[
  {
    "start": 16.54,
    "end": 24.04,
    "text": "Hello and welcome to another news episode of BFRR, our Bitcoin fiat and rock'n roll podcast."
  },
  {
    "start": 24.36,
    "end": 29.06,
    "text": "We explore the intersection of traditional finance digital money and digital assets."
  },
  {
    "start": 29.119,
    "end": 32.879,
    "text": "And have you understand how digital money at assets will evolve in the future?"
  },
  {
    "start": 33.78,
    "end": 37.92,
    "text": "I am co-host Michael Blaschke and today it is time for a new episode."
  },
  {
    "start": 37.98,
    "end": 47.66,
    "text": "Today we look back two months off July discuss what We deem the most relevant developments in the institutional DLT space."
  },
  {
    "start": 47.76,
    "end": 57.0,
    "text": "To this I am joined by our longtime guest and friend Nadine Wilke, co-founder and chief growth officer at Particular."
  },
  {
    "start": 57.12,
    "end": 57.86,
    "text": "Welcome Nadine"
  },
  {
    "start": 58.18,
    "end": 58.88,
    "text": "Thank you for having me."
  },
  {
    "start": 58.98,
    "end": 59.16,
    "text": "Hi"
  },
  {
    "start": 59.56,
    "end": 64.08,
    "text": "And we're also joined by Our well known Co host Manuel Klein."
  },
  {
    "start": 64.34,
    "end": 65.4,
    "text": "Manu good to have You here."
  },
  {
    "start": 65.58,
    "end": 66.9,
    "text": "Good morning Hello both."
  },
  {
    "start": 67.4,
    "end": 68.16,
    "text": "Good to see you Nadine."
  },
  {
    "start": 68.46,
    "end": 79.24,
    "text": "So today will gonna cover a brief market overview, we're going to deep dive into stable coins that is new issuers banking access and payments infrastructure."
  },
  {
    "start": 79.68,
    "end": 82.22,
    "text": "We also gonna cover tokenization."
  },
  {
    "start": 82.32,
    "end": 97.18,
    "text": "institutional capital markets on DLT will zoom in to regulation policy and CBDCs And have short section of the crypto ecosystem platforms and corporate strategy on institutional DLTE."
  },
  {
    "start": 97.22,
    "end": 98.46,
    "text": "Alright let's get into it."
  },
  {
    "start": 98.88,
    "end": 102.8,
    "text": "Yeah, and as always we start with a brief overview of the current market."
  },
  {
    "start": 102.88,
    "end": 117.18,
    "text": "With two favorite cryptocurrencies that obviously need to be talked about which is Bitcoin in Ethereum And July has been relatively stable month for bitcoin trading around sixty three thousand to sixty five thousand dollars."
  },
  {
    "start": 117.46,
    "end": 120.94,
    "text": "A very tight band all the months not lot volatility."
  },
  {
    "start": 122.08,
    "end": 140.78,
    "text": "The latest price was around sixty-five thousand as well And with ETH we see quite a bigger band, one thousand five hundred two thousand nine hundred but higher volatility especially also on some news that we've seen from the Ethereum Foundation to laying off roughly twenty percent of this stuff."
  },
  {
    "start": 140.98,
    "end": 152.92,
    "text": "I think there was clearly When it comes to comparing the maximum highs and peaks, let's say Bitcoin is still down significantly."
  },
  {
    "start": 156.76,
    "end": 161.08,
    "text": "Ethereum even more, sixty eight percent down from its August."
  },
  {
    "start": 161.12,
    "end": 166.42,
    "text": "twenty-twenty five all time high of roughly five thousand four thousand nine hundred fifty dollars."
  },
  {
    "start": 166.8,
    "end": 175.26,
    "text": "Likely also due to all the macro events that are still happening in the world clearly with lots of geopolitical tensions and war everywhere."
  },
  {
    "start": 175.76,
    "end": 186.86,
    "text": "but interestingly both assets rose a bit after the Fed has held it's rates steady On the decision on July, twenty ninth and July thirtieth."
  },
  {
    "start": 186.98,
    "end": 187.96,
    "text": "So at the end of the month."
  },
  {
    "start": 188.52,
    "end": 192.88,
    "text": "And one other piece that we also always look into is the ETFs flow."
  },
  {
    "start": 193.06,
    "end": 208.46,
    "text": "ETF flows inflows and outflows and The july's Bitcoin ETF saw some little inflows now roughly two hundred million on a net basis over the course Of this month following significant outflows in May and June."
  },
  {
    "start": 209.0,
    "end": 223.36,
    "text": "So a bit of stabilization here, however also here comparing it to the peak from their hundred fifty billion September in twenty-twenty five we are now with Bitcoin ETFs asset center management at around seventy eight billion."
  },
  {
    "start": 223.5,
    "end": 228.36,
    "text": "so roughly half off that value was lost over the last ten months."
  },
  {
    "start": 229.06,
    "end": 233.82,
    "text": "And uh...with Ethereum looks even more dramatic."
  },
  {
    "start": 234.28,
    "end": 252.32,
    "text": "Roughly one-third of the peak assets under management are still in the ETF sector focusing on Ethereum, so current asset management is roughly ten billion of a peak of thirty billion that were placed in ETFs we saw in August."
  },
  {
    "start": 252.36,
    "end": 254.72,
    "text": "twenty-twenty five."
  },
  {
    "start": 254.76,
    "end": 264.56,
    "text": "Still not big recovery in the crypto space, but rather continued trend downwards or at least over July stable with Bitcoin."
  },
  {
    "start": 265.3,
    "end": 276.48,
    "text": "And some market news here that also led to this performance is a strategy really selling Bitcoin again and strategy."
  },
  {
    "start": 276.56,
    "end": 316.38,
    "text": "We're always obviously talking about micro strategy that sold now three thousand five hundred bitcoin for roughly two hundred sixty million at the end of July or ultimately throughout July, And never selling Bitcoin was now here again broken, which obviously was taken up by the media and criticized of those that really follow strategies position."
  },
  {
    "start": 317.02,
    "end": 320.5,
    "text": "This was really the first break from its Never Sell mantra."
  },
  {
    "start": 321.02,
    "end": 335.58,
    "text": "it is small in size but clearly big symbolically both sales together total less than half of a percent off all the total holdings of bitcoin, Bitcoin of microstrategy but nevertheless clearly a big symbol."
  },
  {
    "start": 336.2,
    "end": 338.16,
    "text": "and last But not least as already mentioned."
  },
  {
    "start": 338.22,
    "end": 344.2,
    "text": "The ethereum foundation laid off roughly twenty percent of its staff so fifty four people."
  },
  {
    "start": 344.24,
    "end": 347.4,
    "text": "Fifty-four jobs were cut in June."
  },
  {
    "start": 347.88,
    "end": 352.08,
    "text": "Vitalik Botrien said that also budget cut of forty percent will follow."
  },
  {
    "start": 352.26,
    "end": 358.28,
    "text": "So significant changes in the Ethereum Foundation which drove lots of the development over the last years."
  },
  {
    "start": 358.72,
    "end": 371.22,
    "text": "Major personnel left The Ethereum Foundation, the co-executive and nine other senior staff some even long time employees that were there more than seven years."
  },
  {
    "start": 371.5,
    "end": 375.84,
    "text": "This is clearly a change in the development of the ethereum ecosystem."
  },
  {
    "start": 376.42,
    "end": 394.38,
    "text": "And then interestingly enough before the cuts five former senior Ethereum Foundation researchers launched ETH Labs, which is an independent R&D backed by two of the largest publicly traded ETH Treasury companies Bitmine and Charpling."
  },
  {
    "start": 394.86,
    "end": 399.74,
    "text": "Joe Lubin also joined and a custody specialist from Anchorage and few others."
  },
  {
    "start": 401.3,
    "end": 405.3,
    "text": "they state their mission to make Ethereum the settlement layer for global economy."
  },
  {
    "start": 405.5,
    "end": 410.3,
    "text": "so now obviously this question comes up how does that compete with the Ethereum foundation?"
  },
  {
    "start": 410.9,
    "end": 419.38,
    "text": "So interesting developments in the Ethereum space as well, combined with continued downward trend and price."
  },
  {
    "start": 421.08,
    "end": 424.36,
    "text": "That's it for overall market overview."
  },
  {
    "start": 425.46,
    "end": 431.52,
    "text": "I don't know Nadine or Mishi if you want to add anything on those two assets before we then continue."
  },
  {
    "start": 431.84,
    "end": 434.88,
    "text": "Yeah, so I think you can see it with Ethereum."
  },
  {
    "start": 435.3,
    "end": 437.54,
    "text": "It's not an only case here."
  },
  {
    "start": 438.44,
    "end": 453.56,
    "text": "I have conversations of multiple blockchain ecosystems especially the ones who are more focused on niche topics that they're all struggling evolution of getting more profitable or pivoting even."
  },
  {
    "start": 454.14,
    "end": 474.26,
    "text": "You can see it also with the so-called RWA chains who are now switching to focus on AI and say we will be the chain of their agent economy, I think there's a survival fight for some of these chains compared to others still number one in terms."
  },
  {
    "start": 476.34,
    "end": 480.82,
    "text": "They have to change and they have to optimize themselves."
  },
  {
    "start": 480.98,
    "end": 496.9,
    "text": "And the move through institutions is also what I see looking everybody on because institutions are still working, building not getting affected so much by everything which happened this year compared to startups or protocols."
  },
  {
    "start": 497.52,
    "end": 499.02,
    "text": "For me really two reactions."
  },
  {
    "start": 499.56,
    "end": 502.36,
    "text": "thanks Manuel for your excellent market overview."
  },
  {
    "start": 503.12,
    "end": 507.6,
    "text": "Yeah, one is the ETF complex losing half its value in ten months."
  },
  {
    "start": 507.7,
    "end": 507.84,
    "text": "Why?"
  },
  {
    "start": 508.1,
    "end": 520.199,
    "text": "The product itself works flawlessly tells me that there's a conviction or narrative problem and it's not necessarily a wrapper problem of the tokens."
  },
  {
    "start": 520.919,
    "end": 526.72,
    "text": "so institutions had be on ramp now and still walked away."
  },
  {
    "start": 527.9,
    "end": 535.06,
    "text": "To me, this is a bit concerning on strategy selling below your own cost basis to service."
  },
  {
    "start": 535.14,
    "end": 543.939,
    "text": "preferred dividends Really turn strategy from a never sell thesis into a leveraged fund with obligations."
  },
  {
    "start": 544.02,
    "end": 553.12,
    "text": "Yeah, so the golden shine is away at the micro sailor as to religious leader of Bitcoin maximalist."
  },
  {
    "start": 553.3,
    "end": 554.0,
    "text": "it's really gone."
  },
  {
    "start": 554.079,
    "end": 555.12,
    "text": "this is now leverage."
  },
  {
    "start": 555.239,
    "end": 557.479,
    "text": "fun with obligations nothing more."
  },
  {
    "start": 558.0,
    "end": 559.18,
    "text": "The Golden Shine has gone."
  },
  {
    "start": 559.439,
    "end": 561.3,
    "text": "half percent off holdings."
  },
  {
    "start": 561.78,
    "end": 565.76,
    "text": "but the narrative really break matters more than the size here."
  },
  {
    "start": 565.859,
    "end": 571.359,
    "text": "And the Ethereum Foundation split is probably at the healthiest thing."
  },
  {
    "start": 571.54,
    "end": 581.219,
    "text": "that happened to ETH all year, so it's now a lean foundation which guards protocol values and price."
  },
  {
    "start": 581.26,
    "end": 585.78,
    "text": "aligned outsiders ship the growth of ethereum yeah?"
  },
  {
    "start": 585.9,
    "end": 593.979,
    "text": "So at least incentives are finally legible at ethereum now which i really appreciate"
  },
  {
    "start": 594.38,
    "end": 597.3,
    "text": "and thanks for the additional note also on this."
  },
  {
    "start": 597.88,
    "end": 608.54,
    "text": "The price of the sale off strategy that is below its own average price, I think there's a also as you say an important let's say rational shift away from narratives to never sell."
  },
  {
    "start": 608.699,
    "end": 615.62,
    "text": "i mean if u hold in your balance sheet assets don't perform well then you have to liquidate them because he want too."
  },
  {
    "start": 615.859,
    "end": 616.56,
    "text": "In this case fun."
  },
  {
    "start": 616.719,
    "end": 622.16,
    "text": "preferred dividends obviously also has a signal to market that the company is still healthy, I suppose."
  },
  {
    "start": 622.64,
    "end": 625.02,
    "text": "Then that's what you eventually have to do right?"
  },
  {
    "start": 625.739,
    "end": 633.699,
    "text": "So this is a thing where market dynamics and narratives clash And here...I think he has no other chance obviously than doing so."
  },
  {
    "start": 633.9,
    "end": 638.199,
    "text": "if The Company really wants to pay those preferred dividends Yeah!"
  },
  {
    "start": 639.3,
    "end": 645.56,
    "text": "Interesting To see also the reaction of all those evangelists That still follow his narrative."
  },
  {
    "start": 646.579,
    "end": 654.26,
    "text": "If You run A company that does that then eventually you have to sell whenever you get into the territory of struggled assets."
  },
  {
    "start": 655.16,
    "end": 663.04,
    "text": "Excellent, let's now talk stablecoins specifically new issuers banking access and payments infrastructure."
  },
  {
    "start": 663.54,
    "end": 669.459,
    "text": "Let me start with a rather big structural shift in stablecoins this month, possibly this year."
  },
  {
    "start": 669.939,
    "end": 687.0,
    "text": "On June thirtieth a consortium of over one hundred forty firms including Stripe Visa Mastercard BlackRock BNY Mellon Coinbase and ADIAN formally launched their OUSD the open US dollar stablecoin."
  },
  {
    "start": 687.339,
    "end": 688.54,
    "text": "now why does it matter?"
  },
  {
    "start": 689.04,
    "end": 692.939,
    "text": "We have seen dozens of stable coin launches if not hundreds."
  },
  {
    "start": 693.06,
    "end": 698.64,
    "text": "I mean we always coined his phrase off yet another stablecon here but This one is architecture different."
  },
  {
    "start": 698.859,
    "end": 704.64,
    "text": "OUSD is not a product built by one company, it's an open standard."
  },
  {
    "start": 704.76,
    "end": 710.079,
    "text": "that means any compliant regulated entity can issue OUSd tokens."
  },
  {
    "start": 710.5,
    "end": 712.8,
    "text": "The protocol here defines the rules."
  },
  {
    "start": 713.239,
    "end": 716.819,
    "text": "Not a single operator or not a single stablecoin issuer."
  },
  {
    "start": 717.359,
    "end": 718.52,
    "text": "So you may want to think of it."
  },
  {
    "start": 718.599,
    "end": 728.66,
    "text": "less like Launches a stable coin or unity launches the stablecoin and more like, The payments industry agrees on a shared stablecoin standard."
  },
  {
    "start": 728.739,
    "end": 733.319,
    "text": "And that is actually the card network playbook applied to stablecoins."
  },
  {
    "start": 733.359,
    "end": 735.62,
    "text": "so you have competitive issuers."
  },
  {
    "start": 736.0,
    "end": 741.819,
    "text": "each bank Each fintech can issue OUSD but they all interoperate on shared rails."
  },
  {
    "start": 741.939,
    "end": 749.14,
    "text": "Visa and MasterCard know this model extremely well, And I think that is why they are backing it by participating"
  },
  {
    "start": 751.76,
    "end": 751.8,
    "text": "in"
  },
  {
    "start": 768.68,
    "end": 768.719,
    "text": "it.\"."
  },
  {
    "start": 769.719,
    "end": 770.26,
    "text": "stablecoin."
  },
  {
    "start": 770.839,
    "end": 787.5,
    "text": "Yes, they have an agreement with Coinbase where Coinbase receives major part of the revenue that is generated by the underlying assets but nevertheless usually the issuer receives it right and here with OpenUSD those who distribute this stablecoin shall participate in a revenue."
  },
  {
    "start": 787.599,
    "end": 789.12,
    "text": "so quite interesting new model."
  },
  {
    "start": 789.459,
    "end": 794.78,
    "text": "Maybe question to you, Manuel or Michael as you guys are more experts in stablecoins than I am."
  },
  {
    "start": 795.26,
    "end": 800.92,
    "text": "Is this open standard compliant with European regulations and with Genius Act?"
  },
  {
    "start": 801.06,
    "end": 803.06,
    "text": "Or worldwide?"
  },
  {
    "start": 803.099,
    "end": 804.92,
    "text": "I don't think they have landed it yet right."
  },
  {
    "start": 804.979,
    "end": 819.56,
    "text": "so at least to my understanding This was an announcement of hundred forty firms ultimately supporting participate in issuance or whether they only distribute and under which regulatory regime this will be issued."
  },
  {
    "start": 819.68,
    "end": 826.14,
    "text": "I don't think that has landed yet, but certainly something to follow here on the podcast"
  },
  {
    "start": 826.199,
    "end": 826.5,
    "text": "obviously.\"."
  },
  {
    "start": 827.219,
    "end": 828.16,
    "text": "Yeah very good question!"
  },
  {
    "start": 829.079,
    "end": 841.219,
    "text": "That explains why for us in Europe it is relevant fast because OUSD will almost variant."
  },
  {
    "start": 841.62,
    "end": 852.939,
    "text": "And this is then the kind of infrastructure that if it gains traction, and that's always a big if with yet another stablecoin could then set the race for digital trade settlement globally I mean?"
  },
  {
    "start": 853.26,
    "end": 869.42,
    "text": "It has one hundred forty firms including massive powerhouse financial institutions yeah...and given the size at potential success it raises an interesting question Will OUSD actually threaten more?"
  },
  {
    "start": 869.599,
    "end": 874.859,
    "text": "Teva or Circle, my take is that it... is primarily aimed at circles."
  },
  {
    "start": 875.079,
    "end": 876.12,
    "text": "institutional market."
  },
  {
    "start": 876.26,
    "end": 880.839,
    "text": "tether serves a very specific function emerging markets and offshore trading."
  },
  {
    "start": 880.9,
    "end": 882.699,
    "text": "it is the dollar of last resort."
  },
  {
    "start": 882.8,
    "end": 896.54,
    "text": "in places where you cannot get a bank account or us dollar denominated bank account open u.s.. Dollar is going after the corporate trashy market cross-border B to be payments the fintech stack, And that is really circles territory."
  },
  {
    "start": 897.16,
    "end": 902.12,
    "text": "so I hope Alambels are red and loud at Circle."
  },
  {
    "start": 902.5,
    "end": 923.079,
    "text": "And on that note, um...I mean i can very much recommend listening to one of the latest episodes of our podcast with Joey Garcia & Jonathan Knoll & Jonas where they have already also analyzed the parallel to ultimately Libra or Diem because it feels a bit like a Libra moment here right?"
  },
  {
    "start": 923.14,
    "end": 930.739,
    "text": "A hundred forty companies coming together trying issue or distribute a stablecoin, aiming to distribute the stablecoin."
  },
  {
    "start": 931.239,
    "end": 936.3,
    "text": "So very interesting and obviously with all those huge names an extremely interesting project to follow."
  },
  {
    "start": 936.42,
    "end": 937.199,
    "text": "let's see where it lands."
  },
  {
    "start": 937.439,
    "end": 946.079,
    "text": "but maybe also too add here we had similar projects in the past which end up nothing right?"
  },
  {
    "start": 946.219,
    "end": 953.219,
    "text": "Or if you think about back R three quarter of like over forty banks participating didn't go anywhere."
  },
  {
    "start": 953.5,
    "end": 958.579,
    "text": "No, they are barely surviving and I think it always looks nice."
  },
  {
    "start": 958.719,
    "end": 961.479,
    "text": "but the question is really who's a big driver behind of that?"
  },
  {
    "start": 962.02,
    "end": 972.04,
    "text": "And do you have to say like then bigger advantage using that over for instance established brand like Circle for instance?"
  },
  {
    "start": 973.12,
    "end": 974.66,
    "text": "also curious too see"
  },
  {
    "start": 975.319,
    "end": 975.699,
    "text": "how"
  },
  {
    "start": 975.92,
    "end": 977.56,
    "text": "much loyalty those brands?"
  },
  {
    "start": 980.04,
    "end": 984.56,
    "text": "Because usually those stablecoin users, I would maybe assume that they are very idealistic."
  },
  {
    "start": 984.959,
    "end": 991.719,
    "text": "So the question is do they move to one where it simply say oh looks better or their bigger names behind of it?"
  },
  {
    "start": 991.819,
    "end": 992.699,
    "text": "Or do you stay like?"
  },
  {
    "start": 992.739,
    "end": 997.439,
    "text": "no i stick here because I trust this company for so many years and happy how it's"
  },
  {
    "start": 998.18,
    "end": 998.719,
    "text": "totally fair."
  },
  {
    "start": 999.819,
    "end": 1002.959,
    "text": "Particularly the consortia driven stablecoins."
  },
  {
    "start": 1003.42,
    "end": 1011.3,
    "text": "there a big question mark we don't know if and where Kivalis will land We OUSD consortium."
  },
  {
    "start": 1012.0,
    "end": 1022.699,
    "text": "Yeah, I mean they are promising but They have to walk the talk and they need to Capture a share of the very competitive stablecoin market."
  },
  {
    "start": 1022.76,
    "end": 1030.64,
    "text": "Yes All right staying with circle for a moment because they had quite A month two big moves that Are actually complementary."
  },
  {
    "start": 1030.76,
    "end": 1043.48,
    "text": "first standard charted became The First global systemically important bank so HG zip to offer direct integrated USDC, minting and redemption towards institutional clients."
  },
  {
    "start": 1044.12,
    "end": 1057.06,
    "text": "That is a big deal because until now if you were an institution wanting to work with USDC You either went to Circle directly or used a crypto native custodian like Fireblocks or Anchorage."
  },
  {
    "start": 1057.36,
    "end": 1057.7,
    "text": "Now!"
  },
  {
    "start": 1058.16,
    "end": 1065.98,
    "text": "You can do it through your existing banking relationship With standard chartered, so that's the same compliance framework."
  },
  {
    "start": 1066.08,
    "end": 1074.06,
    "text": "The same reporting, the same KYAC just with USDC as the output of your banking relationship with standard charter."
  },
  {
    "start": 1074.96,
    "end": 1076.96,
    "text": "and then seconds this thing at Circle."
  },
  {
    "start": 1077.72,
    "end": 1083.46,
    "text": "Circle received its final OCC approval to operate as a national trust bank."
  },
  {
    "start": 1083.64,
    "end": 1088.1,
    "text": "This means Circle can hold it own reserves without relying on third party banks."
  },
  {
    "start": 1088.6,
    "end": 1091.1,
    "text": "it can cluster the assets in its own name."
  },
  {
    "start": 1091.48,
    "end": 1098.76,
    "text": "It becomes a regulated financial institution, and now take those two together."
  },
  {
    "start": 1099.12,
    "end": 1102.12,
    "text": "CERPL is simultaneously becoming more like a bank."
  },
  {
    "start": 1102.32,
    "end": 1112.42,
    "text": "that's its standard chartered USDC access integrating into existing banks or OCC Charter."
  },
  {
    "start": 1112.54,
    "end": 1115.38,
    "text": "so their surplus not really choosing one path."
  },
  {
    "start": 1115.46,
    "end": 1117.24,
    "text": "They're running both tracks."
  },
  {
    "start": 1117.32,
    "end": 1121.0,
    "text": "they want to be the infrastructure others built on."
  },
  {
    "start": 1121.16,
    "end": 1121.34,
    "text": "but,"
  },
  {
    "start": 1141.06,
    "end": 1141.62,
    "text": "take, right?"
  },
  {
    "start": 1141.66,
    "end": 1150.22,
    "text": "Because if we think about stablecoin payments use cases that corporates for example also want to or shall use stablecoins."
  },
  {
    "start": 1150.68,
    "end": 1159.88,
    "text": "Where do corporate set and which interfaces do they usually use while banking interfaces are customers of banks where they hold their money."
  },
  {
    "start": 1160.28,
    "end": 1168.6,
    "text": "so this is a gatekeeping institution that stablecoins need to integrate in offering efficient on."
  },
  {
    "start": 1168.7,
    "end": 1171.06,
    "text": "ramping into a stable coin through a G-SIP, I think."
  },
  {
    "start": 1171.52,
    "end": 1182.12,
    "text": "And actually through all banks is very important step in the trajectory of making stable coins relevant and traditional way of clearing payments right?"
  },
  {
    "start": 1182.64,
    "end": 1184.08,
    "text": "So i think that's an important thing!"
  },
  {
    "start": 1185.12,
    "end": 1194.16,
    "text": "We're going to see many of those announcements over the next months or years because Circle clearly understands this and wants to integrate it with other banks."
  },
  {
    "start": 1196.46,
    "end": 1204.58,
    "text": "Yeah, West Circle really becomes more independent and also receives likely access to payment system traditional payments systems."
  },
  {
    "start": 1204.98,
    "end": 1210.04,
    "text": "that also makes it a eligible participant in the traditional world."
  },
  {
    "start": 1210.56,
    "end": 1217.6,
    "text": "And traditional payment systems where can then automate on itself or so bridge between stability on rails and the traditional rail."
  },
  {
    "start": 1217.7,
    "end": 1219.76,
    "text": "So quite significant news definitely"
  },
  {
    "start": 1220.28,
    "end": 1226.96,
    "text": "Yeah, and from a monetary theory perspective which is one we at the podcast really enjoy adopting."
  },
  {
    "start": 1227.44,
    "end": 1233.82,
    "text": "What Circle is doing here is fascinating because they are building what I would call a para banking entity."
  },
  {
    "start": 1234.36,
    "end": 1235.64,
    "text": "it looks like a bank."
  },
  {
    "start": 1236.0,
    "end": 1246.24,
    "text": "it acts like a bang for certain functions but Traditional deposits, it is funded by the demand for USDC itself."
  },
  {
    "start": 1246.7,
    "end": 1256.98,
    "text": "So I mean you may want to call these deposits but i would refer to deposits as traditional banking deposits whole world population just puts into traditional corporate banks."
  },
  {
    "start": 1257.18,
    "end": 1262.66,
    "text": "so reserve backing Off use DC is the actual funding model here."
  },
  {
    "start": 1263.32,
    "end": 1272.0,
    "text": "So yeah, let's keep on our radar if this para banking model is promising but super interesting news."
  },
  {
    "start": 1272.82,
    "end": 1279.84,
    "text": "And then moving to the broader payments landscape, two stablecoins really as payment utilities."
  },
  {
    "start": 1280.44,
    "end": 1284.64,
    "text": "This is where I think July twenty-six marks an interesting point."
  },
  {
    "start": 1284.68,
    "end": 1291.84,
    "text": "we now have UBS successfully executing its first real world stablecoin payments."
  },
  {
    "start": 1292.16,
    "end": 1298.02,
    "text": "So we are talking about the second G-CIP here by now, a Swiss G-SIP in that case."
  },
  {
    "start": 1298.1,
    "end": 1303.16,
    "text": "one of the world's largest wealth managers is now moving real money on stablecoin rates."
  },
  {
    "start": 1303.2,
    "end": 1310.72,
    "text": "at the same time We have Visa which is beta testing a stablecoin platform specifically for fintech."
  },
  {
    "start": 1310.8,
    "end": 1316.08,
    "text": "so it's not just using stablecoins internally It's building infrastructure for others to integrate."
  },
  {
    "start": 1316.52,
    "end": 1327.94,
    "text": "and visa together with mini pay launch the stablecoin debit card and emerging markets taking stablecoins to the point of sale for Consumers in Africa, and Southeast Asia."
  },
  {
    "start": 1328.62,
    "end": 1329.6,
    "text": "then you have ramp."
  },
  {
    "start": 1329.88,
    "end": 1337.48,
    "text": "The corporate expense management platform rolling out stablecoin accounts to their seventy Thousand plus business clients."
  },
  {
    "start": 1337.6,
    "end": 1344.12,
    "text": "these businesses can now pay vendors in usdc or USDT And earn about three percent on there balances."
  },
  {
    "start": 1344.5,
    "end": 1352.96,
    "text": "so Taking them together and stepping back in looking at what is happening stable coins are no longer primarily a trading instrument."
  },
  {
    "start": 1353.0,
    "end": 1357.5,
    "text": "they're becoming the payments layer for corporate treasury and B to be commerce."
  },
  {
    "start": 1357.68,
    "end": 1361.1,
    "text": "The use case has shifted from crypto on ramp."
  },
  {
    "start": 1361.22,
    "end": 1363.3,
    "text": "two faster cheaper settlement."
  },
  {
    "start": 1363.34,
    "end": 1363.9,
    "text": "four business."
  },
  {
    "start": 1364.46,
    "end": 1366.58,
    "text": "I think this where they want to land right now."
  },
  {
    "start": 1366.72,
    "end": 1372.9,
    "text": "we see know that first steps into this direction would be a bit more cautious, but nevertheless the trend is there."
  },
  {
    "start": 1373.42,
    "end": 1382.4,
    "text": "I totally agree and i think the proof of concept that UBS has done with Merge quite interesting as well because in this case what Merge also does?"
  },
  {
    "start": 1383.24,
    "end": 1404.5,
    "text": "they connect local instant payment rails to their stablecoin orchestration service ultimately leading For example, if you had similar to how Standard Chartered now has built it with USDC and on-ramp capability in a bank."
  },
  {
    "start": 1405.0,
    "end": 1409.02,
    "text": "You can then very easily offer on ramping for your corporate clients."
  },
  {
    "start": 1409.46,
    "end": 1416.44,
    "text": "Then the stablecoin is transferred to Merge And then Merge connects The last mile With local instant payment rates right."
  },
  {
    "start": 1416.52,
    "end": 1429.24,
    "text": "so ultimately moving from an account via a stablecoin To another Bank Account and eventually In the future no wallet address Is actually being shared by any corporate here in this scenario, right?"
  },
  {
    "start": 1429.34,
    "end": 1438.62,
    "text": "But rather a bank would choose to clear specific corridors with the stablecoin clearance if there is an new payment offering around."
  },
  {
    "start": 1438.76,
    "end": 1442.4,
    "text": "you know instant real time cross-border twenty four seven payments."
  },
  {
    "start": 1442.46,
    "end": 1448.82,
    "text": "And This Is Where Merge then comes into play because it connects those local instant rails two stablecoin flows."
  },
  {
    "start": 1448.9,
    "end": 1458.14,
    "text": "so It Rather Sits On Top Of You Know Any Traditional Banking Rails and on existing stablecoins basically usually working with circle."
  },
  {
    "start": 1458.66,
    "end": 1460.0,
    "text": "And this was now showcased here."
  },
  {
    "start": 1460.04,
    "end": 1469.88,
    "text": "also with UBS, it's undisclosed what the role of UBS is whether they are on ramped or simply send some funds to merge and merged at rest with a stablecoin."
  },
  {
    "start": 1470.3,
    "end": 1477.6,
    "text": "but nevertheless its certainly step into direction further using stablecoins in traditional cross-border payments."
  },
  {
    "start": 1478.14,
    "end": 1484.84,
    "text": "Also very to adhere I think that all the stablecoins used these years getting more Boring in regard."
  },
  {
    "start": 1484.96,
    "end": 1489.96,
    "text": "not that these cases are boring itself, but it's there We're discussing now."
  },
  {
    "start": 1490.06,
    "end": 1490.32,
    "text": "Okay?"
  },
  {
    "start": 1490.5,
    "end": 1492.3,
    "text": "Now you can use it here know You can do that."
  },
  {
    "start": 1493.58,
    "end": 1496.48,
    "text": "So more and more used cases where we can actually use."
  },
  {
    "start": 1496.54,
    "end": 1519.38,
    "text": "I met also people just recently who were like oh i don't even own fiat anymore because i'm Like a nomad i live like Here and There And for me It's so much easier to Just take my wallet and have Have it not on the bank Because then i have To basically move it everywhere i am moving And it's directly feeding into their next news part when it comes to the organization."
  },
  {
    "start": 1520.44,
    "end": 1527.86,
    "text": "Yeah, I think its interesting compared with last two years where we are nowadays regarding developments in stablecoins?"
  },
  {
    "start": 1528.42,
    "end": 1532.06,
    "text": "Interesting friends Nadine you should introduce me your friend and acquaintances."
  },
  {
    "start": 1532.14,
    "end": 1533.1,
    "text": "i want meet these people."
  },
  {
    "start": 1534.4,
    "end": 1538.46,
    "text": "All right, and then the final piece very shortly of the stablecoin cluster."
  },
  {
    "start": 1538.5,
    "end": 1542.22,
    "text": "The Bank Of England publishing its stablecoin policy statement."
  },
  {
    "start": 1542.28,
    "end": 1551.16,
    "text": "this is the BOE saying we see systemic stablecoins as part of our mandate And here it's how we intend to supervise them."
  },
  {
    "start": 1551.28,
    "end": 1556.76,
    "text": "so the UK Is now creating an explicit dual track regulatory model."
  },
  {
    "start": 1558.12,
    "end": 1564.78,
    "text": "FCA handles crypto assets broadly and the Bank of England handle stablecoins that reach systemic scale."
  },
  {
    "start": 1565.34,
    "end": 1569.12,
    "text": "Of course, That's a matter of national definition of what is systemic."
  },
  {
    "start": 1569.2,
    "end": 1570.0,
    "text": "stablecoin is?"
  },
  {
    "start": 1570.12,
    "end": 1573.94,
    "text": "And that's one of the most debated points in in mica."
  },
  {
    "start": 1574.04,
    "end": 1576.26,
    "text": "for example What is systemic scale?"
  },
  {
    "start": 1576.5,
    "end": 1579.32,
    "text": "What is the threshold after which a stable coin is systemic?"
  },
  {
    "start": 1579.64,
    "end": 1586.42,
    "text": "So meaning if you grow large enough as a stablecoin issue You graduate to central bank oversight in the UK."
  },
  {
    "start": 1587.22,
    "end": 1590.64,
    "text": "from our European perspective, this is worth watching because the UK."
  },
  {
    "start": 1591.46,
    "end": 1598.6,
    "text": "Is now arguably ahead of the European Union on stablecoin specific operational framework."
  },
  {
    "start": 1598.72,
    "end": 1600.46,
    "text": "so my car covers stablecoins."
  },
  {
    "start": 1600.6,
    "end": 1606.36,
    "text": "yes but really that potential supervision model in the EU still maturing?"
  },
  {
    "start": 1606.44,
    "end": 1612.04,
    "text": "The U.K has committed to a specific institutional architecture for This."
  },
  {
    "start": 1612.34,
    "end": 1613.88,
    "text": "yeah But That's My take."
  },
  {
    "start": 1613.96,
    "end": 1616.16,
    "text": "only happy To Discuss"
  },
  {
    "start": 1616.84,
    "end": 1618.08,
    "text": "Not much to add."
  },
  {
    "start": 1618.56,
    "end": 1633.9,
    "text": "I think it's needed that also the UK really lands a stablecoin regulation, which so far doesn't exist and they've had definitely different ways to look at with all of reserve requirements in central bank money for example is quite unique."
  },
  {
    "start": 1634.5,
    "end": 1653.16,
    "text": "And i think now gradually moving towards alignment with global regulations Which always helps because you don't want very specific national jurisdiction requirements and specific regulations in each of the different jurisdictions, because you want harmonized regulation."
  },
  {
    "start": 1653.24,
    "end": 1656.5,
    "text": "And also to overcome this multi-issue problems so forth right?"
  },
  {
    "start": 1656.54,
    "end": 1662.0,
    "text": "So I think it's a good step and progress that they're making as well."
  },
  {
    "start": 1662.46,
    "end": 1675.7,
    "text": "Alright then if there are no other comments we can continue with next cluster which is Taken over here and go into lead on tokenization in institutional capital markets, on blockchain."
  },
  {
    "start": 1676.3,
    "end": 1696.3,
    "text": "And there have been quite some significant news and updates on tokenized deposits this month... ...and cross-border payments where we saw announcements from JPMoron Connections now adding five new APAC currencies On the Kinexus Blockchain deposit account infrastructure which is basically their own private blockchain right?"
  },
  {
    "start": 1696.78,
    "end": 1698.78,
    "text": "We then saw announcement of the Swift ledger."
  },
  {
    "start": 1699.32,
    "end": 1708.16,
    "text": "This was announced last year on Cybos and obviously the industry is following very, very closely what Swift aims to do with their own ledger."
  },
  {
    "start": 1708.24,
    "end": 1716.16,
    "text": "There wasn't an announcement that a pilot will take place with seventeen banks than there was an announcement of Project Agoura but they're real."
  },
  {
    "start": 1716.22,
    "end": 1729.24,
    "text": "value testing was complete where also twenty eight institutions and ultimately I think five center banks participated in some other news around the Kari network in the"
  },
  {
    "start": 1729.34,
    "end": 1729.56,
    "text": "U.S.,"
  },
  {
    "start": 1729.68,
    "end": 1749.1,
    "text": "but let's start maybe with JP Morgan Kinexus, five new currencies AUDs or Australian dollars Hong Kong Dollars Japanese Yen Chinese Remimbi as well and Singapore Dollar joined the US dollar Euro and GBP flows an account that are now also represented on."
  },
  {
    "start": 1750.0,
    "end": 1757.02,
    "text": "And they also mentioned that a four trillion incumulative volume have been cleared on."
  },
  {
    "start": 1757.1,
    "end": 1759.22,
    "text": "connects is roughly seven billion a day."
  },
  {
    "start": 1759.74,
    "end": 1764.18,
    "text": "On average, so it is continuing to be adopted."
  },
  {
    "start": 1764.36,
    "end": 1766.4,
    "text": "this new infrastructure and what is it again?"
  },
  {
    "start": 1767.62,
    "end": 1773.32,
    "text": "It used to be called ONIX for those who followed closely right was rebranded in November."
  },
  {
    "start": 1773.36,
    "end": 1785.18,
    "text": "twenty-twenty two Kinectsis new account record keeping system that is run on blockchains, or in this case here their own blockchain on Kenexis."
  },
  {
    "start": 1785.7,
    "end": 1794.54,
    "text": "And it's to overcome ultimately down times of the payments processing systems used around the world."
  },
  {
    "start": 1795.08,
    "end": 1798.4,
    "text": "and now additional currencies are offered."
  },
  {
    "start": 1799.02,
    "end": 1806.6,
    "text": "JP Morgan also offers FXNOW which was not mentioned but these currencies can be used with On-Chain FX."
  },
  {
    "start": 1807.24,
    "end": 1814.24,
    "text": "But yeah, it is certainly a different project than this JP Morgan coin which is now live on Coinbase."
  },
  {
    "start": 1815.3,
    "end": 1818.16,
    "text": "Even though we can also include that in the show notes."
  },
  {
    "start": 1818.78,
    "end": 1823.98,
    "text": "I looked at the smart contract on base where you see there's not really lots of volume."
  },
  {
    "start": 1824.04,
    "end": 1834.2,
    "text": "so one million is outstanding two holders forty eight transfers total and hundred sixty days ago last transactions took place but nevertheless This other project that JPMorgan has right?"
  },
  {
    "start": 1834.58,
    "end": 1836.34,
    "text": "Which i think still evolving."
  },
  {
    "start": 1836.84,
    "end": 1841.98,
    "text": "We're talking here about the, let's say BDA infrastructure how they now term it."
  },
  {
    "start": 1843.08,
    "end": 1850.62,
    "text": "So quite an interesting enhancement but very much focused on traditional payments and on traditional accounts."
  },
  {
    "start": 1851.86,
    "end": 1853.16,
    "text": "Yeah that was one big news."
  },
  {
    "start": 1853.3,
    "end": 1857.84,
    "text": "And then the other one was The announcement of this Swift ledger is set."
  },
  {
    "start": 1858.32,
    "end": 1859.76,
    "text": "Seventeen banks will pilot."
  },
  {
    "start": 1860.4,
    "end": 1868.58,
    "text": "Swift has developed from a concept in roughly nine months to a plan to do the first live transactions."
  },
  {
    "start": 1868.68,
    "end": 1883.04,
    "text": "now before cybers, seventy banks six continents lined up so ANZ is involved BP par bar BNY city DBS but also HSBC Lloyd's MUFG standard chart at UBS."
  },
  {
    "start": 1883.16,
    "end": 1884.48,
    "text": "So significant names."
  },
  {
    "start": 1885.12,
    "end": 1893.7,
    "text": "what swift Plans to do with the ledger is that they ultimately introduce an orchestration layer and also record."
  },
  {
    "start": 1894.02,
    "end": 1900.72,
    "text": "Interbank liabilities that emerge from payments between those banks that participate here, yeah?"
  },
  {
    "start": 1901.24,
    "end": 1903.46,
    "text": "So those interbank liabilites are recorded."
  },
  {
    "start": 1903.56,
    "end": 1904.54,
    "text": "what you mean by that?"
  },
  {
    "start": 1905.1,
    "end": 1911.86,
    "text": "so basically in IOU of the sender bank to the fishery bank as reported I'm on the blockchain."
  },
  {
    "start": 1912.0,
    "end": 1919.6,
    "text": "so think about a transaction at the debt bank where they would debit the client account, but then credit liability against the beneficiary banks."
  },
  {
    "start": 1919.66,
    "end": 1929.8,
    "text": "So ultimately he's just saying i still owe you money right and The beneficiary Bank with them on the basis of that have claim obviously against the centerbank and credit declined account already in."
  },
  {
    "start": 1929.92,
    "end": 1934.4,
    "text": "there result is this interbank credit or these bilateral nostrils."
  },
  {
    "start": 1934.46,
    "end": 1937.34,
    "text": "you could also say, and that is recorded on the swift ledger."
  },
  {
    "start": 1938.18,
    "end": 1952.74,
    "text": "The aim here is to overcome RTGS closing hours... ...and therefore to enable twenty-four seven movements in weekends or overnights before a final settlement then still happens in existing RTGS systems."
  },
  {
    "start": 1952.78,
    "end": 1959.86,
    "text": "so real time gross settlements which are those systems of central banks used for pay between different banks quite interesting."
  },
  {
    "start": 1959.94,
    "end": 1967.56,
    "text": "what do we need is a bank centric blockchain a bank-centric blockchain lecture, similar to what JP Morgan has built with Conexus."
  },
  {
    "start": 1967.62,
    "end": 1971.2,
    "text": "So only handful banks obviously have that in production yet."
  },
  {
    "start": 1972.12,
    "end": 1976.48,
    "text": "but Swift then basically sits on top of these tokenized deposit platforms."
  },
  {
    "start": 1978.6,
    "end": 1982.2,
    "text": "So Manu Kinexus shortly back to that."
  },
  {
    "start": 1982.28,
    "end": 1986.28,
    "text": "seven billion a day across eight currencies That's really production great."
  },
  {
    "start": 1986.36,
    "end": 1990.8,
    "text": "That's the production grade we all want and it pays into Nadine statement on."
  },
  {
    "start": 1991.02,
    "end": 2000.56,
    "text": "It's getting boring because its production rate JP Morgan dollar on base with two holders, no activity in five months."
  },
  {
    "start": 2000.7,
    "end": 2007.0,
    "text": "That is a press release And so JP Morgan really knows which of these two tracks"
  },
  {
    "start": 2007.34,
    "end": 2007.68,
    "text": "works."
  },
  {
    "start": 2007.86,
    "end": 2017.38,
    "text": "So if you compare Kinexus and JP Morgan Dollar, now they know which one works it'll be interesting to see what path they further invest into."
  },
  {
    "start": 2017.68,
    "end": 2022.06,
    "text": "but the swift announcement is more structurally interesting."
  },
  {
    "start": 2022.44,
    "end": 2033.1,
    "text": "It's seventeen banks, six continents and Swift explicitly not issuing tokens but sitting above bank issued deposits as the inter-bank liability ledger."
  },
  {
    "start": 2033.24,
    "end": 2058.86,
    "text": "so it feels like Swift is saying we do not need to become the blockchain ,we just The same role they already play today, but it's new plumbing underneath and if that model scale is individual bank tokenized deposit projects become really more like local implementations."
  },
  {
    "start": 2058.96,
    "end": 2061.299,
    "text": "And Swift becomes the global netting layer on."
  },
  {
    "start": 2061.38,
    "end": 2063.639,
    "text": "That's why I find it structurally interesting."
  },
  {
    "start": 2063.679,
    "end": 2075.139,
    "text": "yeah so Exactly what Swift has always been and have been playing in there, preserving that position by absorbing the new technology rather than being disrupted."
  },
  {
    "start": 2076.259,
    "end": 2077.56,
    "text": "That's really a smart move I think."
  },
  {
    "start": 2078.319,
    "end": 2087.199,
    "text": "You can also see that tokenized deposits when you look at the whole tokenization space Biggest volume right now happening."
  },
  {
    "start": 2087.379,
    "end": 2099.839,
    "text": "I think it's also interesting with the first news of JPMorgan connects us and so on that they're also plan to launch on Canton, And i think for everyone who is wondering where the volume one can turn this coming from?"
  },
  {
    "start": 2099.96,
    "end": 2103.1,
    "text": "It's definitely not because tokenized assets have a lot off."
  },
  {
    "start": 2103.379,
    "end": 2104.62,
    "text": "there are a lot of issuances in a lot."
  },
  {
    "start": 2104.779,
    "end": 2109.52,
    "text": "investors really just said tokenize deposit transaction business there."
  },
  {
    "start": 2110.12,
    "end": 2122.56,
    "text": "And I think Swift position themselves very right that they said, okay we are focusing on what were doing best but better and also mentioned UK and the regulation movement in stablecoins."
  },
  {
    "start": 2122.66,
    "end": 2127.339,
    "text": "i think UK is doing interesting stuff for tokenized assets recently."
  },
  {
    "start": 2127.56,
    "end": 2135.259,
    "text": "not sure if you've seen the launch from Bailey Gifford who launched a first natively issued tokenized bond on a chain."
  },
  {
    "start": 2135.859,
    "end": 2140.2,
    "text": "They are launched in Ethereum and Solana, the book of record is this chain."
  },
  {
    "start": 2140.58,
    "end": 2145.68,
    "text": "so there's no wrapper or real-life assets to say they're first."
  },
  {
    "start": 2145.859,
    "end": 2155.64,
    "text": "I think it was very impressive how they did that and also got a lot backing from the regulator asset manager, Bailey Gifford themselves too."
  },
  {
    "start": 2156.0,
    "end": 2164.1,
    "text": "Which I think is oppressive considering how old they are and i'm sometimes wondering if their really aware of how pioneering it is what they're doing there."
  },
  {
    "start": 2165.319,
    "end": 2169.48,
    "text": "but um tokenized apart that's definitely one the biggest cases right now."
  },
  {
    "start": 2169.98,
    "end": 2176.18,
    "text": "also very boring as you said because its just using efficiency to get."
  },
  {
    "start": 2176.94,
    "end": 2181.72,
    "text": "But when you look on the tokenized asset sites, of course there are still a lot to do."
  },
  {
    "start": 2183.24,
    "end": 2185.819,
    "text": "It's comparable with stablecoins I don't know like two years ago."
  },
  {
    "start": 2186.24,
    "end": 2194.759,
    "text": "Yeah i agree that...I mean The whole space is still developing and it's interesting That SWIFT has now really landed With A particular blueprint."
  },
  {
    "start": 2195.44,
    "end": 2197.98,
    "text": "Uh..i'm a bit skeptical that this can Really scale right?"
  },
  {
    "start": 2198.06,
    "end": 2205.819,
    "text": "Because ultimately what You Do Is You Record Bilateral Interbank Liabilities And Claims Which It's hard to scale."
  },
  {
    "start": 2205.899,
    "end": 2208.419,
    "text": "And usually you also don't do that, right?"
  },
  {
    "start": 2208.48,
    "end": 2219.16,
    "text": "You do settlement between major banks in RTGS via target two for example straight away settled cross and you don't record interbank liabilities."
  },
  {
    "start": 2219.24,
    "end": 2236.919,
    "text": "so it will be interesting to follow the continuous announcements over the next months maybe even years because what I understand is this going to a first test or eventually not final end state of how they design it, right?"
  },
  {
    "start": 2237.44,
    "end": 2239.0,
    "text": "So we'll definitely keep an eye on that."
  },
  {
    "start": 2239.819,
    "end": 2271.399,
    "text": "The other major project that was announced That had done its real value testing Was Project Agoura and It works a bit differently because what They do is also bring center banks On the table to allow ultimately Correspondent banking which is usually done via Swift Which also where Swift connects central banks for settlement Here, in this case the BIS and IIF, The International Institute of Finance brings central banks on the table."
  },
  {
    "start": 2271.48,
    "end": 2281.259,
    "text": "So In This Case here Bank Of England, a bank of France for the Euro system, Bank Of Japan, Bank of Korea And the Swiss National Bank participated in this Revalue Testing."
  },
  {
    "start": 2281.98,
    "end": 2294.02,
    "text": "It's A Bit Of A Similar Blueprint Like The Regulated Liability Network For Those That Are Long Term Listeners Or Have Followed Over The Last Years All those multi-bank tokenized deposit platforms, right?"
  },
  {
    "start": 2294.08,
    "end": 2297.379,
    "text": "And obviously we've been talking a lot about Agra anyhow."
  },
  {
    "start": 2297.52,
    "end": 2323.779,
    "text": "So major banks, twenty eight institutions BNP Paribas, BNY City, Deutsche Bank, Eurex, JP Morgan, Lloyds, MISU, MUFG, SMBC, Standard Charter DWS... Major names they all participated And roughly eight hundred thousand Swiss francs converted into Swiss franc were processed in seventeen different scenarios, including PVP a corporate and interbank settlement single and dual currency payments."
  },
  {
    "start": 2324.879,
    "end": 2333.08,
    "text": "Roughly it took eighty seconds for every settlement which is quite fast even without RDS and core banking integration right?"
  },
  {
    "start": 2333.14,
    "end": 2347.44,
    "text": "So this case also no integration was yet done but rather the existing payments processing still at the core of those transactions, but then also connecting and representing everything on the blockchain."
  },
  {
    "start": 2347.5,
    "end": 2354.44,
    "text": "that was provided by a tech provider called Kaleido which is a major tech provider in the Treadfy space."
  },
  {
    "start": 2355.16,
    "end": 2356.48,
    "text": "So quite interesting!"
  },
  {
    "start": 2357.12,
    "end": 2368.759,
    "text": "And definitely a big project in the industry at the moment... ...which even combining central banks therefore you don't necessarily have to record interbank liabilities similar to How Swift does it?"
  },
  {
    "start": 2369.339,
    "end": 2378.6,
    "text": "But rather settled straight away, similar to how at the moment also settlements between major settlement banks happen in Central Bank."
  },
  {
    "start": 2380.08,
    "end": 2384.859,
    "text": "And then last but not least another announcement I'm going looking at that time speed up a bit."
  },
  {
    "start": 2385.759,
    "end": 2391.419,
    "text": "It's the Kari network, which is a consortium of community banks in the US."
  },
  {
    "start": 2392.319,
    "end": 2397.72,
    "text": "Thirty plus have already joined and forty more are apparently in talks to join."
  },
  {
    "start": 2398.339,
    "end": 2407.98,
    "text": "The pipeline represents more than ten trillion dollars in combined assets In all these different banks I'm not aware of their names given that i am based in the"
  },
  {
    "start": 2408.08,
    "end": 2408.319,
    "text": "U.S.,"
  },
  {
    "start": 2408.62,
    "end": 2422.98,
    "text": "First Horizon Huntington Key Bank M&T Old National South State roughly the bigger banks in this consortium, they launch or they aim to launch later this year."
  },
  {
    "start": 2423.799,
    "end": 2430.24,
    "text": "And the announcement is really that now scale up and bring additional banks to the table."
  },
  {
    "start": 2430.279,
    "end": 2435.419,
    "text": "They build on Previdium which as a layer two of Ethereum right?"
  },
  {
    "start": 2436.54,
    "end": 2443.259,
    "text": "The interesting piece are all different banks will issue tokens on the same layer two instance, right?"
  },
  {
    "start": 2443.339,
    "end": 2447.18,
    "text": "So there's no Huntington chain or no MT chain that is then connected."
  },
  {
    "start": 2447.6,
    "end": 2455.98,
    "text": "Similar to how Swift Ledger for example does that and also apparently one unified token which is indistinguishable between different banks."
  },
  {
    "start": 2456.04,
    "end": 2460.6,
    "text": "And here what I say...I don't get it!"
  },
  {
    "start": 2462.08,
    "end": 2473.859,
    "text": "Certainly, when they continue to communicate about their setup or then also go live and invite somebody from the Kari network because ultimately clearly if it's still a deposit."
  },
  {
    "start": 2474.259,
    "end": 2481.72,
    "text": "It will be a liability of each of the different banks but here for some reason where they say that there should not be distinguishable between the bank."
  },
  {
    "start": 2481.819,
    "end": 2492.14,
    "text": "so definitely an interesting project from all these smaller relatively small community banks in US Also focusing on tokenized deposits."
  },
  {
    "start": 2492.64,
    "end": 2494.94,
    "text": "Those were the major news on tokenize deposits."
  },
  {
    "start": 2495.06,
    "end": 2504.16,
    "text": "and then last but not least also two very interesting and significant news around tokenized securities, and I think Nadine this is your home turf."
  },
  {
    "start": 2504.259,
    "end": 2519.54,
    "text": "obviously here where you clearly have views DTCC have now successfully converted their first assets that are held in the depository trust company into tokens."
  },
  {
    "start": 2519.879,
    "end": 2532.64,
    "text": "That were then issued on a hyper ledger BESU platform, so private network of DTCC but also on Canton and they Aimed to launch their service for production in October this year."
  },
  {
    "start": 2532.7,
    "end": 2544.98,
    "text": "This was really just a dress rehearsal, you could say but thirty plus firms have already participated and major firms like Blackrock Goldman Sachs JP Morgan Nasdaq the New York Stock Exchange Vanguard, Circle as well."
  },
  {
    "start": 2545.1,
    "end": 2549.06,
    "text": "As a stablecoin issuer, Chainlink, StateStreak and SockGen on others."
  },
  {
    "start": 2549.66,
    "end": 2564.16,
    "text": "And they tested the couple of different use cases Collateral pledges Securities lending Treasury and report delivery versus payment An equity delivery versus payments And several other Quite significant move."
  },
  {
    "start": 2566.44,
    "end": 2568.339,
    "text": "The industry is watching very closely."
  },
  {
    "start": 2568.94,
    "end": 2576.7,
    "text": "when DTCC moves assets move on scale because this is the central securities depository in the"
  },
  {
    "start": 2576.819,
    "end": 2577.1,
    "text": "U.S.,"
  },
  {
    "start": 2577.64,
    "end": 2578.96,
    "text": "and it's only one, right?"
  },
  {
    "start": 2579.04,
    "end": 2581.22,
    "text": "So if they move then whole industry moves."
  },
  {
    "start": 2581.74,
    "end": 2584.919,
    "text": "so definitely a big update here."
  },
  {
    "start": 2586.14,
    "end": 2586.279,
    "text": "Yeah!"
  },
  {
    "start": 2587.04,
    "end": 2587.74,
    "text": "What should I say?"
  },
  {
    "start": 2587.899,
    "end": 2589.379,
    "text": "DTCs love what their doing."
  },
  {
    "start": 2591.04,
    "end": 2591.68,
    "text": "It's amazing."
  },
  {
    "start": 2592.12,
    "end": 2603.08,
    "text": "They already did something smaller but similar to last year where you could watch videos doing those live tests, and you could really see the different use cases in why."
  },
  {
    "start": 2604.06,
    "end": 2604.74,
    "text": "And how it works?"
  },
  {
    "start": 2605.06,
    "end": 2609.359,
    "text": "Where it fails or where can be recovered."
  },
  {
    "start": 2609.419,
    "end": 2612.819,
    "text": "whatever they're doing... This year was even bigger!"
  },
  {
    "start": 2613.799,
    "end": 2620.419,
    "text": "Now maybe just for outside but I personally know that there are building a lot of background."
  },
  {
    "start": 2620.879,
    "end": 2637.54,
    "text": "If my memory is correct i think will have big announcement on September Octoberish basically come out and I think also why it takes longer than maybe especially if you're considering that they already did something last year."
  },
  {
    "start": 2638.299,
    "end": 2648.299,
    "text": "There were some internal shifts, for them very challenging to define what the strategy long term will be."
  },
  {
    "start": 2649.94,
    "end": 2651.98,
    "text": "who are the right people on the right position."
  },
  {
    "start": 2652.1,
    "end": 2657.64,
    "text": "So there was a lot of team movements, they split now also departments."
  },
  {
    "start": 2657.779,
    "end": 2668.64,
    "text": "I think they split tech from development and it's very interesting how their moving very excited for September, October."
  },
  {
    "start": 2669.24,
    "end": 2673.379,
    "text": "I hope fingers crossed it will be also interesting to see the chains."
  },
  {
    "start": 2673.6,
    "end": 2690.62,
    "text": "i think they will not stay on Bezu and Canton .I think I heard other ones who are involved but we'll talk about that regulatory environment in the U.S how this would affect every initiative around that."
  },
  {
    "start": 2691.279,
    "end": 2694.06,
    "text": "We were interested to watch big moves"
  },
  {
    "start": 2694.56,
    "end": 2694.899,
    "text": "For sure."
  },
  {
    "start": 2695.0,
    "end": 2703.64,
    "text": "And yeah, in Europe we have several different CSTs that need to move right and hopefully also accordingly In a harmonized way."
  },
  {
    "start": 2703.779,
    "end": 2704.919,
    "text": "let's see whether that happens."
  },
  {
    "start": 2705.1,
    "end": 2717.1,
    "text": "or with our new Entrance like Zeturion and so forth really Also can capture parts of the cst business on blockchains here in the US DTCC is The only one that exists."
  },
  {
    "start": 2717.44,
    "end": 2720.399,
    "text": "So if they move really the market moves are quite interesting."
  },
  {
    "start": 2720.94,
    "end": 2721.18,
    "text": "But what?"
  },
  {
    "start": 2721.22,
    "end": 2732.7,
    "text": "We've also seen Here as A big announcement in Europe is Clearstream, which is the post-trade infrastructure from Deutsche Börse."
  },
  {
    "start": 2733.72,
    "end": 2735.02,
    "text": "That's one of the CSDs."
  },
  {
    "start": 2735.68,
    "end": 2739.299,
    "text": "Clearstream D seven ,which is their electronic securities platform."
  },
  {
    "start": 2739.379,
    "end": 2742.58,
    "text": "but they also have that blockchain platform ."
  },
  {
    "start": 2745.419,
    "end": 2748.24,
    "text": "They've now issued there first DLT native commercial paper."
  },
  {
    "start": 2748.839,
    "end": 2751.6,
    "text": "so Million was"
  },
  {
    "start": 2751.919,
    "end": 2752.339,
    "text": "issued"
  },
  {
    "start": 2752.48,
    "end": 2753.779,
    "text": "ten business days."
  },
  {
    "start": 2754.379,
    "end": 2760.46,
    "text": "It was the duration of the commercial paper and city Was the sole dealer in the issuing and paying agent ultimately?"
  },
  {
    "start": 2760.54,
    "end": 2767.319,
    "text": "And investors were for example Decker Bank, DZ Bank, URICS Union Interestingly also the Volksbank."
  },
  {
    "start": 2767.419,
    "end": 2773.2,
    "text": "mittlerer Schwalz modeled so a very small Community bank in Germany."
  },
  {
    "start": 2773.54,
    "end": 2789.339,
    "text": "yeah it was a very much first ever transaction because Same day followed through that DECA and EURX mobilized the commercial paper at the Bundesbank as collateral via the Clearstream Tri-Party arrangement."
  },
  {
    "start": 2789.839,
    "end": 2799.819,
    "text": "And this is only possible because ECB has very recently ruled DOT native CST securities, that they are your system collateral eligible."
  },
  {
    "start": 2800.6,
    "end": 2802.6,
    "text": "And this was a missing piece, obviously right?"
  },
  {
    "start": 2802.94,
    "end": 2815.44,
    "text": "Because all those tokenized bonds and tokenize securities you saw were not eligible for being used as collateral for open market operations within the euro system For example, for repos in here."
  },
  {
    "start": 2815.899,
    "end": 2816.819,
    "text": "This was now done."
  },
  {
    "start": 2817.359,
    "end": 2822.52,
    "text": "so A definitely a primer on the first time transactions or congratulations On those that we're involved."
  },
  {
    "start": 2823.299,
    "end": 2825.66,
    "text": "Yeah So lots of developments In this space."
  },
  {
    "start": 2826.259,
    "end": 2828.24,
    "text": "Looking at the time, I think we need to speed a bit up."
  },
  {
    "start": 2828.299,
    "end": 2829.96,
    "text": "That was already good discussion."
  },
  {
    "start": 2830.52,
    "end": 2837.22,
    "text": "handing over Michi to you again for additional updates on regulation policy and CBDCs"
  },
  {
    "start": 2837.779,
    "end": 2838.14,
    "text": "Exactly!"
  },
  {
    "start": 2838.22,
    "end": 2851.859,
    "text": "So now we cover the regulatory legislative landscape from EU digital euro advancing through parliament And a big mica enforcement in Europe."
  },
  {
    "start": 2851.94,
    "end": 2856.6,
    "text": "So let's start with Europe, the EU Parliament Committee green light at the digital Europe."
  },
  {
    "start": 2857.24,
    "end": 2864.94,
    "text": "members of parliament are now ready to enter that try low negotiations."
  },
  {
    "start": 2865.04,
    "end": 2871.419,
    "text": "That is the formal process where parliament council and commission negotiate the final text then."
  },
  {
    "start": 2872.04,
    "end": 2875.359,
    "text": "So this has been a long time coming, really."
  },
  {
    "start": 2875.5,
    "end": 2886.08,
    "text": "The legislative framework for the digital euro has been in discussion for over two years now and I think what is remarkable is how the ECB's framing had shifted during that period."
  },
  {
    "start": 2886.259,
    "end": 2897.02,
    "text": "ECB executive board member Chipolone explicitly argued this month that the Digital Euro will quote unquote shield banks from stablecoin encroachment."
  },
  {
    "start": 2899.08,
    "end": 2900.06,
    "text": "Let that sink."
  },
  {
    "start": 2900.319,
    "end": 2921.02,
    "text": "The ECB is no longer selling the digital euro primarily as a consumer convenience for financial inclusion to it, payments infrastructure under European control rather than ceding it to private US dollar stablecoins."
  },
  {
    "start": 2921.08,
    "end": 2940.899,
    "text": "And frankly, when you look at what happened in our stablecoin cluster open USD launching with one hundred forty American firms circle getting a use bank charter visa building stablecoin raise You can understand why the ECB feels urgency here."
  },
  {
    "start": 2941.399,
    "end": 2960.279,
    "text": "If you are a European policymaker and see dollar stablecoins becoming the default settlement layer for global commerce, Manu talked of the Libra at that second DM moment where we really have potential sovereignty risk."
  },
  {
    "start": 2960.5,
    "end": 2960.72,
    "text": "Yeah."
  },
  {
    "start": 2961.74,
    "end": 2972.22,
    "text": "So the contested points in the trial log will be holding limits, how much digital euro can individuals actually hold and offline functionality?"
  },
  {
    "start": 2972.339,
    "end": 2975.24,
    "text": "But the direction of travel is now clear."
  },
  {
    "start": 2975.419,
    "end": 2978.72,
    "text": "that legislation would pass in some form after the try."
  },
  {
    "start": 2978.779,
    "end": 2978.94,
    "text": "look"
  },
  {
    "start": 2979.5,
    "end": 2981.279,
    "text": "yeah That's missing piece."
  },
  {
    "start": 2981.339,
    "end": 2982.56,
    "text": "obviously right to try looks."
  },
  {
    "start": 2982.6,
    "end": 2984.18,
    "text": "so we're going to follow up very closely."
  },
  {
    "start": 2984.279,
    "end": 3001.839,
    "text": "but what I hear from the industry And from those that are even closer to the political developments is, it seems there's a bit of a boredom now on this topic and then everyone just wants to finalize it or get over the edge."
  },
  {
    "start": 3002.279,
    "end": 3008.98,
    "text": "So let see how quickly you will take... I feel like everybody just want to go ahead now have it final!"
  },
  {
    "start": 3010.08,
    "end": 3014.24,
    "text": "The real work starts which is implementation at each bank and payment service providers."
  },
  {
    "start": 3015.2,
    "end": 3020.6,
    "text": "It's going to be a massive, massive project over the next years for all European banks and PSPs."
  },
  {
    "start": 3021.48,
    "end": 3025.72,
    "text": "All right let's now jump to the other side of The Atlantic To the US."
  },
  {
    "start": 3025.799,
    "end": 3029.839,
    "text": "And this is where things get both politically fascinating and somewhat absurd."
  },
  {
    "start": 3029.919,
    "end": 3037.359,
    "text": "so Let me tell you that JP Morgan clarity story because it perfectly illustrates the state Of crypto discourse in America Right Now."
  },
  {
    "start": 3038.419,
    "end": 3047.7,
    "text": "So altcoin daily an account with two point three million follows Follow us on x posted just in JP Morgan backs crypto clarity act."
  },
  {
    "start": 3047.899,
    "end": 3049.839,
    "text": "So all caps maximum hype here."
  },
  {
    "start": 3049.899,
    "end": 3059.319,
    "text": "the tweet went to about two hundred thousand views three thousand likes hundreds of free retweets except it was completely fabricated."
  },
  {
    "start": 3060.16,
    "end": 3065.5,
    "text": "The evidence uh, what's a screenshot off our blog post by two jp morgan executives?"
  },
  {
    "start": 3065.839,
    "end": 3069.339,
    "text": "Uh accept that Block post never mentioned the clarity act."
  },
  {
    "start": 3069.399,
    "end": 3072.08,
    "text": "not once I did not mention legislation."
  },
  {
    "start": 3072.62,
    "end": 3076.08,
    "text": "It it did not mansion legislation bill or congress."
  },
  {
    "start": 3076.419,
    "end": 3078.66,
    "text": "what they actually said was quite the opposite."
  },
  {
    "start": 3079.0,
    "end": 3093.66,
    "text": "payments innovation becomes dangerous when it drifts into shadow banking offering yield like incentives without a capital liquidity and consumer protection standards that accompany traditional Deposit products."
  },
  {
    "start": 3093.859,
    "end": 3094.359,
    "text": "end of quote."
  },
  {
    "start": 3094.48,
    "end": 3104.2,
    "text": "That's it so that is JP Morgan expressing deep Skepticism about Stadocon yield, which was one off the core features the clarity act would enable."
  },
  {
    "start": 3104.819,
    "end": 3106.46,
    "text": "So the tweet got a story?"
  },
  {
    "start": 3106.799,
    "end": 3109.859,
    "text": "One hundred eighty degrees wrong and as one of"
  },
  {
    "start": 3110.919,
    "end": 3111.02,
    "text": "The"
  },
  {
    "start": 3111.48,
    "end": 3116.02,
    "text": "time we are recording no correction has been issued at least to my understanding."
  },
  {
    "start": 3116.08,
    "end": 3118.359,
    "text": "so why do I spend So much time on this?"
  },
  {
    "start": 3118.44,
    "end": 3122.14,
    "text": "because it matters for how legislation actually gets shaped."
  },
  {
    "start": 3122.18,
    "end": 3125.22,
    "text": "when millions of people believe JP Morgan supports clarity."
  },
  {
    "start": 3125.66,
    "end": 3127.359,
    "text": "that creates political pressure."
  },
  {
    "start": 3127.56,
    "end": 3132.379,
    "text": "Misinformation at this scale has real policy consequences."
  },
  {
    "start": 3132.66,
    "end": 3154.68,
    "text": "and meanwhile in actual regulatory developments the SEC is signaling, It will propose regulation Crypto a comprehensive framework rather than continuing the enforcement only approach of the Gensler era and Senator Wyden is pushing to keep developer protections in the clarity act."
  },
  {
    "start": 3155.18,
    "end": 3160.52,
    "text": "So, The bill still faces major timeline pressure before congressional recess."
  },
  {
    "start": 3161.46,
    "end": 3164.22,
    "text": "Maybe also some same background information here."
  },
  {
    "start": 3164.779,
    "end": 3198.62,
    "text": "I mean our Company has had quartered in the essence last year and this gave us opportunity to go To The Hill And talk too, um i think we talked to over twelve or thirteen senators on the republican side and democrat's site uh...I even Talked to the crypto task force In the eisenhall building next to the white house which was by the way very cool a Very Cool meeting to see how policy shaping is being done, in how everything is affecting this bill."
  },
  {
    "start": 3198.819,
    "end": 3209.279,
    "text": "It's on the one hand shocking but it also quite fascinating that some people say oh its because of dis and this a reason why I take so long."
  },
  {
    "start": 3209.359,
    "end": 3209.94,
    "text": "or dis is the reason."
  },
  {
    "start": 3210.6,
    "end": 3215.68,
    "text": "actually there are lot different reasons who come together which causes delay."
  },
  {
    "start": 3218.6,
    "end": 3222.259,
    "text": "basically the war in Iran which is keeping everybody so busy."
  },
  {
    "start": 3223.06,
    "end": 3229.22,
    "text": "that there's not enough floor time for them to sit down and discuss it, so this is one of the biggest issues."
  },
  {
    "start": 3229.56,
    "end": 3241.779,
    "text": "I think its only like four or five democrats votes which are missing but they're simply no-time."
  },
  {
    "start": 3241.819,
    "end": 3257.18,
    "text": "And you have Senators who are like champions, Who really want to go it through."
  },
  {
    "start": 3257.24,
    "end": 3261.5,
    "text": "So for instance Cynthia Lames is the most famous woman in this picture."
  },
  {
    "start": 3261.6,
    "end": 3271.22,
    "text": "She I think retiring very soon and For her was a big mission To get this bill through The line before she basically finishes Her career!"
  },
  {
    "start": 3279.96,
    "end": 3282.5,
    "text": "Sisyphus task she ever had."
  },
  {
    "start": 3283.0,
    "end": 3284.24,
    "text": "And yeah, we will see."
  },
  {
    "start": 3284.399,
    "end": 3285.799,
    "text": "I mean We have only August."
  },
  {
    "start": 3286.399,
    "end": 3291.22,
    "text": "then the midterms are coming closer there is not then there is really no floor time anymore."
  },
  {
    "start": 3291.799,
    "end": 3299.52,
    "text": "Trump came into the picture, I think way too late because he was so busy with other things that he couldn't push on this topic."
  },
  {
    "start": 3300.0,
    "end": 3308.98,
    "text": "He now started to push again in these last few weeks Because you notice it's not progressing but looks like its not helping even though he signed the ethics."
  },
  {
    "start": 3311.62,
    "end": 3324.62,
    "text": "Because of course a lot of the Trump family got critics that they earn a lot money in crypto and there are ethics questions around how a politician can use their position to you know, leverage on."
  },
  {
    "start": 3325.18,
    "end": 3332.2,
    "text": "He signed it but looks like didn't change at least opinion about those missing Democrat votes."
  },
  {
    "start": 3332.799,
    "end": 3341.399,
    "text": "My information sources saying is not coming unfortunately They don't see And it's coming from senators personally."
  },
  {
    "start": 3341.62,
    "end": 3354.22,
    "text": "So maybe there is a miracle, I will hope that because the market needs this structure we need orientation and the US market is really missing especially when it comes to tokenized assets and liquidity."
  },
  {
    "start": 3354.919,
    "end": 3363.18,
    "text": "It's excluded everywhere but i think they're innovation drivers often not Europe or Asia so fingers crossed"
  },
  {
    "start": 3367.74,
    "end": 3380.259,
    "text": "And I assume all those crypto players or also the traditional finance players now heavily investing into this technology are really expecting that regulatory clarity will emerge."
  },
  {
    "start": 3380.879,
    "end": 3387.339,
    "text": "We'll follow closely, obviously over the last months of this year but ultimately still we have a few."
  },
  {
    "start": 3387.46,
    "end": 3399.319,
    "text": "But let's see whether we make progress here looking at the time and Updates and I'm going to keep it very brief."
  },
  {
    "start": 3399.94,
    "end": 3410.12,
    "text": "There were also quite interesting announcements or actions in the crypto ecosystem and platforms, so for example Robin Hood chain went live on July."
  },
  {
    "start": 3410.24,
    "end": 3413.7,
    "text": "first this is an Ethereum layer two built on Abitrum."
  },
  {
    "start": 3414.68,
    "end": 3424.1,
    "text": "its life since It offers twenty or seven trading of tokenized US stocks across hundred and twenty plus countries, right?"
  },
  {
    "start": 3424.16,
    "end": 3425.339,
    "text": "So it's a global offering."
  },
  {
    "start": 3425.94,
    "end": 3434.1,
    "text": "Quite an interesting move rather retail move obviously for Robinhood clients that can now also trade on the weekends."
  },
  {
    "start": 3434.7,
    "end": 3443.419,
    "text": "And interestingly I mean you nowadays have to take those boxes explicitly framed as AI native way to trade."
  },
  {
    "start": 3444.259,
    "end": 3444.74,
    "text": "security."
  },
  {
    "start": 3444.919,
    "end": 3450.18,
    "text": "so its designed AI agents to trade, not just retail humans."
  },
  {
    "start": 3452.299,
    "end": 3453.419,
    "text": "So quite an interesting pitch."
  },
  {
    "start": 3454.379,
    "end": 3456.759,
    "text": "Interesting is also the revenue share."
  },
  {
    "start": 3456.819,
    "end": 3469.98,
    "text": "so ten percent of net protocol fees are routed back to arbitrum which is ultimately of arbitrom here."
  },
  {
    "start": 3470.44,
    "end": 3479.68,
    "text": "So interesting move, certainly where there's also options and futures on crypto being announced by Robinhood."
  },
  {
    "start": 3480.819,
    "end": 3493.46,
    "text": "Then another news was also around crypto that Morgan Stanley on their eTrade platform which is ultimately a self-directed retail brokerage arm now also offers crypto spot trading."
  },
  {
    "start": 3494.18,
    "end": 3495.66,
    "text": "And why do we include this?"
  },
  {
    "start": 3495.74,
    "end": 3499.56,
    "text": "Because Most banks still don't offer direct access to crypto."
  },
  {
    "start": 3500.04,
    "end": 3502.94,
    "text": "Clearly, you can buy for example OTCs or ETFs right?"
  },
  {
    "start": 3503.46,
    "end": 3516.279,
    "text": "Sorry not OTCS exchange traded products OTP's so for example exchange commodities like we have here in Germany as well also the US Bitcoin ETF."
  },
  {
    "start": 3516.799,
    "end": 3521.419,
    "text": "but here it is really a crypto spot around Bitcoin Ethereum and Solana."
  },
  {
    "start": 3521.68,
    "end": 3530.359,
    "text": "they partner with zero hash quite an interesting offering, we still see major banks entering the space offering direct access to crypto."
  },
  {
    "start": 3531.46,
    "end": 3546.5,
    "text": "And then last but not least also two additional updates on stablecoins and we briefly touched earlier that Visa now launches its stablecoin platform which is focusing on FI's in fintechs."
  },
  {
    "start": 3547.2,
    "end": 3551.799,
    "text": "ultimately I'm stable currency and they also mentioned that."
  },
  {
    "start": 3551.859,
    "end": 3560.14,
    "text": "They want to focus on open USD, which we have already covered in the beginning quite extensively right where are."
  },
  {
    "start": 3560.2,
    "end": 3567.379,
    "text": "also a new wallet as a service offering comes in plus the minting and burning connectivity for OpenUSD."
  },
  {
    "start": 3568.96,
    "end": 3579.16,
    "text": "so this basically complements the existing stablecoin offering around their stablecoin settlement proposition, the stablecoin link cards that they issue and many movements."
  },
  {
    "start": 3579.62,
    "end": 3585.44,
    "text": "And then last but not least also credit AgriKoll becomes now active as a stablecoin issuer."
  },
  {
    "start": 3585.64,
    "end": 3596.64,
    "text": "EuroXT is issued via the Kakais Bank which was acquired back in June."
  },
  {
    "start": 3596.98,
    "end": 3603.7,
    "text": "Kakaise also already has a CUSP license from the French regulator, so it is a regulated crypto asset service provider."
  },
  {
    "start": 3604.46,
    "end": 3610.819,
    "text": "And credit-agricol issues via Kakaice does one to one."
  },
  {
    "start": 3610.9,
    "end": 3616.58,
    "text": "Mica compliant stablecoin The reserves are exclusively held in cash only at the kakaispunk balance sheet."
  },
  {
    "start": 3617.4,
    "end": 3624.259,
    "text": "It's an interesting move because it was directly used for settlement of a tokenized Amundi money market fund."
  },
  {
    "start": 3625.14,
    "end": 3633.64,
    "text": "So rather a capital markets use case here, but yeah as our dear listeners know and those that follow the euro stablecoin industry very closely."
  },
  {
    "start": 3634.12,
    "end": 3635.5,
    "text": "It's still negligible right?"
  },
  {
    "start": 3636.0,
    "end": 3641.359,
    "text": "And major players like Circle are dominating the Euro market."
  },
  {
    "start": 3642.18,
    "end": 3647.62,
    "text": "or the Euro stablecoin market kept seven hundred thirty million Euro C an outstanding."
  },
  {
    "start": 3648.799,
    "end": 3649.279,
    "text": "Um, sorry."
  },
  {
    "start": 3649.319,
    "end": 3656.6,
    "text": "Four hundred and fifty Euro C a million EURC outstanding after seven hundred thirty million overall market cap."
  },
  {
    "start": 3656.7,
    "end": 3663.319,
    "text": "so still less than a billion a market cap of euro stablecoins with sixty one percent being your see?"
  },
  {
    "start": 3663.879,
    "end": 3670.02,
    "text": "And then for example twenty one person twenty percent with one hundred and fifteen million the convertible euros CV from Sogchen."
  },
  {
    "start": 3670.7,
    "end": 3672.56,
    "text": "now credit actually called also joining this game."
  },
  {
    "start": 3672.68,
    "end": 3681.92,
    "text": "Yeah, I'm so obviously will follow up all so closely The stablecoin market in Europe, but then also this particular stablecoin."
  },
  {
    "start": 3682.72,
    "end": 3683.66,
    "text": "Lovely thank you Manu!"
  },
  {
    "start": 3683.92,
    "end": 3700.14,
    "text": "You did an excellent job giving the overview of some more crypto asset related news into space and I would say with that we have a pretty extensive overview of twenty-twenty six."
  },
  {
    "start": 3701.42,
    "end": 3711.46,
    "text": "And as every month we gonna present to you the most promising worthwhile knowledge bytes that you can read through."
  },
  {
    "start": 3711.5,
    "end": 3715.6,
    "text": "or listen too, watch and educate yourself about crypto."
  },
  {
    "start": 3716.299,
    "end": 3730.74,
    "text": "what I brought is an IMF note titled how a genetic AI will reshape payments by the two IMF co-authors, Sonya Davidovic and Herf Turb or Terp."
  },
  {
    "start": 3731.96,
    "end": 3735.52,
    "text": "By the way our next episode will be exactly about this paper."
  },
  {
    "start": 3735.6,
    "end": 3737.5,
    "text": "so this is shameless advertisement."
  },
  {
    "start": 3737.56,
    "end": 3754.0,
    "text": "we're going to interview Sonya Davidovic really two IMF authors asking an emerging question in payments infrastructure."
  },
  {
    "start": 3754.04,
    "end": 3760.74,
    "text": "That is, what happens when AI agents start initiating transactions autonomously?"
  },
  {
    "start": 3761.44,
    "end": 3764.1,
    "text": "No human pressing confirm."
  },
  {
    "start": 3764.279,
    "end": 3770.96,
    "text": "so this idea has massive implications on payment infrastructure and we're gonna double click on these the next episode."
  },
  {
    "start": 3771.02,
    "end": 3771.62,
    "text": "enjoy reading!"
  },
  {
    "start": 3772.24,
    "end": 3778.6,
    "text": "I already know that i'm looking very much forward to this because there is a very interesting topic, obviously the industry's talking a lot about."
  },
  {
    "start": 3779.72,
    "end": 3795.62,
    "text": "What brought with me are two papers actually on the same topic which is ECNY-II.O The Chinese Digital Yuan that ultimately turned from a retail CVDC project."
  },
  {
    "start": 3796.319,
    "end": 3812.56,
    "text": "The world has been following quite closely whenever there was any public announcements in English that were able to be read or also those issued by the Chinese, but this has turned from a retail CVDC into deposits provided by banks."
  },
  {
    "start": 3812.96,
    "end": 3824.859,
    "text": "So it's significant shift and the retail CVTC project of the Chinese PBOC doesn't seem to exist before any longer."
  },
  {
    "start": 3825.98,
    "end": 3829.46,
    "text": "It was designed as a liability of the central bank obviously, as retail CBDC."
  },
  {
    "start": 3830.22,
    "end": 3835.02,
    "text": "Was intended to primarily be used for cash and domestic retail payments."
  },
  {
    "start": 3838.24,
    "end": 3845.6,
    "text": "PBOC has done several tests over the last year since twenty-twenty, but now they decided three changes."
  },
  {
    "start": 3846.48,
    "end": 3860.819,
    "text": "It was reclassified from cash to deposit so bank liabilities ultimately integrated into this classical reserve requirement system where banks hold reserves at the central bank and provide liabilities itself and allow it to bear interest."
  },
  {
    "start": 3860.899,
    "end": 3873.299,
    "text": "So we will hyperlink both articles One research report and also one from CIG online in the show notes, it's extremely worthwhile to read."
  },
  {
    "start": 3873.48,
    "end": 3879.52,
    "text": "And eventually we will dive deeper on this whole topic as well over the next weeks."
  },
  {
    "start": 3880.12,
    "end": 3882.14,
    "text": "Great, and I brought two articles."
  },
  {
    "start": 3883.38,
    "end": 3896.48,
    "text": "If you have a little bit less time but do want to read something very interesting there is in Turkidized assets definitely a token supply overhang so-to say they're more assets than allocators."
  },
  {
    "start": 3896.64,
    "end": 3904.839,
    "text": "at the moment They are coming And these two articles basically giving good insights into What is it what they're interested in?"
  },
  {
    "start": 3904.92,
    "end": 3908.02,
    "text": "In terms of asset classes, product structures and so on."
  },
  {
    "start": 3908.48,
    "end": 3915.02,
    "text": "So one article is written by the tokenized asset coalition And friend of mine Adam Bloomberg."
  },
  {
    "start": 3915.1,
    "end": 3920.299,
    "text": "he has founded a crypto RIA registered investment advisory in the US."
  },
  {
    "start": 3920.859,
    "end": 3937.759,
    "text": "And he gives insights into why they would love to invest, but they can't because of the nature how these assets are currently structured and what you would wish The issuers will change so that He can actually provide those investment opportunities To his LPs?"
  },
  {
    "start": 3937.96,
    "end": 3940.2,
    "text": "Uh...the other article is from Arrakis."
  },
  {
    "start": 3940.299,
    "end": 3949.56,
    "text": "It's an European based startup And they wrote a really great article or research piece around the investor landscape."
  },
  {
    "start": 3950.04,
    "end": 3954.859,
    "text": "So who are the investors, what their investing in and then give like good round up in terms of numbers?"
  },
  {
    "start": 3955.359,
    "end": 3959.52,
    "text": "The status quo love that would love to see more research about."
  },
  {
    "start": 3962.22,
    "end": 3963.1,
    "text": "Love it, thank you Nadine."
  },
  {
    "start": 3963.22,
    "end": 3963.94,
    "text": "Oh my goodness."
  },
  {
    "start": 3964.1,
    "end": 3965.759,
    "text": "five pieces to read."
  },
  {
    "start": 3966.5,
    "end": 3970.46,
    "text": "that's quite an ask from our audience or two hour audience."
  },
  {
    "start": 3971.22,
    "end": 3975.46,
    "text": "So you choose certainly worthwhile knowledge bites to educate yourself."
  },
  {
    "start": 3976.24,
    "end": 3985.08,
    "text": "And with that, let me say thank you for listening to Bitcoin-Vietnam Rock'n Roll and making it until the end of this comprehensive news episode."
  },
  {
    "start": 3985.2,
    "end": 3988.52,
    "text": "Thank you Nadine in particular at Particular!"
  },
  {
    "start": 3989.58,
    "end": 3993.839,
    "text": "And Manuel for your takes inside Superprecious."
  },
  {
    "start": 3994.58,
    "end": 3999.96,
    "text": "So if you allow some calls to you guys, If you enjoy the podcast please recommend and rate us."
  },
  {
    "start": 4000.06,
    "end": 4012.399,
    "text": "That always helps us the most And do connect with us on YouTube LinkedIn and our expert community On Telegram both in German and English Where I hope You're gonna find Nadine too!"
  },
  {
    "start": 4013.779,
    "end": 4015.6,
    "text": "This is your time To join The Community."
  },
  {
    "start": 4016.74,
    "end": 4022.16,
    "text": "Visit Our website and make sure to subscribe to BFR wherever you get Your podcasts."
  },
  {
    "start": 4022.68,
    "end": 4026.62,
    "text": "Until then, this is Bitcoin, a fiat and rock'n roll."
  },
  {
    "start": 4026.759,
    "end": 4033.279,
    "text": "See you next week in another episode when we'll be exploring another critical development that's agentic payments."
  },
  {
    "start": 4033.58,
    "end": 4034.08,
    "text": "Don't forget!"
  },
  {
    "start": 4034.279,
    "end": 4038.96,
    "text": "We bring Europe's perspective on digital money and digital assets to the world."
  },
  {
    "start": 4039.02,
    "end": 4042.06,
    "text": "That's our mission And it's great You're with us On This Mission."
  },
  {
    "start": 4042.359,
    "end": 4042.88,
    "text": "Thanks both!"
  },
  {
    "start": 4043.24,
    "end": 4044.279,
    "text": "Thankyou guys!"
  },
  {
    "start": 4044.48,
    "end": 4044.899,
    "text": "Cheers."
  },
  {
    "start": 4046.259,
    "end": 4052.6,
    "text": "The views expressed are solely personal opinions of hosts and are provided for informational purposes only."
  },
  {
    "start": 4052.64,
    "end": 4068.18,
    "text": "This podcast does not offer financial or investment advice, always conduct your own research."
  }
]