Latest / The Paul Barron Crypto Show / Two Massive Stellar Partnerships!🚀CEO INTERVIEW Denelle Dixon🚨$XLM

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Two Massive Stellar Partnerships!🚀CEO INTERVIEW Denelle Dixon🚨$XLM · The Paul Barron Crypto Show

• 0:00
  Speaker 1: Major institutional adoption and breaking news around Stellar and many
• 0:04
  Speaker 1: of their partnerships. We wanted to dive in, so we're
• 0:06
  Speaker 1: going to bring in Danelle Dixon to.
• 0:08
  Speaker 2: Talk about that today.
• 0:09
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• 0:49
  Speaker 1: To get started, I want to bring in Danelle Dixon,
• 0:51
  Speaker 1: who is coming in from the Stellar Foundation.
• 0:54
  Speaker 2: Danell, how are you great?
• 0:55
  Speaker 3: How are you so nice to be here?
• 0:56
  Speaker 2: Thank you for having me.
• 0:57
  Speaker 1: Nice to have you. So we've been watching a lot
• 1:00
  Speaker 1: of the announcements. I am intrigued, skeptical, but also interested
• 1:06
  Speaker 1: in how you guys are pulling.
• 1:08
  Speaker 2: All of this together. We'll get into all of that.
• 1:10
  Speaker 1: The first thing I want to jump to, of course,
• 1:12
  Speaker 1: is the MoneyGram announcement right here introducing MGUSD. So that's
• 1:17
  Speaker 1: Moneygram's US dollar which is going to be running natively
• 1:21
  Speaker 1: on Stellar. So big news when you look at money
• 1:25
  Speaker 1: Gram right now, essentially this is running within USDC on Stellar.
• 1:31
  Speaker 1: How many people are using this today, Gosh, I don't
• 1:34
  Speaker 1: know in.
• 1:34
  Speaker 4: Terms of the retail side of it because so many
• 1:37
  Speaker 4: different things. MoneyGram has a wallet that they actually have
• 1:39
  Speaker 4: built on Stellar, and so that wallet is released and
• 1:42
  Speaker 4: I think five countries at this point, so they.
• 1:44
  Speaker 3: Actually have their user count from that standpoint.
• 1:46
  Speaker 4: But the other piece that we started with MoneyGram on
• 1:49
  Speaker 4: way back when and I started working with them in
• 1:52
  Speaker 4: twenty nineteen was they're opening up their ramps so that
• 1:55
  Speaker 4: one of the things I saw when I came to
• 1:57
  Speaker 4: crypto is that there was no way to get on
• 1:59
  Speaker 4: to a network unless you had Crypto already. And so
• 2:02
  Speaker 4: they have the ramps product which allows wallets that are
• 2:05
  Speaker 4: connected to Stellar to also be able to use their
• 2:08
  Speaker 4: on and off ramps, and so there's at least like
• 2:11
  Speaker 4: thirty wallets that are on Stellar that are able to
• 2:13
  Speaker 4: do that, and then they have their retail users on
• 2:15
  Speaker 4: the edge.
• 2:16
  Speaker 1: Okay, so money gram, I know, is a large network.
• 2:20
  Speaker 1: I guess the real question is how many of their
• 2:22
  Speaker 1: users are starting to divert into digital assets within the
• 2:26
  Speaker 1: wallet itself and use it going forward. We'll have to
• 2:29
  Speaker 1: check that out for you guys, because I think that
• 2:32
  Speaker 1: will be a good indicator as to how well this
• 2:35
  Speaker 1: will accelerate in terms of use.
• 2:37
  Speaker 2: What is your anticipation.
• 2:38
  Speaker 1: What is Stellar's expectations from this partnership.
• 2:41
  Speaker 4: Well, we've been partnering with Moneygrams since early days, so
• 2:44
  Speaker 4: twenty nineteen really when I came into the Stellar Development Foundation,
• 2:48
  Speaker 4: and part of it for me was just being able
• 2:50
  Speaker 4: to take this traditional financial institution and really integrate it
• 2:54
  Speaker 4: into this technology stack and for it to be able
• 2:57
  Speaker 4: to use it. Now they're using it for their own
• 2:58
  Speaker 4: internal treasury. So that's part of what MGUSD will do
• 3:01
  Speaker 4: as well, so that you can be able to on
• 3:04
  Speaker 4: an off ramp, and that's a really important piece of
• 3:07
  Speaker 4: it as well for sure.
• 3:08
  Speaker 1: Well, and there's going to be I think huge adoption
• 3:11
  Speaker 1: curves in a lot of these kinds of services. We've
• 3:13
  Speaker 1: seen it within PayPal. We'll talk about that in a
• 3:15
  Speaker 1: little bit money Gram course, I think just going into
• 3:18
  Speaker 1: a lot of countries that you know, need the ability
• 3:21
  Speaker 1: to be able to get access to these kinds of funds.
• 3:24
  Speaker 1: So this, this may change the way it's used in
• 3:27
  Speaker 1: the future. I was listening, and I travel and across
• 3:32
  Speaker 1: X often and typically what I'm looking for is craziness
• 3:37
  Speaker 1: that's going on, And of course if I want to
• 3:39
  Speaker 1: follow that, I usually just jump over to you'v all
• 3:42
  Speaker 1: Rus's account and he's of course hitting on this right
• 3:46
  Speaker 1: here because he's in disbelief, I believe, of the partnership
• 3:49
  Speaker 1: that's going on between the DTCC and Stellar. He's talking
• 3:53
  Speaker 1: a little bit about this of Canton going live in October.
• 3:57
  Speaker 2: First of all, when do you guys plan to launch
• 4:00
  Speaker 2: test net right now?
• 4:02
  Speaker 3: So the DTCC is launching its own.
• 4:05
  Speaker 4: Test net in July, and for us, it's one of
• 4:09
  Speaker 4: those things where there's different you know, when you work
• 4:10
  Speaker 4: with a large institution, you have to be able to
• 4:13
  Speaker 4: meet a lot of their internal challenges but also the
• 4:15
  Speaker 4: integration pieces. And so they have told us that it's
• 4:18
  Speaker 4: the first half of next year. We don't have a
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  Speaker 4: specific date on that for them, but I suspect, given
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  Speaker 4: how much attention that they put to this and how
• 4:25
  Speaker 4: important that this is to them, that they actually are
• 4:28
  Speaker 4: moving to an open public network, that it'll be that
• 4:32
  Speaker 4: they'll have those dates in the new term.
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  Speaker 3: But it is really exciting to us.
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  Speaker 4: I mean, when I think about the fact that we're
• 4:37
  Speaker 4: moving this large institution and integrating it into a platform
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  Speaker 4: that is open and public and available to everyone all
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  Speaker 4: over the world, that's a pretty remarkable thing.
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  Speaker 1: Okay, So that would be to his statement right here,
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  Speaker 1: I'm willing to bet that whatever deployment is happening on
• 4:52
  Speaker 1: Stellar is permissioned.
• 4:55
  Speaker 2: So that is the question. I guess you're saying, no, No,
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  Speaker 2: that's not going to no.
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  Speaker 3: I mean, that's the value you have an open public network.
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  Speaker 3: I'm not sure how you could permission it.
• 5:03
  Speaker 4: They actually have because of the way that Steller has
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  Speaker 4: built and we've built Stellar from the ground up, meaning
• 5:08
  Speaker 4: that you as an institution can choose to be able
• 5:10
  Speaker 4: to when u KYC what kinds of compliance tools you're
• 5:14
  Speaker 4: going to leverage. Those are all built into the base
• 5:16
  Speaker 4: layer of the tech steck Onstellar, so you can bolt
• 5:18
  Speaker 4: on a smart contract to be able to do all
• 5:20
  Speaker 4: of this.
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  Speaker 3: But all of these tools, the.
• 5:22
  Speaker 4: Clawback functionality, the ability to do KYC when you want
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  Speaker 4: to and when you feel like it's appropriate, those are
• 5:28
  Speaker 4: all natively on the network. And so that's the value
• 5:30
  Speaker 4: of this tech stack, and they've known that for a
• 5:32
  Speaker 4: really long time.
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  Speaker 1: All right, So what you're saying in terms of limitations
• 5:36
  Speaker 1: KYC is an opt in is that the way I'm
• 5:40
  Speaker 1: hearing it.
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  Speaker 3: Now for KYC.
• 5:41
  Speaker 4: For them, they can choose to do it either at
• 5:43
  Speaker 4: the time of the issue when the individual receives the
• 5:46
  Speaker 4: asset or when the individual individual offerings the asset, and
• 5:50
  Speaker 4: so they get to make these choices about how they're
• 5:53
  Speaker 4: going to set their compliance at every asset issuer does
• 5:55
  Speaker 4: on Stellar. So it's something that we built this for institutions.
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  Speaker 4: The claudup functionality is something that asset issuers can choose
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  Speaker 4: to enable and choose not to enable. But these are
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  Speaker 4: all things that it's programmable. That's the beauty of it.
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  Speaker 4: They can decide what they want, when they want it,
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  Speaker 4: and when they're going to use it.
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  Speaker 1: Yeah, okay, so twenty four to five. This has been
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  Speaker 1: the announcement.
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  Speaker 3: You know.
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  Speaker 1: The argument I have is, you know, the markets are
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  Speaker 1: twenty four to seven, Why wouldn't we see this really
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  Speaker 1: accelerating to the rest of what we have seen on
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  Speaker 1: the open architecture of blockchain that is twenty four to seven.
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  Speaker 4: Why not that So much of this is about the
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  Speaker 4: regulators and about their comfort level.
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  Speaker 3: When I think about even.
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  Speaker 4: The first issuance of a money market fund on an
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  Speaker 4: open public network, that was Franklin Templeton who issued Onstellar.
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  Speaker 4: They started that process, by the way, on their own
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  Speaker 4: they came to Stellar. We did not even know they
• 6:41
  Speaker 4: were building Onstellar until we saw public announcements of it.
• 6:44
  Speaker 4: But they you have to meet with the regulators and
• 6:47
  Speaker 4: go through all the processes about, you know, the things
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  Speaker 4: that they're comfortable with. And even in the Franklin Templeton case,
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  Speaker 4: they had training wheels, right, they had to do both
• 6:54
  Speaker 4: at the same time so they could prove the value
• 6:56
  Speaker 4: of what blockchain had to offer from a transfer agent standpoint.
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  Speaker 4: So I think that when you get to a regulatory
• 7:02
  Speaker 4: environment that allows twenty four to seven, I think that
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  Speaker 4: we'll be able to see that happen At this point,
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  Speaker 4: what we see is that the regulators are comfortable with
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  Speaker 4: the twenty four to five and you can still do
• 7:12
  Speaker 4: things with these assets on the weekends.
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  Speaker 3: But it's just I.
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  Speaker 4: Think it's what it's moving traditional finance to the world
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  Speaker 4: where you can have real time settle on twenty four
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  Speaker 4: hours a day.
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  Speaker 1: Yeah, yeah, I think that's the question. Well, it may happen, though,
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  Speaker 1: I think maybe a pressure from the market in general
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  Speaker 1: is going to kind of move it to that. Do
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  Speaker 1: you think institutions really care about chains where there's not
• 7:34
  Speaker 1: retail users and kind of the vice versa. What is
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  Speaker 1: your position on that.
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  Speaker 4: I think institutions care about distribution, and I think it's
• 7:41
  Speaker 4: going to be whether that's to the retail or to
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  Speaker 4: SMEs or other institutions. So from my standpoint, what the
• 7:47
  Speaker 4: whole tokenizing these assets is crucial in terms of using
• 7:51
  Speaker 4: the text tag for what it's valuable for and valuable
• 7:53
  Speaker 4: to the actual funds themselves. Because it's cheaper, it's instant,
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  Speaker 4: it makes it easier for the funds to be able
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  Speaker 4: to get out there. Distribution is key, and I think
• 8:01
  Speaker 4: that these institutions care about how, how and who it's
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  Speaker 4: going to be distributed to. I think global distribution is
• 8:08
  Speaker 4: an aim for everyone, and I think that reaching people
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  Speaker 4: all over the world is really what people want to
• 8:13
  Speaker 4: be able to do. But again, that takes time with
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  Speaker 4: respect to making sure that the regulators are comfortable with it.
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  Speaker 4: But I see that that is the world we're moving to,
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  Speaker 4: and you have to go through step changes to be
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  Speaker 4: able to make that happen.
• 8:23
  Speaker 1: So it's just a matter of time before we see
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  Speaker 1: that kind of really acceptance into more retail use based
• 8:30
  Speaker 1: chains that would kind of move a lot of where
• 8:32
  Speaker 1: this finance market is heading, because this really changes a
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  Speaker 1: lot about how not only institutional works, but maybe even
• 8:39
  Speaker 1: potentially how retail is going to be integrated with institutional
• 8:43
  Speaker 1: very soon, for sure.
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  Speaker 4: I think that the distribution part and not thinking of
• 8:48
  Speaker 4: these funds as different than the traditional funds that exist
• 8:51
  Speaker 4: in databases and thinking about how and who you can
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  Speaker 4: distribute to, I think is the end game here and
• 8:57
  Speaker 4: it makes me really excited. And I think about the
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  Speaker 4: fact that we have eight billion people in the world,
• 9:02
  Speaker 4: and many of those billions do not have access to
• 9:04
  Speaker 4: these types of assets, and they can now get access
• 9:07
  Speaker 4: to those assets when it's tokenized and sort of orderless,
• 9:10
  Speaker 4: particularly on open public networks that you have retail usage,
• 9:13
  Speaker 4: you have institutional usage, you have all of that opportunity,
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  Speaker 4: but you need to focus on distribution, and you need
• 9:18
  Speaker 4: to make it simple, and you need to make it
• 9:20
  Speaker 4: so that the user doesn't have to figure out which
• 9:22
  Speaker 4: chain where the user is just using the best piece
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  Speaker 4: of software that they can get for them to be
• 9:28
  Speaker 4: able to reach the assets that they want.
• 9:30
  Speaker 1: So in this new kind of this new evolution, users
• 9:34
  Speaker 1: are essentially going to want to start moving into other
• 9:37
  Speaker 1: chains that usually involves bridges to get access to platforms.
• 9:42
  Speaker 2: Like Morpho et cetera.
• 9:43
  Speaker 1: How does that play out within what you are building
• 9:46
  Speaker 1: right now along with these partnerships.
• 9:49
  Speaker 4: Well, I think it's important that I don't know that
• 9:51
  Speaker 4: users really care about the chain so much is what
• 9:54
  Speaker 4: you just mentioned, which is the product that's available throughout them.
• 9:57
  Speaker 3: I'd love to say.
• 9:57
  Speaker 4: That everyone wants to build Unstellar and the Stellars amazing
• 10:00
  Speaker 4: from a retail side, but the truth of the matter is.
• 10:02
  Speaker 3: What they care about is ease of use.
• 10:04
  Speaker 4: And so when you think about being on an open
• 10:06
  Speaker 4: public network that anybody can integrate with anywhere in the
• 10:09
  Speaker 4: world anytime, whether that be a platform, a wallet, or
• 10:12
  Speaker 4: the retail side being able to leverage those tools. I
• 10:15
  Speaker 4: think that users are going to care about that. I've
• 10:18
  Speaker 4: always been a big believer.
• 10:19
  Speaker 3: In having it be that you can connect up to
• 10:23
  Speaker 3: all the different chains that exist.
• 10:24
  Speaker 4: I think they'll end up being some top five chains
• 10:27
  Speaker 4: that are going to have different uses on those chains,
• 10:29
  Speaker 4: and that people are going to want to get access
• 10:31
  Speaker 4: to interoperability. I come from the early days of the
• 10:34
  Speaker 4: Web when that was such an important part of how
• 10:36
  Speaker 4: we built web technologies, and I think that this is
• 10:39
  Speaker 4: the Internet of money, and you want to be able
• 10:41
  Speaker 4: to have that interoperability. I think right now what we're
• 10:44
  Speaker 4: seeing is that we do see bridges, but I think
• 10:46
  Speaker 4: from the traditional financial side of things, a lot of
• 10:49
  Speaker 4: the interoperability sits at the entity that's issuing the asset,
• 10:54
  Speaker 4: and so we're going to see that kind of interoperability
• 10:57
  Speaker 4: through those entities first until we get comfortable that these
• 11:00
  Speaker 4: assets can flow through bridges very easily and we don't
• 11:03
  Speaker 4: get worried about whether bridges can be hacked.
• 11:05
  Speaker 1: Okay, So Morpho has continued to grow dramatically in terms
• 11:10
  Speaker 1: of the market, the capacity of being able to get
• 11:13
  Speaker 1: your assets within Morpho that's going to be critical. Is
• 11:16
  Speaker 1: this something that you guys are planning on eventually migrating
• 11:20
  Speaker 1: or building too. What's kind of the future there for
• 11:22
  Speaker 1: that we would like to.
• 11:24
  Speaker 4: Be able to build and to migrate, to make it
• 11:27
  Speaker 4: so that you can get any asset on Stellar and
• 11:29
  Speaker 4: you can take it where you need to get to.
• 11:31
  Speaker 4: So we are constantly looking for these types of partnerships
• 11:33
  Speaker 4: to be able to make it so that not just
• 11:35
  Speaker 4: that Stellar has that opportunity in terms of this text
• 11:38
  Speaker 4: act showing its strength, but it's that every institution and
• 11:41
  Speaker 4: every asset that's building on Stellar can get to the
• 11:43
  Speaker 4: place and the people that they want to get to.
• 11:46
  Speaker 4: So when I think about the future, I think about
• 11:48
  Speaker 4: again interoperability.
• 11:49
  Speaker 2: Is being here. Yeah, how long, Danielle? How long?
• 11:52
  Speaker 1: Because I've listened to so many of these chains tell
• 11:54
  Speaker 1: you it's coming, Paul, it's coming, it's coming, and then
• 11:58
  Speaker 1: it takes here's something to.
• 11:59
  Speaker 3: Say called here's what I need to say.
• 12:01
  Speaker 2: All right.
• 12:01
  Speaker 3: When you think when I was in the.
• 12:03
  Speaker 4: Early days of the web, when we were barely walking,
• 12:06
  Speaker 4: we were crawling at the time, to really figure out
• 12:07
  Speaker 4: how web technologies were going to be used, things happen
• 12:11
  Speaker 4: so quickly, and there's a lot of like this really
• 12:13
  Speaker 4: amazing stuff that comes in, some stuff that doesn't stick.
• 12:16
  Speaker 3: Right.
• 12:16
  Speaker 4: That's what happened in the early days of the web
• 12:18
  Speaker 4: and the boom there. We're in our adolescence in terms
• 12:21
  Speaker 4: of this tech stack and in terms of how it
• 12:23
  Speaker 4: can actually come together. But right now, with regulatory clarity,
• 12:26
  Speaker 4: with institutions seeing the value of it, with retail users
• 12:30
  Speaker 4: being able to access this kind of these kinds of
• 12:32
  Speaker 4: things globally, I say that it's not too far off.
• 12:35
  Speaker 4: I say in the next three to five years, we're
• 12:37
  Speaker 4: going to see that this is just mainstream. It's hard
• 12:40
  Speaker 4: to judge where we are today if you just look
• 12:42
  Speaker 4: at where we came from. I think you all need
• 12:44
  Speaker 4: to look at it as this is going to be
• 12:46
  Speaker 4: like this vertical rise that keeps happening and happening, and
• 12:49
  Speaker 4: sometimes it takes time.
• 12:50
  Speaker 3: But honestly, I'd rather get it right than get it quick.
• 12:53
  Speaker 1: Okay, So timing right now twenty twenty seven is kind
• 12:56
  Speaker 1: of the plan here. Between this partnership with DCCC. You
• 12:59
  Speaker 1: look at some of the other market makers that are
• 13:02
  Speaker 1: out there. I saw schwab is getting ready to open
• 13:04
  Speaker 1: up spot to orias also in twenty twenty seven, I
• 13:08
  Speaker 1: would think that's going to put some demand on these
• 13:12
  Speaker 1: kinds of products where you would have to have that portability,
• 13:15
  Speaker 1: that ability to be able to move into platforms like that.
• 13:18
  Speaker 1: So twenty twenty seven sounds like a very busy year,
• 13:22
  Speaker 1: twenty twenty.
• 13:22
  Speaker 4: Seven, but it actually has to all happen in twenty
• 13:24
  Speaker 4: twenty six because when you think about what is the
• 13:26
  Speaker 4: one thing that we need to get right this year,
• 13:28
  Speaker 4: and that we're already moving in this direction, privacy, institutional privacy,
• 13:33
  Speaker 4: and then ultimately retail privacy has to be something that is.
• 13:36
  Speaker 3: Really simple on chain.
• 13:37
  Speaker 4: We've built that in again at the base layer, so
• 13:40
  Speaker 4: that you can actually configure whatever privacy tools that you
• 13:42
  Speaker 4: want on top of that. But when we get that
• 13:45
  Speaker 4: privacy piece right, institutional privacy, ultimately retail privacy, which I
• 13:49
  Speaker 4: think is going to happen in the next few months.
• 13:51
  Speaker 4: We've already built a lot of this ourselves on Stellar
• 13:53
  Speaker 4: and now people are leveraging.
• 13:54
  Speaker 3: It and making it happen for them.
• 13:56
  Speaker 4: When you get that right, then in twenty twenty seven,
• 13:59
  Speaker 4: I think you can take this to the next level.
• 14:01
  Speaker 4: If you think about what also just happened on Stellar.
• 14:04
  Speaker 4: We had a billion in our WA volume in at
• 14:06
  Speaker 4: the end.
• 14:07
  Speaker 3: Of the year.
• 14:08
  Speaker 4: In the last four months, four and a half months,
• 14:10
  Speaker 4: we've seen two billion get added to that, so we're
• 14:12
  Speaker 4: at three billion in token I star WA's on Stellar.
• 14:15
  Speaker 4: That's the kind of growth that we're seeing in twenty
• 14:17
  Speaker 4: twenty six. So I just look at that, and I
• 14:20
  Speaker 4: think with the partnership with DTCC, with all of these
• 14:22
  Speaker 4: really amazing things that are happening in our space, with
• 14:25
  Speaker 4: institutions coming now which we've been waiting for for a
• 14:28
  Speaker 4: really long time, you're going to see this move very quickly.
• 14:30
  Speaker 1: I'm looking at you mentioned Franklin Templeton. There's the Benji
• 14:34
  Speaker 1: platform right there, their investments and obviously Stellar within this.
• 14:38
  Speaker 2: If you look at.
• 14:39
  Speaker 1: These, you'll see that there has been some growth here,
• 14:42
  Speaker 1: primarily in Ibnji, which is the one that has started
• 14:45
  Speaker 1: to move here. If you look further into this and
• 14:48
  Speaker 1: look at ib that's been primarily driving within ethan B
• 14:52
  Speaker 1: and B. Stellar of course is in the traditional asset
• 14:55
  Speaker 1: right there. Why not Why are we not seeing growth
• 14:58
  Speaker 1: there for Stellar?
• 15:00
  Speaker 3: Oh?
• 15:00
  Speaker 4: I think that we are seeing growth in terms of it,
• 15:02
  Speaker 4: and we're also seeing usage the retail users are the
• 15:04
  Speaker 4: ones that are sitting on Benji, they're on Stellar and
• 15:08
  Speaker 4: the amount that they're doing peer to peer exchanges, because
• 15:11
  Speaker 4: that's what Benji allows now with respect to this asset,
• 15:14
  Speaker 4: and the SEC has allowed them to be able.
• 15:16
  Speaker 3: To do that.
• 15:16
  Speaker 4: And the amount of volume that we're seeing there isn't
• 15:18
  Speaker 4: just volume that's sitting, it's volume that's being used day
• 15:21
  Speaker 4: to day. And I think that's the important indicator. So
• 15:24
  Speaker 4: many times that we just focus on volume and these
• 15:26
  Speaker 4: assets just sit in places and don't do anything that's
• 15:29
  Speaker 4: actually not really showing the utility of the asset and
• 15:31
  Speaker 4: the utility of the networks. That's what I see is
• 15:34
  Speaker 4: happening with Benji right now.
• 15:35
  Speaker 1: What would you say down the road that looks like
• 15:39
  Speaker 1: I'm just looking at the league table here on our
• 15:41
  Speaker 1: Toba's for Franklin Templeton. You've got ethan seller kind of
• 15:46
  Speaker 1: holding the top two positions right here.
• 15:48
  Speaker 2: What does this look like in say, twelve months, I.
• 15:51
  Speaker 3: Think that we're going to see that distribution is the
• 15:53
  Speaker 3: key thing.
• 15:54
  Speaker 4: You can't take an asset and tokenize it and then
• 15:57
  Speaker 4: think that it'll just have its own sort of army
• 15:59
  Speaker 4: behind it to be able to make that distribution happen.
• 16:01
  Speaker 4: You need to treat that asset very similarly to the
• 16:04
  Speaker 4: way that you treated your traditional assets. And so distribution
• 16:07
  Speaker 4: is something that I know Franklin Templeton is very focused
• 16:09
  Speaker 4: on at the moment distribution to SMEs, to institutions, but
• 16:13
  Speaker 4: also to the retail side. And I think that we're
• 16:15
  Speaker 4: going to see a lot of that growth happen the
• 16:17
  Speaker 4: tail end of this year and into next year, because
• 16:19
  Speaker 4: that's their key focus area is getting that distribution. And Frankly,
• 16:22
  Speaker 4: that is a big part of what we need to
• 16:24
  Speaker 4: do is bring those partnerships to the network so you
• 16:26
  Speaker 4: can see that distribution not just in Bengi, but in
• 16:29
  Speaker 4: all of the assets that are tokenized on Stellar, and
• 16:31
  Speaker 4: there are so many, and so I think that that's
• 16:33
  Speaker 4: something that I think that if you build it, they
• 16:35
  Speaker 4: will come as sort of not the thing that works here.
• 16:38
  Speaker 4: You need to build it and then demonstrate that there
• 16:40
  Speaker 4: is the market for it, and I think the market
• 16:42
  Speaker 4: is now really taking life for that and moving forward
• 16:44
  Speaker 4: with it. But tokenizing something is amazing. Getting it into
• 16:48
  Speaker 4: the hands of real users is what.
• 16:49
  Speaker 3: You really want.
• 16:50
  Speaker 1: Yeah, Well, and you speak of distribution, You're talking about
• 16:53
  Speaker 1: this a lot I'm looking at just at USDC right
• 16:56
  Speaker 1: here right now, you can kind of see mostly writing
• 16:58
  Speaker 1: out there on E to a certain extent Stellar, very
• 17:02
  Speaker 1: small amount right now. You could also compare that to
• 17:06
  Speaker 1: PayPal USD kind of in the same thing. Also not
• 17:11
  Speaker 1: large amounts, so distribution access this of course would affect
• 17:16
  Speaker 1: this pretty heavily. What's it going to take to be
• 17:18
  Speaker 1: able to do that?
• 17:19
  Speaker 2: For you, guys? What do you think needs to happen
• 17:22
  Speaker 2: next for more of that?
• 17:23
  Speaker 4: So I think you're also looking at volume charts there.
• 17:26
  Speaker 4: One of the things that's really important is the number
• 17:28
  Speaker 4: of times that USDC changes hands on stellars, far more
• 17:30
  Speaker 4: than on the other chains, and so we really focus
• 17:33
  Speaker 4: on the utility piece of it. We want to get
• 17:35
  Speaker 4: into the hands of the users who are going to
• 17:36
  Speaker 4: use it. We could also put a bunch of our
• 17:38
  Speaker 4: treasury on chain and just hold it there.
• 17:40
  Speaker 3: And make the volume go up. That's not the end
• 17:42
  Speaker 3: game for US.
• 17:43
  Speaker 4: The end game for US is to make sure that
• 17:45
  Speaker 4: you have velocity, that you have usage, and the same
• 17:47
  Speaker 4: is true for PYUSD. You need velocity and you need usage,
• 17:51
  Speaker 4: and that what they find is the market to do
• 17:53
  Speaker 4: that is on Stellar and so We're not trying to
• 17:56
  Speaker 4: prop up these numbers to make it look like there's
• 17:58
  Speaker 4: all this volume that's sitting there, because what we care
• 18:01
  Speaker 4: about is how many people are using this asset, is
• 18:04
  Speaker 4: this asset a strong asset for them?
• 18:06
  Speaker 3: And does it work? And where's the distribution focused on.
• 18:09
  Speaker 4: So again, I think that these numbers sometimes don't tell
• 18:12
  Speaker 4: the full story until you dig into them.
• 18:14
  Speaker 1: You mentioned privacy earlier. Obviously money gram, what's going on
• 18:18
  Speaker 1: within the DTCC, what we'll see beyond this, especially with
• 18:22
  Speaker 1: most of these requiring KYC at some point, I'm assuming
• 18:25
  Speaker 1: they're selecting that KYC does have to occur. If that
• 18:29
  Speaker 1: is the fact, then is privacy kind of a moot point.
• 18:33
  Speaker 2: At that situation. If KYC is being implemented.
• 18:37
  Speaker 4: Well, institutional privacy is never going to be a moot
• 18:39
  Speaker 4: point because these institutions want to be able to protect
• 18:42
  Speaker 4: the value of what they're doing and make it so
• 18:45
  Speaker 4: that they can not have their competitors know everything that's
• 18:47
  Speaker 4: happening from the institutional side. So institutional privacy is the
• 18:51
  Speaker 4: key focus area for twenty twenty six, and you're going
• 18:53
  Speaker 4: to see that just turn up. I think privacy from
• 18:57
  Speaker 4: the retail side, I think is still really important. It's
• 18:59
  Speaker 4: one of the things that I fought for fifteen years
• 19:01
  Speaker 4: on the content side of the web to make sure
• 19:03
  Speaker 4: that privacy was something that users got to make choices.
• 19:06
  Speaker 4: Users had to make decisions about how and when to
• 19:08
  Speaker 4: share their information.
• 19:09
  Speaker 3: We didn't always win it there.
• 19:11
  Speaker 4: It wasn't the right place sometimes to be able to
• 19:14
  Speaker 4: and we probably didn't do the right fights in the end,
• 19:17
  Speaker 4: like we could have made different choices by integrating and
• 19:19
  Speaker 4: working with regulators. What I see now is that institutional
• 19:23
  Speaker 4: privacy will take first step, But then when retail users
• 19:26
  Speaker 4: are using this, they're going to want to see that
• 19:27
  Speaker 4: some of their information is protected too, and so I
• 19:30
  Speaker 4: think that that is the next sort of layer. I
• 19:33
  Speaker 4: think it's important. Privacy is always something that we cannot ignore.
• 19:36
  Speaker 4: We need to put it at the forefront, and that's what
• 19:38
  Speaker 4: we've done.
• 19:39
  Speaker 1: So Okay, so institutions, yes, privacy. We know that that's
• 19:43
  Speaker 1: going to happen if we're going to see institutional adoption.
• 19:45
  Speaker 1: But I think on the retail front, retail is so
• 19:48
  Speaker 1: fed up with banks, and banks have of course put
• 19:52
  Speaker 1: so much KYC on us as well as diving into
• 19:55
  Speaker 1: situations where we get even unbanked. That's something that I
• 19:59
  Speaker 1: think a lot of detail people, and to a certain extent,
• 20:01
  Speaker 1: maybe even business owners that are starting to look at this,
• 20:05
  Speaker 1: they're much more discerning around this.
• 20:07
  Speaker 4: But what you're saying isn't necessarily privacy. It's the movement
• 20:11
  Speaker 4: of value without having to do all of the things
• 20:13
  Speaker 4: that you needed to do from a regular story standpoint
• 20:15
  Speaker 4: with the banks, I am a big believer in assets
• 20:19
  Speaker 4: and assets being open and not having those restrictions. That's
• 20:23
  Speaker 4: not what we're going to see when you have sec
• 20:25
  Speaker 4: improved assets. They're going to need to have some kind
• 20:27
  Speaker 4: of KYC probably at the outset, but that is something
• 20:31
  Speaker 4: that the asset.
• 20:33
  Speaker 3: Issuers need to be able to address themselves.
• 20:35
  Speaker 4: I think of privacy as something that's different from KYC
• 20:38
  Speaker 4: because the KYC requirement is a regulatory requirement to be
• 20:41
  Speaker 4: able to make sure that there's not the AML requirements
• 20:44
  Speaker 4: are met and you're not doing money laundering or fraud
• 20:46
  Speaker 4: or any of those things are happening. But what privacy
• 20:49
  Speaker 4: is about, from my standpoint, is that if you are
• 20:52
  Speaker 4: receiving your weekly, your monthly paycheck into your account, you
• 20:57
  Speaker 4: don't necessarily want someone to know that that count Number
• 21:00
  Speaker 4: one two, three, four, five is yours. So that is
• 21:03
  Speaker 4: the privacy from a retail side that I'm focused on.
• 21:06
  Speaker 3: It's not the movement of the value.
• 21:07
  Speaker 4: I'm one hundred percent in alignment with you and with
• 21:10
  Speaker 4: lots of people out there in the world, because, as
• 21:12
  Speaker 4: I mentioned, we have eight billion people in the world,
• 21:14
  Speaker 4: and not all of those people have access to all
• 21:16
  Speaker 4: of these tools that sometimes in the West we take
• 21:18
  Speaker 4: for granted. And I am a big supporter of being
• 21:21
  Speaker 4: able to move this value simply and easily and not
• 21:25
  Speaker 4: having those same requirements that the institutional side has to have.
• 21:28
  Speaker 1: From times, Yeah, well, I think the argument that a
• 21:31
  Speaker 1: lot of business owners and even hind now with individuals
• 21:33
  Speaker 1: would say is, hey, listen, we've had the cash system,
• 21:35
  Speaker 1: which is completely permissionless forever. We have been using privacy,
• 21:41
  Speaker 1: and all of a sudden, we're moving into the blockchain era,
• 21:43
  Speaker 1: and now what we thought was private is now being
• 21:47
  Speaker 1: essentially circumvented because of these KYC rules that have been
• 21:52
  Speaker 1: implemented mostly on the institutional and the banking side, which
• 21:55
  Speaker 1: is now challenging the retail side, which is the whole point.
• 21:58
  Speaker 1: If I want to pay somebody one hundred dollars to
• 22:00
  Speaker 1: do a job on the weekend. I can do that
• 22:02
  Speaker 1: with full privacy. But if I go into a permissioned,
• 22:07
  Speaker 1: a true permissioned ecosystem on crypto, that disappears.
• 22:10
  Speaker 2: Are you at all worried about that?
• 22:12
  Speaker 4: Oh?
• 22:13
  Speaker 3: I'm a big proponent, as I said, of the movement
• 22:15
  Speaker 3: of value. I don't want to go into a permission system.
• 22:17
  Speaker 4: Which is why I'm sitting here at the forefront of
• 22:19
  Speaker 4: an open public network really pushing that openness, because.
• 22:23
  Speaker 3: I think, not only do the requirements.
• 22:25
  Speaker 4: Again, I don't necessarily believe that it's privacy as much
• 22:28
  Speaker 4: as it is the ability to be anonymous sometimes, which
• 22:32
  Speaker 4: is not necessarily the privacy focused piece, and it's not
• 22:34
  Speaker 4: necessarily the KYC piece, But it's the ability to be
• 22:37
  Speaker 4: able to do these things with the value that you have.
• 22:39
  Speaker 3: I am a big believer of that, and this.
• 22:41
  Speaker 4: Is something that I fought for a really long time
• 22:43
  Speaker 4: on the content side of the web to be able
• 22:45
  Speaker 4: to protect and maintain. But there are going to be
• 22:47
  Speaker 4: those instances where, again when you're off ramping, that you're
• 22:50
  Speaker 4: going to.
• 22:50
  Speaker 3: Need to be able to do that.
• 22:51
  Speaker 4: But the movement of value on a day to day
• 22:53
  Speaker 4: basis is something that you should be able to do.
• 22:55
  Speaker 4: I like open, permissionless assets that can move around the world.
• 23:00
  Speaker 3: I don't want us to go into walled gardens.
• 23:02
  Speaker 4: That's what happened on the content side of the web,
• 23:04
  Speaker 4: and we all know that there are five entities that
• 23:07
  Speaker 4: owned most of the stuff on the content side. It
• 23:09
  Speaker 4: created lots of barriers. We don't want those barriers. We
• 23:11
  Speaker 4: want the ease of movement of these assets.
• 23:14
  Speaker 2: Where do you stand on Clarity right now, Daniell?
• 23:16
  Speaker 3: So, here's where I say this. Clarity has been through
• 23:20
  Speaker 3: so many iterations.
• 23:21
  Speaker 4: We've been working very closely with the policymakers on this
• 23:25
  Speaker 4: for years. I think I testified before the Senate Agricultural
• 23:30
  Speaker 4: Committee like four years ago or three years ago on
• 23:33
  Speaker 4: the first iteration of Clarity. I think what Clarity does
• 23:36
  Speaker 4: for this ecosystem is what Genius did for stable coins.
• 23:40
  Speaker 4: It just brings regulatory optimism to our ecosystem and allows
• 23:45
  Speaker 4: people to feel more comfortable issuing assets doing different things,
• 23:48
  Speaker 4: being integrating this tech stack.
• 23:51
  Speaker 3: I love that. In terms of so I would love
• 23:54
  Speaker 3: to see Clarity pass.
• 23:55
  Speaker 4: There are obviously things in Clarity that I would love
• 23:57
  Speaker 4: to be able to change and to make the way
• 24:00
  Speaker 4: that I perfectly want to see them. But I am
• 24:02
  Speaker 4: not a believer in letting the perfect be the enemy
• 24:04
  Speaker 4: of the good, and I think that this is good. Now,
• 24:07
  Speaker 4: what I'll tell you is I'm not convinced it's going
• 24:09
  Speaker 4: to happen in the timeframe that it should.
• 24:10
  Speaker 2: Okay, nice, there you go.
• 24:13
  Speaker 1: So let's assume it doesn't happen we go into the midterms.
• 24:17
  Speaker 1: It's likely, with all the macro environment involved right now,
• 24:21
  Speaker 1: the Republicans lose the Senate. So now we have essentially
• 24:25
  Speaker 1: a compromised government of nobody making decisions and we're in
• 24:29
  Speaker 1: a position now where we still need this to go through.
• 24:31
  Speaker 1: Do you think the Democrats can pull it through?
• 24:34
  Speaker 4: I'm just going to say that when I worry that
• 24:36
  Speaker 4: happens in an administration, when we have don't have clarity
• 24:40
  Speaker 4: through and we have a flipped house, I get worried
• 24:45
  Speaker 4: about investigations that happen and all of those things sort
• 24:48
  Speaker 4: of take over instead of really focusing on getting some
• 24:52
  Speaker 4: real regulatory clarity out there. And that's what makes me nervous,
• 24:54
  Speaker 4: which is why i'd like to see it go through
• 24:56
  Speaker 4: before July.
• 24:58
  Speaker 1: Okay, a couple questions before we end up here, purpose
• 25:01
  Speaker 1: and prediction markets, When would we see something like that
• 25:04
  Speaker 1: on the Stellar blockchain.
• 25:06
  Speaker 3: There are entities that are starting already.
• 25:08
  Speaker 4: We have what's called the Stellar Community Fund, and we
• 25:10
  Speaker 4: have some of the community decides that they want to
• 25:13
  Speaker 4: fund these things, and we see perps coming into that,
• 25:15
  Speaker 4: we see prediction markets coming into that. I say probably
• 25:18
  Speaker 4: by the end of the year, you'll see something like
• 25:20
  Speaker 4: that on Stellar. We already see small ones, but I
• 25:22
  Speaker 4: think once a real value you'll be able to see.
• 25:24
  Speaker 4: I think it's again, it's one of those things that
• 25:26
  Speaker 4: while it doesn't get to the traditional financial infrastructure, it's
• 25:29
  Speaker 4: important to be able to have these tools sort of
• 25:31
  Speaker 4: available for everybody.
• 25:32
  Speaker 2: Listen.
• 25:33
  Speaker 1: The other area that I track a lot is payments,
• 25:36
  Speaker 1: and one of the areas I'm very passionate about is
• 25:40
  Speaker 1: retail payments. And there's a few companies out there that
• 25:43
  Speaker 1: kind of control the retail sector. One of them is
• 25:46
  Speaker 1: a company called Toast, and I was scaring through some
• 25:49
  Speaker 1: of their stuff here, and they're going into a potential here.
• 25:54
  Speaker 1: Imagine a Toast branded stable point. If you guys don't
• 25:57
  Speaker 1: know what Toast is, it's a publicly traded point of
• 25:59
  Speaker 1: sale company that pretty much runs all of retail services.
• 26:04
  Speaker 1: When you look at hotels, restaurants.
• 26:05
  Speaker 2: Et cetera.
• 26:07
  Speaker 1: What about a TOAST partnership with Teller. I mean this
• 26:10
  Speaker 1: would be the perfect angle for you guys. Is retail payments, Yeah, I.
• 26:15
  Speaker 3: Mean it's TOAST, And then there are several others, like
• 26:17
  Speaker 3: we already.
• 26:18
  Speaker 4: Have partnerships with Strength, which works on the other side,
• 26:20
  Speaker 4: from the merchant's side, and so these are all things
• 26:22
  Speaker 4: that I.
• 26:22
  Speaker 2: Think that's more co commerce.
• 26:24
  Speaker 4: Yes, yeah, yes, commers ultimately getting to payments on the edge.
• 26:28
  Speaker 4: But I think that TOAST partnerships would be amazing, And
• 26:32
  Speaker 4: there are others that we've already are pursuing that I
• 26:34
  Speaker 4: think would be really valuable to Stellar. Payments and asset
• 26:36
  Speaker 4: issuance is where Stellar started, and it's the backbone, I
• 26:40
  Speaker 4: think of the movement of value, but also the backbone
• 26:42
  Speaker 4: of where the world all these eight billion people in
• 26:44
  Speaker 4: the world want and need to be able to have simplicity,
• 26:47
  Speaker 4: and so those partnerships are really important to us.
• 26:50
  Speaker 1: Dinial, Do you think we'll get to a point where
• 26:52
  Speaker 1: retail because this is a kind of a pet peeve
• 26:54
  Speaker 1: of mind, where retail merchants can utilize blockchain technologies and
• 26:59
  Speaker 1: avoid these merchant fees that are coming in from places
• 27:03
  Speaker 1: like Visa, MasterCard, etc. I mean, because it costs nothing
• 27:06
  Speaker 1: to move this stuff right now, I don't have. I've got,
• 27:09
  Speaker 1: you know, basically immediate settlement rather than T plus one.
• 27:12
  Speaker 2: Two or three.
• 27:13
  Speaker 1: In some cases, these are large fees that are paid
• 27:16
  Speaker 1: out to a lot of retailers, which usually translate in
• 27:19
  Speaker 1: prices back to a consumer.
• 27:21
  Speaker 2: Do you think that's a future or not?
• 27:23
  Speaker 4: Oh? Absolutely, I think it's a future. From your lips
• 27:25
  Speaker 4: to the universe's ears. We need to make this happen.
• 27:28
  Speaker 4: I think we're already seeing. We just Bermuda is issuing
• 27:31
  Speaker 4: it's a US dollar on in Stellar for it to
• 27:34
  Speaker 4: be able to do exactly.
• 27:36
  Speaker 3: That with the merchants, so the merchants can actually.
• 27:38
  Speaker 4: Just take the stable asset, settle with the stable asset,
• 27:41
  Speaker 4: and never have to actually convert into local currency.
• 27:43
  Speaker 3: And it actually says so much for the end consumer.
• 27:46
  Speaker 3: I mean, that's the goal of it, and I see
• 27:48
  Speaker 3: this happening.
• 27:49
  Speaker 4: It'll probably start, quite honestly, Paul, in smaller regions, because
• 27:53
  Speaker 4: there's not the pressure that you have from these large
• 27:55
  Speaker 4: institutions in those smaller countries to be able to make
• 27:58
  Speaker 4: this happen. But we're here for it, and we're pushing
• 28:00
  Speaker 4: it as much as we can. That is the end
• 28:03
  Speaker 4: state dream for me. I didn't get into this space
• 28:05
  Speaker 4: because I wanted to be focused on like the crypto assets.
• 28:09
  Speaker 4: I wanted to get into this space because I wanted
• 28:11
  Speaker 4: to take financial services and make it available to everyone,
• 28:15
  Speaker 4: and to reduce fees, to reduce cross border payments, to
• 28:18
  Speaker 4: reduce all of those things so that we could actually
• 28:20
  Speaker 4: make the world a much more borderless.
• 28:22
  Speaker 3: And friendly place.
• 28:23
  Speaker 2: Yeah.
• 28:24
  Speaker 3: So that those are the.
• 28:25
  Speaker 4: Exact kinds of things that I focus on on a
• 28:27
  Speaker 4: daily basis, And I think, so.
• 28:28
  Speaker 2: Do you do you think we're going to see? Okay?
• 28:30
  Speaker 1: Because one of the things I think that holds back
• 28:32
  Speaker 1: a lot of consumers from using crypto because I talk
• 28:35
  Speaker 1: to people all the time and say, hey, just let
• 28:37
  Speaker 1: me send USDC to you right now. You know, it's
• 28:39
  Speaker 1: that simple, it'd be right there in your wallet. You know,
• 28:42
  Speaker 1: they're very sensitive to it because they think it's too complicated. Okay,
• 28:46
  Speaker 1: it's not like Venmo or zell or even PayPal. Yet,
• 28:51
  Speaker 1: how long before we get to that level of consumer
• 28:55
  Speaker 1: confidence where crypto would be looked at to something like
• 28:59
  Speaker 1: a zel payment coming across even those Zell's pretty much
• 29:01
  Speaker 1: run by the banks. But the point is, you know
• 29:04
  Speaker 1: something that doesn't involve complexity.
• 29:06
  Speaker 3: I don't think it's very far off. You know, when
• 29:08
  Speaker 3: I started in this space so seven years ago.
• 29:10
  Speaker 4: We actually didn't have the UX designers and the builders
• 29:14
  Speaker 4: to think about it from the standpoint of ease of use.
• 29:16
  Speaker 3: It used to be very complicated.
• 29:18
  Speaker 4: When I think about where we came from seven years
• 29:20
  Speaker 4: ago to where we are today, it's dramatic difference. We
• 29:24
  Speaker 4: have those UX designers, those people that care about the
• 29:27
  Speaker 4: product for the product's sake, and I don't want you
• 29:29
  Speaker 4: to ever have to say I'm sending you USDC. I
• 29:33
  Speaker 4: want you just to say I'm going to send you
• 29:34
  Speaker 4: some money, and then it's just going to be ease
• 29:36
  Speaker 4: of use.
• 29:37
  Speaker 3: So for me, that tech stack, as much as I
• 29:39
  Speaker 3: love the tech stack and I love.
• 29:40
  Speaker 4: The technology and how that has the impacts that it
• 29:43
  Speaker 4: can make, we shouldn't ever have to talk about it.
• 29:46
  Speaker 4: I think all the time about back in the days
• 29:47
  Speaker 4: when I was at Mozilla and really focusing on bringing
• 29:51
  Speaker 4: HTTPS to the browser into the web. It wasn't something
• 29:55
  Speaker 4: that the retail side had to understand. I wanted them
• 29:58
  Speaker 4: just to be compusing it. And that is the world
• 30:01
  Speaker 4: that I want to get to here. That is my
• 30:03
  Speaker 4: dream and the aim that we have at Stellar, and
• 30:05
  Speaker 4: certainly that I think most folks in Blockchaine.
• 30:07
  Speaker 1: You Yeah, good to know Danelle Dixon. Thanks so much
• 30:11
  Speaker 1: for coming in today. We appreciate your time, such a pleasure.
• 30:14
  Speaker 3: Thank you.
• 30:21
  Speaker 1: If you like this video, like and subscribe, drop a
• 30:23
  Speaker 1: comment down below, and also join our free private member group.
• 30:27
  Speaker 2: The link is in the description