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Topics covered in this episode:
- Bitwise updates XRP ETF S1
- Bitcoin ETFs crossed $20B
- Arrested, fake ETF announcement tweet
- Ripple was minting 20% of USDC
- SEC files Form C in Ripple appeal
- Kamala considering SEC nominees
- M&A - Stripe acquires stablecoin platform Bridge for $1.1B
Creators & Guests
Host
What is Weekly Crypto Check-In?
Hosts Robert Swarthout and Andres Sandate cover the last week's worth of crypto news, providing insights and opinions on this quickly evolving space from a fund managers perspective.
Welcome to another episode of the weekly crypto check-in recorded on October 23, 2024. I'm your host Robert Sworthout, and I'm joined by my co host Andres Sidoti. How is it going, Andres?
Andres Sandate:Hey, Robert. It's good. It seems like we're back in the summer, though, here in Atlanta. Got really, got really warm out today, but, I'm doing good. How about you?
Robert Swarthout:Doing good. Yeah. I think, it definitely warmed up these last few days, but, I think next week is looking like it's, back to, our fall slash, hinting at winter. So
Andres Sandate:Yeah.
Robert Swarthout:We will see. I I've appreciated the coolness. It's been nice been being outside and not feeling like you're gonna lose £10 sweating. So
Andres Sandate:Right. Yeah.
Robert Swarthout:Yep. Cool. Well, let's just jump in. So first topic for today is Bitwise has updated their, XRP ETFs 1. You know, not tons of news here beyond they've updated it.
Robert Swarthout:It started to talk a little bit about custody, and this kind of the more, I guess, general things in it. To me, the big news item here is that it actually is getting feedback and they're doing revisions, which means they feel like it can move forward and the SEC may not get in the way. We will find out, obviously, as time goes on, but for a while there, I was like, with the SEC, doing the appeal, which we can talk about here in a minute, You know, it was kind of up in the air, but, you know, they they did the they filed this, and I imagine there'll be a couple revisions before they have a chance to truly launch it. So
Andres Sandate:Yeah. Well, having, been through a process or 2 in my career of filing, these types of offerings with the SEC. You know, anytime you get comments, that's a good thing. Right? Because you submit them, the lawyers submit them for you, and then you're just kinda playing the waiting game.
Andres Sandate:So they have to respond on certain deadlines. The SEC does. At least that's that's kind of the the typical, model, and you wanna get obviously, you wanna be getting comments and having back and forth as an issuer or somebody building a product. You wanna be getting feedback from, from the SEC. So, yeah, it it is an overall good sign that there's updates and, there seems to be some traction.
Robert Swarthout:Yep. You know, they they pointed who's gonna execute trades, and buying the physical. The it's a venue prime execution agent, and they will be doing bit stamp cracking and Coinbase in an exchange called Elmex, which I have not heard of. So I kind of thought that was odd. You know, they'll be creating these in blocks of 10,000 shares.
Robert Swarthout:So nothing crazy, but I guess maybe a bit of news here in it is they do call out regulatory uncertainty around the XRP Ripple case and the SEC, doing their appeal. So it's the same obviously, it's a different department within the SEC, but it's the same organization that's fighting and approving this, or fighting fighting XRP and Ripple and then approving potentially approving this. So Yeah. It'll be interesting. We will find out, and I would imagine the next month or so how this is gonna go, whether it's gonna be get drawn out or it's gonna kinda get to move through.
Robert Swarthout:So we will see. Next topic, just just kind of a cool milestone. So the Bitcoin ETFs that launched in January, we don't talk about these things a ton. Yep. And they, have, as of last week, they crossed 20,000,000,000 of net, total net flows.
Robert Swarthout:So that's, pretty amazing, considering, I think, the wild crazy numbers we were hearing in January predictions were gonna be, like, 5 or 10. It it is you know, just this last week, BlackRock's iBit did a 1,000,000,000 and a half itself. So pretty crazy.
Andres Sandate:Yeah. I yeah. I think we talked about this last week. There was a one day, I think, Ibit BlackRock's, Bitcoin ETF brought in over half a $1,000,000,000. Mhmm.
Andres Sandate:I think, Fidelity in one day brought in 272, close to 273,000,000. So these are these are huge numbers. I don't know what Bitcoin is at today. I I checked earlier in the week, and it was at 67, 68,000, kind of in that range. Is it still hovering around there?
Andres Sandate:65 and change.
Robert Swarthout:Okay.
Andres Sandate:So it's pulled back a little bit. But Yeah. Yeah. It's, you know, I I've been seeing headlines, in in the crypto news cycle about, you know, Bitcoin is now its own asset class within, like, a more modern portfolio allocation. Right?
Andres Sandate:It it used to be 70, 30, or 60, 40 were sort of your, that was the holy grail, you know, maybe a generation ago of a of a portfolio, stocks and bonds. Right? Everything listed. Now you hear everything from, you know, 50, 30, 20, 20 being alternatives, to now you're seeing portfolios with a a 1, 2, 3 percent allocation point. And our friends over at BlackRock, you know, are talking about about that.
Andres Sandate:So it's interesting Yeah. Just in the short period of time where crypto has, you know, become more available through the Bitcoin ETFs. Just how that portfolio discussion has evolved.
Robert Swarthout:So Yeah. You know, it's, it is crazy to kinda see how it has evolved. You know, if you start looking at, like, put trying to put this in context, what does 20,000,000,000 really mean? Right? If you start really looking breaking them apart, BlackRock is more than 50% higher than the 2nd place.
Robert Swarthout:Like, it it is quickly becoming a a one horse race here. Not truly, but, it quickly drops off from basically, year to date flows for BlackRock. We're 22 and then 10 for Fidelity, then ARC is at 2. Like, it quickly I mean, like, to the point where you would expect over the maybe the next 6 months, maybe some of these lower ones that basically have effectively no flows, would maybe start winding them down. I'm not quite sure what the the advantage of having one is when you don't have any assets.
Robert Swarthout:So
Andres Sandate:Yeah. Yeah. I mean, at a certain point, you're you're funding, keeping the product open. You got a lot of regulatory filings. You got a lot of expenses, board meetings, legal Yeah.
Andres Sandate:Expenses. So, you know, there are a lot of bigger, ETF issuers that have, you know, dozens, you know, and dozens of ETFs and some are bigger and some are smaller. You know, it's a question of, do they wanna have something in, like, each of these bigger, newer categories? And they'll justify a, like, sort of having a loss leader. Right?
Robert Swarthout:And and I guess it's just so we're super clear, this is net. So we have a huge negative number for Grayscale. They were they were negative 20,000,000,000 by themselves. As a whole, if you drop grayscale out, it's almost 40,000,000,000 in net inflows. Obviously, some of that came from the grayscale, flows kind of days later, but, it it's just crazy to kinda see the scale.
Robert Swarthout:You know, collectively, the ETFs are approaching, 86 percent of the total holdings that the number one wallet, Satoshi, holds. That is probably a wallet that will never move, would be my guess. So it's, you're quickly getting centralized in a decentralized world. So Yeah.
Andres Sandate:Yeah. There's a lot to play out still, I think around that very topic, which we'll be covering, I would assume, more and more in the years ahead. Yep. But you have to be careful what you tweet. It's the lesson from number 3 because the, the the justice department, the feds, they will find you.
Andres Sandate:So, I I was I I know we talked about this one offline, but, there was an arrest in the fake ETF announcement that went viral and caught crypto by storm in those early days of speculation.
Robert Swarthout:It ended ended up being that fake tweet was the hacked account of the SEC the day before they officially approved it. So it was, like, right in the moment. Yeah. Did it actually materially change anything? Probably not.
Robert Swarthout:Right. For this one big guy, it's changed a lot. I'm sure.
Andres Sandate:Sure. So
Robert Swarthout:yeah. Like, an Alabama Alabama man was caught. If you would ask me to pick the state, if this person was from the United States, I would have assumed they were not even from the United States. But the thing that someone in Alabama did this blows my mind.
Andres Sandate:Yeah. Yeah.
Robert Swarthout:We would just I don't
Andres Sandate:know anything about go ahead.
Robert Swarthout:I was gonna say, I would assume some country that we have no, extradition, rights on, to be able to get a criminal. It'd be where it would have come from. So
Andres Sandate:Yeah. I I am curious to learn more about this individual, like, their background. You know, if nothing else, just how did you not that we'll ever know. Right? But, like, how how how brazen to go and hack the SEC's account and then issue issue this fake tweet.
Andres Sandate:So Yeah. But, yeah, it's gonna be, you know, spending a
Robert Swarthout:lot of time thinking about that. It sounds like he's gonna be going away for a bit of time. You you would think. And the part that I'm really curious about is, like, well, obviously, the motivation was likely to make money. If if there was no financial motivation, then this is absolutely insane.
Robert Swarthout:Yeah. It I'm sure that will come out when the the true, charges get released and all the details come along. But, it'll be should see how much money he thought he made, because it's all gonna be gone.
Andres Sandate:Yeah. Yeah. Yeah. Well, Ripple, is is, back in the news. So, I know we've got a couple of announcements on stablecoins or stablecoin related topics.
Andres Sandate:So let's jump into this one.
Robert Swarthout:So, yeah, Ripple was, they're they're on the cusp of launching their stable coin, r l USD. They're specifically or Brad Garling, has the CEO, has said that they are at this point only waiting on the New York, Department of Financial Services, I think, DFS, to, approve their application or what whatever it is. They're waiting on them. And in an interview, because Ripple just did their conference last last week, Brad was interviewed off, you know, in like a side interview saying that, it, recently they were minting up to 20% of all USDC that was being minted on a daily basis, on behalf of Ripple's clients. That's a crazy amount of volume that, you know, I don't know if Ripple can truly just turn all that off and turn it on on their stable coin to begin with.
Robert Swarthout:You have to have enough liquidity within that stable coin to make it work all around. So I imagine it's gonna be more of a gradual thing. But then, I mean, the USDC, that that's a big stablecoin. It's the 2nd biggest one, and it's it's that's 20% is a large volume. I'm actually quickly looking at what what the, USDC market cap is, and it is, let's see, 34,000,000,000.
Robert Swarthout:So it's a lot. I don't know when that 20% started, how it ramped up for Ripple. He didn't get into that, but it's, pretty cool to kinda see some behind the scenes of sorts, and kinda see how it plays out.
Andres Sandate:Yeah. The, you know, the the I know we're gonna get to this here in a second with our our last bullet in terms of the stable coin market. But,
Robert Swarthout:we can wind up that. Yeah. Yeah. Either way.
Andres Sandate:No. It's fine. I mean, I just you know, we we, you know, we talked a little bit about XRP at the beginning with with Bitwise. Right? The asset manager, they have an ETF out there in in Bitcoin.
Andres Sandate:They're in the process of trying to get now one through for XRP. Now you see, you know, ripple in in the news in terms of, what Garlinghouse said about about volume, and then we're gonna talk about, this this Stripe acquisition here in a minute. But Yeah. Yeah. I I mean, when I wanna ask you more of an analysis question on some of these headlines when you think about all the news in crypto still largely revolves around Bitcoin.
Andres Sandate:You you hear about Ethereum as well, and we talked about this over probably several months, you know, explaining the use case for Ethereum was gonna be a lot more complicated. Yep. And and it seems like we if we see more, tokens, more cryptos that go down this path of becoming more available to the masses through the through through, ETFs. I'm curious how Ripple because you have Garlinghouse and he's kind of that spokesperson. You don't see that as much with Ethereum, like, with one individual kinda synonymous with Right.
Andres Sandate:With with the token. I'm curious, like, what's the narrative around Ripple and XRP more specifically?
Robert Swarthout:Man, there's a lot of baggage. You know, and I before I answer, I'll quickly say if there's one individual around Ethereum, it's certainly Vitalik, the guy that started it. Sure. There's a or potentially Joe Lubin.
Andres Sandate:It's just kind of Mercurial. Like, he's just, you know, he he comes out, he tweets, you know. I guess he's he's probably a very well known person within the space. Executive within the space, but highly technical around projects and around, like, you just don't you don't see he's not the person that's gonna come on Squawk Box. Right?
Andres Sandate:He's not the person that's gonna come on, Fox Business. Right? Or or at least maybe he's been invited. I don't know. But
Robert Swarthout:Yeah. I just think house is different, though. Yeah. I mean, it's certainly cut from a different cloth. Right.
Robert Swarthout:But Pollock is very much a, this is a compliment. He's a nerd, and he has no interest in the suits and the TV stuff as far as I can tell. Right. What he's, I guess, done to this point. So to your question about Ripple and, XRP, and this it it is rather uncommon in the crypto space to have such a large company basically attached to the hip with a network like XRP.
Robert Swarthout:Mhmm. There's a few other cases where it happens because, you know, these networks just don't pop out of thin air. They have to come from somewhere. So but this is, you know, the second, ever crypto to exist. I mean, like, it is it's an OG in that sense, and it's having a lot of evolutions, but it had a lot of baggage, man.
Robert Swarthout:Like, a lot of, negative fud about it whether and that's even before the SEC stuff started, and then you kinda pile all that onto this. You know, it's exhausting. You know, Ripple has a vision for that network. I would say part of the community does not agree with it. In in some sense, they want just the opposite.
Robert Swarthout:They want Ripple to go away. There's been a function of fork of XRP called Zow. It's different. It's adding some other features. I actually think it's healthy.
Robert Swarthout:You start to see some stuff built that could be come back XRP, the the ledger and vice versa. I don't know. It's I I I Ripple's fighting a huge fight. Right? And I think what gets lost in it is they're doing all that work and then people don't like what they're doing.
Robert Swarthout:Well, guess what? They're the biggest influencer in the space, for XRP. They kinda get to do what they wanna do. In some sense, they're earning the right, and I don't think people view it that way. I granted it's a network and anyone can use it, so fine.
Robert Swarthout:Go build something on it if you want to or go build on a different network. It's it's not like you have to be here. But at the same time, people are, like, holding their XRP and just being, like, what Ripple does is what what the course of the network is, and it's partially true. So Yeah. We'll see.
Robert Swarthout:Time will play out. You know, this we'll get to the court case here, with the appeal, which I guess we can go and go and kinda start answering, but, like, it it that's it. It's not over. We got another year or 2, left in this, unfortunately, unless some kind of administration change and the SEC decides to get it off its plate and kind of Right.
Andres Sandate:Look for a settlement or
Robert Swarthout:Which to me is probably more likely than seeing this thing run the distance for 2 years,
Andres Sandate:would be
Robert Swarthout:my guess. So but we will see. So yeah. This is not
Andres Sandate:And the folks I was gonna say this third to last one in terms of the the filing of the form c in their ripple appeal. They have to go say, being the SEC, they have to go through, a a formal process. They had to meet a specific deadline. They did file ultimately a little late, but not terribly late.
Robert Swarthout:Yeah. Yeah. And and everyone was like, oh my gosh. Maybe this gets dismissed because of this. And then, like, nothing has happened, in the negative sense.
Robert Swarthout:So they filed basically, they're just appealing the the what what what to be clear upfront, what they are not appealing is the thing where the judge said XRP is not a security. That's unfortunately not appealable because she didn't really rule on it. She just kinda wrote on it. But what is being appealed is ripple sales of XRP on exchanges. XRP as a payment, in kind, and some other stuff.
Robert Swarthout:Really just around the ripples use of it in the early days, and how they were helping try to function bootstrap the network, and they were selling it in different things. We talked about it last time because we did we were waiting on the appeal to come and it came 2 days later. Right. But the, the SEC I mean, they're in a weak position to begin with. 10% of these cases are ever won on appeal, and, you know, they weren't in a strong position when this case finished.
Robert Swarthout:It wasn't like it was that much of a split decision. So it will be interesting. Ripple has until, I think, today or tomorrow to file their they've cross appealed, the stuff that they lost on because, like, you know, if you're gonna be in the fight, you might as well be all the way in it, I guess, is the thinking. Mhmm. And we'll see.
Robert Swarthout:But currently, all the, the attorneys on Twitter that follow this stuff are, like, the SEC is making an even bigger mistake. Cause what's gonna happen is this is gonna get really codified, to the point where it's gonna be hard for them to, assuming it goes the distance that other court cases that they may be in, will use this as precedence and be like, listen, this is, a lot of other cases won't be able to happen effectively.
Andres Sandate:So And you think that applies to crypto specific cases, or securities other securities cases as broad more broadly?
Robert Swarthout:I haven't heard anything more about broad anything outside of crypto. It's more specific to crypto because we don't feel like we're defined correctly in the law. The SEC is trying to cram crypto into the into a securities box, and when it's not really a box, you know, so maybe crypto is more of a triangle or something else. So
Andres Sandate:Sure. You have to have that issue. So And then Yeah. The second to last headline or, vice president and presidential candidate, Kamal Harris, is considering a couple of nominees. There's a couple of candidates that are being vetted whose names are out there in the public.
Andres Sandate:So you would think that these, nominees, should she win, the presidency, and say take office, replace Gensler, the current SEC chair with 1 or, you know, one of these 2 candidates, what is your, I guess, what are your what is your read on the on the 2, Chris Brummer and, and Erica Williams? I think one of them is currently a legal professor at, you know, DC. I was gonna say DC, University Georgetown, and then the other one is is it running the PCAOB?
Robert Swarthout:Is that what I read? Yeah. Yep.
Andres Sandate:That's right. Public public accounting, oversight board effectively.
Robert Swarthout:Yeah. I I know nothing about Erica, so I have to be very just say that upfront. I've I've never run across her in crypto stuff. And granted, the SEC is far bigger than crypto. So but we're looking at it in this very narrow lens.
Robert Swarthout:I will say upfront, Kamala has not said that she will get rid of Gary Gensler. Like so the the possibility that he stays on, is is an option. Trump has said he'll be gone day 1. I don't think if Trump wins, there's not a chance that Gary even gets a chance to be fired. He's gonna leave on his There's there's no doubt about that.
Robert Swarthout:But, when it comes down to Chris Brummer, he's interesting. He runs a podcast, that is called I should have wrote this down. I'm looking up real quick. That, talks about financial news, and Fintech Beat and is the name of the podcast. He, he has guests on that are talking about crypto or just other Fintech stuff.
Robert Swarthout:It's it's a well run podcast. I think that he he's very knowledgeable on the topic. I think there's a there's a I say this with a lot of hesitation because I thought Gary was gonna be a good option when he came in too. But he seems like he would be a chairman that might understand that we need rules because he's literally said it on the podcast. Again, Gary said the same thing when he was in MIT.
Robert Swarthout:So the rubber would have to meet the road and see what actually happened. But I, you know, I I there could be worse choices than Chris, for sure. That would have no crypto knowledge and come in and potentially just be worse or more of the same. So Yeah.
Andres Sandate:You you
Robert Swarthout:have any thoughts?
Andres Sandate:Well, I I was just gonna say I mean, we talked about this last week in the, you know, there's been a ratcheting up of, I think, coverage. You know, our our whole podcast is kind of taking what's out there in the broader news media crypto cycle and sort of trying to distill down what are 5 to 7 news items that caught our attention. What caught my attention is how the corporate, executives in this election cycle are noticeably silent around which candidate, they wanna back. They might be saying it privately. I think I saw a couple of reports this morning that Jamie Dimon, you know, CEO of the largest bank in the country, JPMorgan, has said privately, according to these reports, that he supports Harris, but publicly has come out more in support of Trump.
Andres Sandate:And the analysis of this, I guess, and where this relates to us is, I think there's this, you know, potential fear, or concern that there could be backlash depending on which candidate wins. And so nobody wants to be nobody wants to put themselves, you know, out there, if you will, on an island, and potentially be the company or the industry, depending on which candidate wins that is all of a sudden, in the crosshairs, if you will.
Robert Swarthout:Yeah. I mean and it could be that the CEO wants to say something and his board is saying do not. Like Right. Right. It it could be a lot to make sure.
Robert Swarthout:I was just kinda rereading, scanning this, article about Chris Brummer, and a source in it was saying how on paper, Brummer is more qualified than Gary and would be the biggest piece offering to crypto the Harris campaign could bring up. Again, a lot of what ifs there. Yeah. But, it's a be interesting to see it play out. So
Andres Sandate:Well, look. I I think we're kind of entering that part of the race. It seems like, you know, we're down to a couple weeks, and so nobody's gonna wanna have a foot fault, to use the tennis analogy. So I would think anybody whose name is put out there for any type of cabinet level position
Robert Swarthout:Mhmm.
Andres Sandate:Is somebody that the administration or the, I guess, the the the candidates, you know, team Yeah. Has done a fair amount of work on and has there's there's not, you know, there's not some big surprise that is gonna jump out and, you know, again, how many voters are really gonna make their decision based on who the potential SEC chair is? I think the interesting piece is, you know, in the battleground states where the election likely is to be determined, there's 8 of them. Yeah. Are those states where there's a a voter population that is, you know, got crypto in the first, second, or third issue in terms of importance that could potentially swing it one way or the other.
Andres Sandate:Agree. You know? And I know that I know the poly market, the prediction market where people are betting. You know, Trump is running away with it. Right?
Andres Sandate:He's up percent. Yeah. He's up 20 plus percent, I think. I saw last night, 60 plus percent to 30 some percent. Right.
Andres Sandate:I know I've seen headlines, and there's a lot more of the institutional and, like, investor community now starting to dig into these prediction markets and trying to determine, is there truth in, like Yeah. These these types of markets? Have they had success in predicting outcomes in the past? The reality is is they have, from what I can tell. So where crypto and politics intersect isn't always, you know, what are our friends at the SEC not doing to prevent our industry?
Andres Sandate:Sometimes it's, like, what what is just the general public or the voting public that's willing to bet dollars or invest dollars? And who knows who's influencing these these,
Robert Swarthout:or not.
Andres Sandate:There could be some big big wallets out there, big investors that are making big bets on, say, a Trump win that are, you know, swaying the the votes one way or the other, outcomes one way or the other, but it it is interesting. And we're only at the election of 2024, and I think, what's it gonna look like in 4 years, 8 years, 12 years, you know, when you think about crypto and blockchain and all the advances we've seen just in the last couple of years?
Robert Swarthout:Yeah. There was, on the topic of the betting market saying Trump's showing away away with it. Because obviously there's been a lot of money, on both sides, but specifically on Trump's side in this case. This is, like, like, a Kamala, one of her surrogates was out, I think, yesterday saying that, oh, they believe it's a bunch of international money. I'm like, you just don't know what to believe.
Robert Swarthout:I mean, it could be in crypto. It could be a bunch of North Korean, crypto coming in trying to Yeah. You know, manipulate the market. Right. So who who knows?
Robert Swarthout:But we will Yeah. We'll we'll know who's the winner, hopefully, in 2 weeks. Hopefully, it's not all good. Yeah. So
Andres Sandate:yeah. Well, this last one on, on on on a I think a positive note for the venture capital industry, particularly the crypto venture industry. And then also you brought up, and could probably, illuminate, you know, Stripe, this, you know, big Fintech player went quiet for some time with respect to crypto. Tell us more.
Robert Swarthout:Yeah. So they they they allowed crypto payments over 6 years ago and then for a while. And and granted crypto was much smaller back then, so not much. I can't imagine tons of volume. They got they got turned off for whatever reason.
Robert Swarthout:I don't remember them actually even announcing why it got turned off. And then a month ago, they turned on the ability to, pay with stable coins. And then within the last week, they made an acquisition of, Bridge. It's a stable coin, a fintech platform for $1,100,000,000. That's a lot of money.
Robert Swarthout:That is the biggest acquisition in the crypto space, full stop, to date. So in in a moment where, you know, granted it likely if we get legislation at some point, the first thing will happen is stable coins. But, like, they're buying they're spending that much money in a market that is basically unregulated. And you would assume it goes good, but it it also could go very bad. And, you know, just seeing them step up and trying to integrate it, obviously, they see they have they have a vision here.
Robert Swarthout:It's not just they're just doing it willy nilly to spend $1,100,000,000. So yeah.
Andres Sandate:Yeah. I mean, I think it's a I think it's a positive for, for for Crypto VC. You know, you and a couple of other folks were on a digital assets panel that we did for CIFA, you know, earlier this year in the spring, I believe. And I think one of the one of the speakers was in Crypto VC, and we talked about, you know, exits and where's the liquidity, right, in these crypto venture bets? And, you know, there has not been a lot of opportunity to exit via tokens.
Andres Sandate:And so that has been largely kind of off the table as a form of exit. So to see a big m and a transaction in the market, you know, I think is a feather in the cap for the space. I I don't know if it, you know, addresses the fact that crypto, VC, you know, fundraising is probably down, like, the broader industry, as the the VC market kinda goes through a thaw. But, but it is, you know, it is a notable and and a big deal for the industry. And I know we were talking before the the the the show about, like, the infrastructure that they do provide.
Andres Sandate:So maybe next week, we can talk more about this as some of the analysis comes out about bridge, and kinda where they fit into the overall kind of stable coin, ecosystem, which is expected to be pretty big. I think I saw a headline that Matt Hogan of Bigwise expected by 2026, Stablecoins could exceed a $1,000,000,000,000, in overall, you know, I guess, volume.
Robert Swarthout:Yeah. Because he was saying, my guess is I don't know what time What what he's saying there? Is it flows? Is it, is it minting? Like, what what is he really saying there?
Robert Swarthout:But, it'd be interesting to kind of understand that, sound bit or just maybe that that, quote a little bit more. So Sure. Anyways, well, thanks for joining us on this episode of Weekly Crypto Check-in. If you wanna stay updated on future episodes, you can find us an e podcast player by searching Teton Crypto Capital or the weekly crypto check-in. Take care.