Well Circle's earnings yesterday morning pointed to the heavy demand for staple coins.
The company saw revenues spike 53% in Q2 as its stock remains in the stratosphere compared to its initial IPO valuation.
But financial firms aren't just interested in plain old stablecoins.
Rather, they're increasingly demanding interest bearing formats that get the most out of.
Well, through their adoption and interest in stablecoin payments, tradly companies and. are learning blockchain, and this does mean integration is picking up steam while infrastructure building does the same.
Joining me live here at the exchange is Glendy Camp, chief product officer at PAA Group.
Well, Glendy, thank you so much for joining me.
Thank you for having me here again.
Good to see you.
Well, you're here at the New York Stock Exchange, and yet again we're having another IPO, but a lot has changed in terms of regulation since you were last on.
So.
The implications of the Genius Act and what else needs to be done when it comes to legislation.
Very interesting.
I think July is a very interesting month.
Like July 17, we were all anticipating the voting, which is the longest voting session in history in the house.
18 is when the three bills passed Genius Act, clarity, and also CBD anti-CBDC.
I think ever since then, even before that, there's already a lot of interest in tokenized deposit, which has been doing since 2019, and stablecoin and tokenize money market fund or treasury, but there's always been some blur line between them like how they should be governed, who governs them.
But after the Genius Act, it becomes very, very clear that how stable coins should be defined or is defined, who govern them, how they should be regulated.
After that, I think now there's a lot of tremendous amount of interest from banks, FinTech, digital asset company, of course, and also corporate corporate companies that are very interested in exploring how they can use stablecoin, whether they should have a stablecoin strategy.
Yeah, you bring up an important point because we've been hearing about all types of companies, not just the financial institutions, but I do want to get into stablecoin.
Here in the US, but when it comes to actual adoption, what more do you think needs to happen?
I think now that we have very clear clear reg regulations around stable coin, um several things that's going to happen is you will see a lot more bank adoption, bank issue tokens in in in this area and also one thing that is also important because now we have the genius.
A compliance focused infrastructure is going to be very, very important because now we know exactly how stablecoin will be regulated, who can issue them, how they can be issued, what can be done, what cannot be done.
And also because in the Genius Act, um, interest bearing or yield reward are not allowed.
So I think there is a lot of synergy between stablecoin, which is not allowed to do any of that.
Combined with um maybe bank deposit token or even like interest bearing tokenized money market fund or tokenized treasury.
In addition to that, there has been a lot of work within financial institution on private permission blockchain, but a private public interoperable network will be very critical.
And in a nutshell, what does that look like when we're talking about private public.
Interoperability.
So recently we actually launched a project link, which is a good example.
So we offer a private permission blockchain for the participants to transact.
We still think that it's important because a lot of financial institutions, the privacy, the control of the data is still very important and however, the ability to be able to connect to a public chain is really critical because you cannot really continue to work in silos because a lot of the transactions is also programmability on blockchain is really important.
So programmability without data is really meaningless.
So the ability to be able to connect private chain with public chain, the interoperability is really important.
And finally, before I let you go, here we are at the New York Stock Exchange getting ready for the open and find and defy our converging.
So tell us about the impact on shared infrastructure.
The um so you can see a lot of companies are focusing before when we talked to banks, they are pretty adamant about private permission blockchain now they are more open to public chain, but then they still want to make sure there's privacy uh in in the infrastructure because this is still very critical in our financial services environment.
And they have regulated and so that's still very important.
So I think a very compliance first infrastructure uh focusing on protecting privacy, protecting data integrity and security is still very important.
And so this is the infrastructure that everybody will be, will have to be building too.
OK, Glendy, well thank you so much for joining me on this momentous occasion here at the New York Stock.
Yeah, thank you so much for sharing your insights as well as your perspective.
Great, thank you.
