Let's separate Bitcoin, which is a speculative asset, some call it digital gold, but its price goes up and down and it's volatile. Let's separate that from stablecoins, which are very interesting product for financial services. Stablecoins have value because they're backed by the US T-bill. So each stablecoin is backed by either cash or a T-bill less than 92 days of duration. The beauty of it is you can transfer it in seconds, not days. So if you use the FedWire or the banking transfer systems, your money gets lost sometimes. It takes three days and it's very expensive. With stable coins all you're doing is really expediting transfer to about one and a half seconds at a fraction of the fee,
Let's separate Bitcoin, which is a speculative asset, some call it digital gold, but its price goes up and down and it's volatile. Let's separate that from stablecoins, which are very interesting product for financial services. Stablecoins have value because they're backed by the US T-bill. So each stablecoin is backed by either cash or a T-bill less than 92 days of duration. The beauty of it is you can transfer it in seconds, not days. So if you use the FedWire or the banking transfer systems, your money gets lost sometimes. It takes three days and it's very expensive. With stable coins all you're doing is really expediting transfer to about one and a half seconds at a fraction of the fee, and you're backed by the US dollar. Now, why wouldn't we want that? There is one big opportunity out there, and I don't know who's gonna win this yet, but for 12 years we've been talking about the S&P 500 to go onto blockchain for contract analysis, inventory management, logistics, which is all gonna happen, but nobody knows which blockchain they're gonna standardize on. So if one of them emerge, and the way you would know it emerged is at least one company in every 11 sectors of the economy would standardize on that blockchain. ♬ original sound - Mr. Wonderful
