"Stablecoins are, I'd say, the next big product market fit for crypto after trading. People started tokenizing the dollar. If you have a dollar in a bank account, you can issue a token out there on a blockchain in the world and say, 'This token represents that dollar that's being stored in a bank account,' so it's a one-to-one representation.

Somebody might say, 'Well, why do that? I can already send dollars around in different ways.' And that's true, but the traditional financial system is pretty inefficient, right?
There's a lot of people—let's say, and only 4% of the global population lives in the United States for one thing, right? We always forget that. So there's billions of people around the world who actually have very high demand for the dollar, because their local currency is high inflation or has various issues. So in Turkey or Nigeria, there was 50 or 70% inflation last year. So people there really wanna hold dollars, [but] they can't open dollar-denominated accounts.
With stablecoins, anybody with a smartphone now can hold a dollar-denominated account. They can get access to dollars. They can also send them instantly anywhere in the world for less than one cent, right?
So previously, if you needed to send money via Western Union or MoneyGram, or maybe you're using some of the remittance apps, you might pay anywhere from like 5 to 12% fees. Or people who are sending money home to their family in other countries. This is a very high fee, delay type environment, and with stablecoins they can now send it instantly, like under one second, anywhere in the world, less than one cent.

There's no other payment rail globally that can do that, right? You can kind of compare it to like credit cards or bank wires or these different things, and crypto rails are the only ones that are global, cheap, and fast. Check all three boxes."