Mm.
The world's biggest companies continue to explore stablecoins.
Now Google has unveiled an open source AI payments protocol that enables AI applications to send and receive payments, including those with stablecoins.
Meanwhile, former White House crypto adviser Bo Hines has a new gig.
He's CEO of USAT, tethers new stablecoin designed exclusively for the US market to comply with new regulations under the Genius Act.
He will be held in custody by federally chartered institutions including Anchorage Digital Bank and also Cantor Fitzgerald.
Joining me this morning is Diogo Monica, who is general partner at Han Ventures and also co-founder of Anchorage Digital.
Good morning.
Thank you so much for joining me.
So first and foremost, I'd like to get your reaction to the launch of USAT and also tell us a little bit about Anchorage Digital's role in this.
Yeah, so Anchorage Digital is going to be the issuer of USCT in the United States.
As you know, Anchorage Digital is the first and still only federal chartered bank.
That means that we have the UCC as our primary regulator.
We've had our charter for over 4 years, and we are extremely excited for this. stablecoin that is about to bring tether in a regulated fashion the highest level of regulation at the federal level into the United States with Bo Hines being the CEO and so fantastic leadership all around.
Yeah, and for those viewers out there who may not be familiar with the USAT announcement, tell us what it means.
What it means is historically there's been two dominant stablecoins out there that have the most of the issuance.
Stablecoins are around $300 billion of issuance right now, the big dominant one being tether.
Tether was the first and still the largest stablecoin.
The second one is Circle under USDC, and what has happened historically has been that Tether dominated globally, but primarily or has, but USDC has primarily dominated within the United States.
So we've had this competition between these two.
Very large stablecoins globally and as soon as the Genius Act was passed into law, then all of the issuers now have to be regulated under this new framework.
What that means is that if they're over $10 billion of issuances, which both of these cryptocurrencies are, then they need to.
Be in the United States under the federal regime and they need a partner or they need to actually get themselves a federal charter.
So that's where this partnership comes in.
Anchorage brings the soundest, highest level of regulatory scrutiny in the United States Intether brings the most dominant, most loved stablecoin globally, now focusing on the US market.
And I want to move on to tokenized equities in 2025.
We've seen quite a rush into this space, and I understand you've posted that GLXY is the first ever publicly listed US equity to exist and trade on a public blockchain referring to Galaxy shares on boarded with Super State as well as on Solana.
So walk us through this.
So something that is absolutely fascinating that is happening and it's happening in real time is that we finally have the infrastructure that allows us to in a regulated fashion bring publicly traded stocks now to also be traded on chain.
And until Galaxy and Superst State, that is a portfolio company of Han Ventures, was able to actually do so, we didn't really have.
Stock that was in a super position, that's the name superstate, and what it existed on chain with the exact same rights and the exact same regulation as it exists when it's traded on a stock exchange.
What that means is that you have the same governance rights, the same dividend rights, and you can go from one into the other.
The pieces we're missing were alternative trading systems and broker dealers and in this case an ATS from Superst state to allow this to happen.
What we've Having the space before were wrappers where people issued something that at some point had the right to be backed by some security stored by somebody else, and this is different.
This is there's an actual registration of the security and the ownership of the security is at Superate ATS and this is both traded on DFI and in crypto as actual tokenized stock and also traded on the NASDAQ simultaneously.
This is the new.
Standard going forward and what we believe is that every single public traded company will want access to this new demand, which is a demand coming from decentralized financing from crypto, and we want the ability to have their stock be composed on DFI, eventually getting access to things like Ave, things like Morfo, where you can actually take out loans and you can actually use the DI primitives to build new financial products on top of these tokenized stocks.
So that's why this is so exciting.
And finally, Diogo, we have less than 60 seconds since we are approaching the market open here, but tell us about AI integration and what you see when it comes to that intersection between AI and EI.
I think one of the things that is happening that is the coolest is something that I call generate finance.
We know from AI that we can actually turn language into code.
We also now know from DeFI that we can turn code into financial products.
And so the conclusion is that we can now turn language into financial products.
So this is generate finance.
It's the ability of Institutions build products that are specifically for a consumer and instead of selling one product to all of their consumers, they're selling specifically tailored products to consumers, millions of products to millions of consumers.
This has never been abled before in traditional finance and generate finance is bringing this to defy.
OK, Diego, we will have to leave it there.
Thank you so much for joining us and thank you for sharing your insights.
Thank you.
