": 3183.44,
    "end": 3190.18,
    "text": "This now seems to be on the side of you know off the industry for digital money digital assets industry and not on the site."
  },
  {
    "start": 3191.319,
    "end": 3198.1,
    "text": "It's just very interesting and a very worthwhile to see how the market."
  },
  {
    "start": 3198.2,
    "end": 3202.66,
    "text": "And also, the public sector in US is really pushing the topic of digital assets and digital money."
  },
  {
    "start": 3203.1,
    "end": 3203.24,
    "text": "Alrighty!"
  },
  {
    "start": 3203.7,
    "end": 3210.06,
    "text": "Let's move on to the ultimate section for todays episode that is institutional tokenization."
  },
  {
    "start": 3213.64,
    "end": 3217.279,
    "text": "Three stories really dominate in this domain."
  },
  {
    "start": 3217.899,
    "end": 3224.94,
    "text": "In April, I will give you a quick overview and then interested to see what is the biggest one for you?"
  },
  {
    "start": 3225.06,
    "end": 3234.7,
    "text": "So first, Deutsche Börse has taken a two hundred million US dollar strategic stake in payward The parent of Kraken."
  },
  {
    "start": 3234.919,
    "end": 3239.919,
    "text": "so at one point five percent fully diluted position."
  },
  {
    "start": 3240.04,
    "end": 3240.919,
    "text": "closing Q two."
  },
  {
    "start": 3241.44,
    "end": 3266.419,
    "text": "This is the operational follow through on the partnership they announced in December, twenty twenty five what Deutsche Börse is building openly now it's a hybrid market infrastructure one liquidity pool that can process traditional securities and blockchain native tokens side by site, then second and directly connected on though clear stream."
  },
  {
    "start": 3266.56,
    "end": 3276.56,
    "text": "And three hundred sixty X announced a partnership to bring tokenized US stocks and ETFs into European regulated infrastructure."
  },
  {
    "start": 3277.2,
    "end": 3284.72,
    "text": "so there are ten tokenized securities such as N VDA on, or NVIDIA ON."
  },
  {
    "start": 3285.46,
    "end": 3286.46,
    "text": "I won't list all of them."
  },
  {
    "start": 3286.54,
    "end": 3294.399,
    "text": "they went live from three hundred sixty X and Clearstream will handle custody settlement and collateralization."
  },
  {
    "start": 3295.04,
    "end": 3299.279,
    "text": "And third there is KFW or kfw."
  },
  {
    "start": 3300.22,
    "end": 3308.819,
    "text": "Germany's development bank is issuing its a third DLT based bond in June deliberately designed as a stress test."
  },
  {
    "start": 3308.879,
    "end": 3324.919,
    "text": "So they are swapping the registrar mid life cycle from cashlink to Deca Bank and migrating the chain To Regulated Layer One, side note we need to have Ibiza Arachic finally in here."
  },
  {
    "start": 3325.12,
    "end": 3333.6,
    "text": "To discuss regulated layer one which is the permission European Network Co-Owned by Kaifwe Deca Bank DZBank and more."
  },
  {
    "start": 3334.1,
    "end": 3344.74,
    "text": "on The CacheLang two euro system raise on one instrument for the first time now, so Bundesbank's trigger solution at issuance and Pontus four coupons."
  },
  {
    "start": 3344.98,
    "end": 3345.919,
    "text": "And redemption."
  },
  {
    "start": 3346.5,
    "end": 3355.68,
    "text": "So those are three biggest items in institutional tokenization and a Treadfire market infrastructure At least from our European perspective."
  },
  {
    "start": 3356.299,
    "end": 3360.2,
    "text": "Yeah Now I'm interested In hearing what you found most interesting"
  },
  {
    "start": 3363.48,
    "end": 3365.319,
    "text": "topics are very, very crucial."
  },
  {
    "start": 3365.58,
    "end": 3367.94,
    "text": "So there's not one of them to pick out."
  },
  {
    "start": 3367.98,
    "end": 3377.759,
    "text": "what it shows in general is that we see again more and and also massive institutional adoption into the digital asset and crypto sector."
  },
  {
    "start": 3378.279,
    "end": 3385.04,
    "text": "So I think that is what those three topics show, it also shows we move away from simply testing piloting."
  },
  {
    "start": 3385.279,
    "end": 3387.839,
    "text": "We are very much in production environments."
  },
  {
    "start": 3388.279,
    "end": 3393.2,
    "text": "so for example that's the ondo case which shows very well Ondois is an amazing team."
  },
  {
    "start": 3393.379,
    "end": 3405.299,
    "text": "they're showing that its possible to bridge DeFi with stratify, so that you don't have to run those systems in parallel but can actually be present on both rails."
  },
  {
    "start": 3405.779,
    "end": 3409.259,
    "text": "So I think that definitely is or are all very important signs."
  },
  {
    "start": 3409.96,
    "end": 3410.48,
    "text": "Excellent!"
  },
  {
    "start": 3410.859,
    "end": 3417.12,
    "text": "With that we rushed through unfortunately so many interesting news."
  },
  {
    "start": 3417.72,
    "end": 3423.919,
    "text": "i really enjoyed our Satoshi Nakamoto debate and our focus on stablecoins."
  },
  {
    "start": 3424.46,
    "end": 3433.04,
    "text": "As always, we also brought super interesting knowledge bites that we recommend you to go through and learn from."
  },
  {
    "start": 3434.02,
    "end": 3436.259,
    "text": "Jonas which one did you pick this month?"
  },
  {
    "start": 3437.1,
    "end": 3437.62,
    "text": "Yes thank you."
  },
  {
    "start": 3437.759,
    "end": 3441.779,
    "text": "so I brought the ECB's retail payment strategy with me."
  },
  {
    "start": 3442.12,
    "end": 3453.319,
    "text": "So, European Central Bank published their thinking on where they think payments is heading and also how to adjust their own infrastructures in the next couple of years."
  },
  {
    "start": 3453.48,
    "end": 3461.66,
    "text": "obviously i guess no surprise digital euro one part that but also host a CBC efforts like Apia and Pontus are apart from them."
  },
  {
    "start": 3461.72,
    "end": 3470.339,
    "text": "But we clearly see tokenization as key themes for this year and wants to prepare the payment infrastructure also from their side on that."
  },
  {
    "start": 3470.419,
    "end": 3472.879,
    "text": "So I think everybody who's interested, you know?"
  },
  {
    "start": 3472.94,
    "end": 3482.68,
    "text": "To get the central bank, public sector perspective of future payments rails they should definitely check out this retail payment strategy by ECB."
  },
  {
    "start": 3483.48,
    "end": 3484.02,
    "text": "Thank You Jonas."
  },
  {
    "start": 3484.08,
    "end": 3486.66,
    "text": "We'll definitely give it a read."
  },
  {
    "start": 3486.72,
    "end": 3487.5,
    "text": "How about you, Lydia?"
  },
  {
    "start": 3487.779,
    "end": 3489.56,
    "text": "Yeah I couldn't decide on one so i brought two."
  },
  {
    "start": 3489.6,
    "end": 3501.339,
    "text": "um One is a podcast by Raoul Paul the churny man and which is actually uh talk about how Ethereum should be seen as the main neutral base layer for moving the financial infrastructure on."
  },
  {
    "start": 3501.879,
    "end": 3507.799,
    "text": "So there are just to give one quote from the podcast that The entire banking system will go in ethereum."
  },
  {
    "start": 3508.319,
    "end": 3512.14,
    "text": "so very provocative but Very great tool listed in here."
  },
  {
    "start": 3512.339,
    "end": 3513.379,
    "text": "what they're talking About?"
  },
  {
    "start": 3515.02,
    "end": 3522.08,
    "text": "Vitalik Buterin has issued one of its blogs in April, which is actually a link between blockchain as well as AI."
  },
  {
    "start": 3524.839,
    "end": 3531.66,
    "text": "tech-driven blog posts, but it's interesting to have a read especially for those currently implementing AI infrastructures."
  },
  {
    "start": 3531.94,
    "end": 3547.24,
    "text": "It is about if you want to consider how to connect LLM to an Ethereum wallet... But he very much comes from the design principle on how we should set up to obviously align with principles that we know of blockchain space such as security, self-sovereignty and so on."
  },
  {
    "start": 3547.66,
    "end": 3549.52,
    "text": "So there are good reads too"
  },
  {
    "start": 3551.14,
    "end": 3554.46,
    "text": "Brilliant, I definitely know the situation not being able to pick one."
  },
  {
    "start": 3554.899,
    "end": 3555.799,
    "text": "The One I picked."
  },
  {
    "start": 3555.839,
    "end": 3567.759,
    "text": "this one though is in fact a New York Times piece by John Carey or Carey Rue titled My Quest to Solve Bitcoin's Great Mystery."
  },
  {
    "start": 3567.859,
    "end": 3576.44,
    "text": "And although I pitched that for institutional investors, it would only cause more work knowing who behind bitcoin is."
  },
  {
    "start": 3576.54,
    "end": 3578.799,
    "text": "other name Satoshi Nakamoto."
  },
  {
    "start": 3579.1,
    "end": 3584.419,
    "text": "It still super interesting particular on how seriously he investigated this."
  },
  {
    "start": 3584.5,
    "end": 3590.879,
    "text": "so This now really serious journalism not Satoshi clickbait as the other examples were."
  },
  {
    "start": 3590.96,
    "end": 3592.1,
    "text": "that you know, list."
  },
  {
    "start": 3592.759,
    "end": 3607.74,
    "text": "So yeah he really names Adam back and backs it with linguistic forensics AI assisted text analysis and a narrowing from thirty four thousand mailing lists users down to one year."
  },
  {
    "start": 3607.859,
    "end": 3616.15,
    "text": "so although we actually don't want the truth behind the label Satoshi Nakamoto, although we don't want it."
  },
  {
    "start": 3616.45,
    "end": 3622.37,
    "text": "It's fascinating to read and you learn a lot about The Crypto Community and the early cypherpunk community."
  },
  {
    "start": 3622.589,
    "end": 3623.31,
    "text": "so give it a read!"
  },
  {
    "start": 3624.089,
    "end": 3629.75,
    "text": "And with that thanks for listening to Bitcoin Fiat & Rock'n Roll and making until the end of this episode."
  },
  {
    "start": 3629.95,
    "end": 3631.529,
    "text": "Thanks to Jonas and Lydia."
  },
  {
    "start": 3634.23,
    "end": 3637.069,
    "text": "If you enjoy the podcast, please recommend and rate us."
  },
  {
    "start": 3637.13,
    "end": 3653.41,
    "text": "That really helps as the most connect with us on YouTube LinkedIn and predominantly our expert community on telegram both in German and English to visit our website for detailed analysis And make sure to subscribe to BFRR wherever You get your podcast."
  },
  {
    "start": 3653.79,
    "end": 3659.009,
    "text": "join Us next week when we'll be exploring another critical development In The evolution of digital finance."
  },
  {
    "start": 3659.109,
    "end": 3665.97,
    "text": "until then this is Bitcoin fiat and rock'n roll bringing Europe's perspective or on digital money and digital assets to the world."
  },
  {
    "start": 3666.65,
    "end": 3666.89,
    "text": "Thank"
  },
  {
    "start": 3681.25,
    "end": 3691.31,
    "text": "you very much!"
  }
]