Latest / The Paul Barron Crypto Show / Bullish Crypto Catalysts Odds🚀 w/ Mathew Sigel VanEck

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Bullish Crypto Catalysts Odds🚀 w/ Mathew Sigel VanEck · The Paul Barron Crypto Show

• 0:01
  Speaker 1: Several things happening in the crypto market today, so we
• 0:08
  Speaker 1: thought we'd get a good guest in here to give
• 0:10
  Speaker 1: us some bullish odds on the catalyst that could drive
• 0:13
  Speaker 1: the market. My name is Paul Barren. Welcome back in
• 0:15
  Speaker 1: the tech path. It's going to be a fun one today.
• 0:17
  Speaker 1: I do want to thank our sponsor and that is Tangum.
• 0:19
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• 0:21
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• 0:23
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• 0:30
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• 0:33
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• 0:36
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• 0:41
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• 0:43
  Speaker 1: I want to introduce and bring into the show mister
• 0:45
  Speaker 1: Matthew siegl who's coming in from Van k He's been
• 0:48
  Speaker 1: on the show many time. He's head of digital assets
• 0:50
  Speaker 1: and research over there. Great to have you back, hey, Paul, Listen,
• 0:55
  Speaker 1: we got a lot to look at. One thing I
• 0:57
  Speaker 1: want to kind of jump on is the market volatility
• 1:00
  Speaker 1: that's been happening over the last couple of days, one
• 1:03
  Speaker 1: of which was the thirty year treasury yield jumped above
• 1:06
  Speaker 1: five percent after Moody's downgrades. Any opinion on these downgrades
• 1:10
  Speaker 1: that this is really a big deal or not to
• 1:13
  Speaker 1: the markets.
• 1:16
  Speaker 2: I think it's a big deal. I pointed this out
• 1:19
  Speaker 2: this likelihood out after the election. Moody's was telegraphing that
• 1:23
  Speaker 2: they were looking at certain numbers sizes of budget deficits
• 1:27
  Speaker 2: and signaling that a downgrade was coming. I think it's
• 1:31
  Speaker 2: going to reinforce in the minds of especially non Americans,
• 1:35
  Speaker 2: that US treasuries are probably overweighted in industry benchmarks. And
• 1:41
  Speaker 2: we can see from the bitcoin price action that most
• 1:44
  Speaker 2: of the upside, or at least a lot of the upside,
• 1:46
  Speaker 2: is coming during the Asian trace. So combination of kind
• 1:51
  Speaker 2: of anecdotal and hard data tells us that the de
• 1:55
  Speaker 2: dollarization theme is underway, possibly accelerating, and I think this
• 2:00
  Speaker 2: Mood's downgrade is going to punctuate that. And you can
• 2:04
  Speaker 2: also see from the tax bill and some of the
• 2:06
  Speaker 2: moves in Washington that the optimism around big cuts to
• 2:11
  Speaker 2: the US deficit were probably overstated. Uh, and you know,
• 2:16
  Speaker 2: in our view, the money printing will continue.
• 2:20
  Speaker 3: Yeah.
• 2:20
  Speaker 1: I think that's the kind of the the crux of
• 2:22
  Speaker 1: where people are looking at the markets position right now.
• 2:25
  Speaker 1: If you look at the Trump tax bill and you
• 2:28
  Speaker 1: look at all the variables that are being played out
• 2:30
  Speaker 1: right now in Capitol Hill. You know, Matthew, what is
• 2:34
  Speaker 1: your opinion. Do you feel like this is going to
• 2:35
  Speaker 1: make it through?
• 2:38
  Speaker 2: I definitely think that some tax legislation is going to
• 2:42
  Speaker 2: make it through. Okay, you know the devil. The devil
• 2:44
  Speaker 2: will be in the details. And like I said, I
• 2:47
  Speaker 2: think that the deficit cuts are going to be dinged
• 2:50
  Speaker 2: to deficit hawks and that should be positive for you know,
• 2:55
  Speaker 2: not only economic growth, which passing a tax cut bill
• 2:58
  Speaker 2: should produce, but it's also going to kind of bake
• 3:03
  Speaker 2: into the cake these structural deficits.
• 3:07
  Speaker 1: Which is going to be a big factor. I think
• 3:09
  Speaker 1: obviously Trump's white else is trying to address. I want
• 3:12
  Speaker 1: to go to a clip real quick. This is Trump's
• 3:14
  Speaker 1: versus Congress really kind of looking at the framework of
• 3:17
  Speaker 1: his power control of what's happening in DC. Take a look.
• 3:22
  Speaker 4: There have only been five get it, five laws actually
• 3:25
  Speaker 4: passed by this Congress and then signed into law by
• 3:29
  Speaker 4: the president. Congressman has been historically unproductive. Donald Trump has
• 3:33
  Speaker 4: been historically productive. So Trump executive orders at this point.
• 3:36
  Speaker 4: Look at the number now, Holy Toledo, one hundred and
• 3:40
  Speaker 4: fifty two. That is the most on record for any
• 3:43
  Speaker 4: president at this point in a presidency. Who Republicans trust
• 3:47
  Speaker 4: more if these groups disagree on an issue, Donald Trump
• 3:49
  Speaker 4: or the GOP leaders in Congress. Just twenty two percent,
• 3:52
  Speaker 4: say the GOP leaders in Congress. And that is why
• 3:55
  Speaker 4: Donald Trump is going to be pushing these Republicans very
• 3:57
  Speaker 4: hard nord to get this budget passed.
• 4:01
  Speaker 1: All right, So you can see, first of all, Congressman
• 4:04
  Speaker 1: a little bit lazy on just getting bills through. So
• 4:06
  Speaker 1: that's kind of showcasing a little bit of a stagnant,
• 4:09
  Speaker 1: especially when you kind of own the position right now
• 4:12
  Speaker 1: in terms of lawmaking. So that in itself, I think
• 4:15
  Speaker 1: will lead back to your point of some sort of
• 4:17
  Speaker 1: tax legislation that definitely comes through. The other thing I
• 4:20
  Speaker 1: wanted to hit on was, of course, the stable coin bill. Today,
• 4:23
  Speaker 1: there's going to be a little bit of a cloture vote.
• 4:25
  Speaker 1: This is happening again. On the Genius Act, there's been
• 4:28
  Speaker 1: a little bit of changes within it that are kind
• 4:31
  Speaker 1: of unique. One thing that I wanted to showcase to
• 4:34
  Speaker 1: you and get your opinion on this, and this was
• 4:37
  Speaker 1: really built around the financial ambitions of companies like Meta, Google, Amazon,
• 4:42
  Speaker 1: where they have said, Okay, we're going to go ahead
• 4:45
  Speaker 1: and maybe do this. But anybody that's not a financial
• 4:48
  Speaker 1: related company would not be able to launch a stable coin.
• 4:52
  Speaker 1: So what are your thoughts on that. Do you think
• 4:53
  Speaker 1: that's a no go or is it going to happen?
• 4:57
  Speaker 2: Yeah, So on the first comment around a lack of legislation,
• 5:03
  Speaker 2: I don't believe that narrative. If you look at most
• 5:08
  Speaker 2: new administrations, if there's a crisis at the time, then yes,
• 5:11
  Speaker 2: Congress generally passes the law pretty quickly. But if there's not,
• 5:15
  Speaker 2: then things go a little slower. You know, ninety nine
• 5:18
  Speaker 2: percent of bills don't pass. I'm sympathetic to the approach
• 5:23
  Speaker 2: of don't just do something. Sit there. Sometimes doing nothing
• 5:27
  Speaker 2: is the right cause of action. And then all these
• 5:29
  Speaker 2: executive orders, I mean, we'll see how many of them
• 5:31
  Speaker 2: hold up when the courts are done with them. So
• 5:34
  Speaker 2: and then on the stable coin, bill. I think it
• 5:39
  Speaker 2: kind of defeats the purpose to say that only financial
• 5:42
  Speaker 2: institutions can issue stable coins. You know, we're trying to
• 5:45
  Speaker 2: democratize money here, and the administration clearly going to be
• 5:50
  Speaker 2: at odds with that perspective. So I think that the
• 5:55
  Speaker 2: compromise will be worked out around aml KYC penalties for offenders,
• 6:03
  Speaker 2: and perhaps a bit of a tweak around what states
• 6:07
  Speaker 2: can do without federal approval. So that's really where the
• 6:12
  Speaker 2: debate was in the last administration, was that the Biden
• 6:14
  Speaker 2: administration really wanted every stable coin issue to be federally regulated.
• 6:19
  Speaker 2: In Genius and stable bills, there's a bit of a
• 6:22
  Speaker 2: path for state chartered banks or just companies that don't
• 6:28
  Speaker 2: want to be federally regulated to achieve some thresholds and
• 6:33
  Speaker 2: keep it at the state level. That's still causing a
• 6:35
  Speaker 2: bit of tension in Washington. That may be another area
• 6:38
  Speaker 2: where those criteria are tightened a bit.
• 6:41
  Speaker 1: Matthew, what is your probability of getting a stable coin
• 6:44
  Speaker 1: bill passed if this week? Specifically?
• 6:50
  Speaker 2: I mean, I don't know about a final final presidential
• 6:55
  Speaker 2: signature this week, but I think that before the August
• 7:00
  Speaker 2: sas odds of stable coinbo are probably you know, sixty
• 7:04
  Speaker 2: to seventy percent.
• 7:06
  Speaker 1: Okay, pretty high. That's good. You look at what's happening
• 7:10
  Speaker 1: with the SEC. Here's another factor. Here's Paul Adkins on
• 7:13
  Speaker 1: his first kind of statement here, and he gets into
• 7:16
  Speaker 1: a couple of areas that are very important, obviously crypto innovation.
• 7:21
  Speaker 1: But I want to go down here even beyond fin
• 7:23
  Speaker 1: Hubby's talking about getting rid of that, but investing in
• 7:26
  Speaker 1: private funds. Here we go, and this is getting into
• 7:29
  Speaker 1: essentially anybody to be able to go in without a
• 7:33
  Speaker 1: credit in investing. Do you think this is going to
• 7:35
  Speaker 1: change investing strategy overall? How much of an impact do
• 7:39
  Speaker 1: you think this will be on the markets in terms
• 7:42
  Speaker 1: of funds and being able to people to be able
• 7:45
  Speaker 1: to raise capital.
• 7:48
  Speaker 2: I don't think it'll be too much of a change.
• 7:51
  Speaker 2: I think that under again, under the last administration, there
• 7:54
  Speaker 2: were some pretty heavy handed proposals from Senator Warren and
• 7:59
  Speaker 2: others around the regulation of private funds, and a lot
• 8:03
  Speaker 2: of it didn't get done right, Like Senator Warren wants
• 8:07
  Speaker 2: even just private firms to have to disclose their financials
• 8:11
  Speaker 2: to the SEC. So I think some of this was
• 8:14
  Speaker 2: more preemptive in nature. But if you just contrast what
• 8:18
  Speaker 2: Europe has done. You Now, in order to sell a
• 8:20
  Speaker 2: private you have to register in every country that you
• 8:23
  Speaker 2: want to do business. That was that's been a new
• 8:26
  Speaker 2: regulation over the last couple of years that has slowed
• 8:28
  Speaker 2: down capital formation. So I think just keeping those distinctions
• 8:34
  Speaker 2: between US and Europe is I don't think major reforms
• 8:37
  Speaker 2: are in the cards on private funds.
• 8:40
  Speaker 1: Other things he brought into address here, and he mentioned
• 8:44
  Speaker 1: this topic right here significantly around the scrutiny of the CAT,
• 8:49
  Speaker 1: which is the Consolidated Audit Trail, And this gets into
• 8:53
  Speaker 1: things now where he's instructed the staff to undertake a
• 8:56
  Speaker 1: whole review of the CAT into examining the cost of
• 8:59
  Speaker 1: the system, which apparently I didn't realize cost us a
• 9:02
  Speaker 1: lot of money to do these consolidate audits. Is that
• 9:06
  Speaker 1: a big deal in what the SEC's position has been
• 9:10
  Speaker 1: previously versus what it would be without this.
• 9:16
  Speaker 2: Just I would step back and say that this administration
• 9:20
  Speaker 2: to focus on deregulation, on making it easier for financial
• 9:26
  Speaker 2: institutions and intermediaries to raise capital, and much of that
• 9:33
  Speaker 2: will be incremental. There's not at least in the proposed
• 9:38
  Speaker 2: reforms that you've described. I don't think there's a big bang,
• 9:41
  Speaker 2: but I think that it is pro business and we're
• 9:44
  Speaker 2: going to see lots of little things like that over
• 9:46
  Speaker 2: the next now three and a half years.
• 9:50
  Speaker 1: That could be good for crypto in general. Of course,
• 9:52
  Speaker 1: another thing that's good for crypto is you guys launching
• 9:54
  Speaker 1: your node atf' now available And I'm looking at the
• 9:59
  Speaker 1: list here, Matthew, this is a good lineup. You've got
• 10:01
  Speaker 1: coinbas of course, robinhood in there along with many others.
• 10:05
  Speaker 1: Tell me a little bit about what you guys think
• 10:07
  Speaker 1: this is going to do in terms of market penetration
• 10:11
  Speaker 1: for investors trying to make it into what's happening in
• 10:14
  Speaker 1: the crypto market without maybe being directly exposed to tokens.
• 10:19
  Speaker 2: Yeah, so Savanak on Chain Economy ETF tickers node. It's
• 10:25
  Speaker 2: our first actively managed ETF in the space. And the
• 10:29
  Speaker 2: investment philosophy was born out of many conversations with investors,
• 10:35
  Speaker 2: especially advisors and on the institutional side, who want exposure
• 10:40
  Speaker 2: to crypto via equities but are just too spooked by
• 10:45
  Speaker 2: the portfolios full of pure play miners and exchanges where
• 10:49
  Speaker 2: they're heated blow ups and bankruptcies. So the issue that
• 10:54
  Speaker 2: we're trying to solve with this fund is managing some
• 10:57
  Speaker 2: of that downside volatility without losing exposure to the underlying
• 11:03
  Speaker 2: growth drivers. So when you look at the pure plays,
• 11:05
  Speaker 2: the miners, the exchanges, those stocks trade at an average
• 11:09
  Speaker 2: of two to three times the volatility of bitcoin because
• 11:13
  Speaker 2: they have leverage, small market cap, idiosyncratic business models. If
• 11:17
  Speaker 2: you just add bitcoin to a portfolio of PiZZ the
• 11:22
  Speaker 2: historical data shows that the of the portfolio goes down
• 11:25
  Speaker 2: and the returns are improved. So in this fund we'll
• 11:29
  Speaker 2: be able to own crypto ETFs up to a twenty
• 11:31
  Speaker 2: five percent weight. You'll see that initial allocation to the
• 11:36
  Speaker 2: Vanac Bitcoin ETF at about twelve percent. And then to
• 11:40
  Speaker 2: complement that core position of bitcoin plus miners plus exchanges,
• 11:45
  Speaker 2: we have at the moment around fifty percent of the
• 11:47
  Speaker 2: portfolio in what I would call a ballast, so lower
• 11:53
  Speaker 2: volatility sectors like e commerce, energy, infrastructure, utilities, a lot
• 11:59
  Speaker 2: of these names pay dividends, they're less volatile. We're using
• 12:03
  Speaker 2: them as risk managing building blocks, and then in times
• 12:07
  Speaker 2: of severe stress or delocation, we can jettison that ballast
• 12:12
  Speaker 2: to take on more risk. In the middle of a washout,
• 12:15
  Speaker 2: and what I think about this portfolio construction. A lot
• 12:19
  Speaker 2: of these low names, some of the utilities they benefit
• 12:22
  Speaker 2: from some of the same structural tailwinds that are supporting
• 12:26
  Speaker 2: bitcoin adoption, the pro growth policies that we spoke about,
• 12:29
  Speaker 2: more abundant energy. And when you combine these exposures, the
• 12:33
  Speaker 2: high ball miners, the low volume utilities, it creates what
• 12:37
  Speaker 2: we think is an appealing balance of offense and defense.
• 12:41
  Speaker 2: So this fund's going to try and own stocks across
• 12:43
  Speaker 2: all eleven gig sectors. We're taking a wide approach to
• 12:47
  Speaker 2: this universe. Any company that's mentioning bitcoin career sec filings
• 12:52
  Speaker 2: or conference calls is eligible. And hopefully this will appeal
• 12:56
  Speaker 2: to investors who kind of see the bitcoin opportunity but
• 13:00
  Speaker 2: want a more diversified, lower volatility fund to capture that growth.
• 13:06
  Speaker 1: Man, there is a whole lineage of great companies in here.
• 13:11
  Speaker 1: I'm kind of curious. I'm looking at the top of
• 13:13
  Speaker 1: the food chain here. We'll look at obviously micro Strategy
• 13:17
  Speaker 1: in there. Then you have Robinhood and coinbase, both almost
• 13:21
  Speaker 1: i would say similarly weighted in terms of percent of
• 13:23
  Speaker 1: net assets, but you look at exchanges like them, and
• 13:27
  Speaker 1: then the strategy that Michael Saylor is doing with micro strategy.
• 13:31
  Speaker 1: Do you feel like there's any risk with micro strategy
• 13:34
  Speaker 1: even with you guys waiting Bitcoin at the top of
• 13:38
  Speaker 1: this ETF at all, Because I'm kind of looking at
• 13:40
  Speaker 1: that it's like, why own both? Why not just own
• 13:43
  Speaker 1: that percentage of weighted bitcoin and then get into some
• 13:46
  Speaker 1: of these other ecosystem plays.
• 13:49
  Speaker 2: Yeah, well, we have to be we have to capture
• 13:54
  Speaker 2: some of the upside as well, and I think that
• 13:57
  Speaker 2: if bitcoin performs as we expect, then there will be
• 14:01
  Speaker 2: a handful of these balance sheet treasury names that grow
• 14:07
  Speaker 2: quite a bit. So in our exposure, we've got some
• 14:11
  Speaker 2: of the common stock, but then we also have some
• 14:13
  Speaker 2: of the preferred securities, which pay pretty high dividends and
• 14:17
  Speaker 2: should be a bit more resilient in the down march.
• 14:21
  Speaker 2: So that type of position could be a source of
• 14:25
  Speaker 2: cash and a downdraft to add more leverage names. So
• 14:29
  Speaker 2: we want to try and keep up on the upside
• 14:31
  Speaker 2: and then provide a bit more buffer on the downside.
• 14:36
  Speaker 1: Okay, all right, well then that would make sense there.
• 14:39
  Speaker 1: I think with that again, there's a lot of companies,
• 14:42
  Speaker 1: and they're even ones that aren't directly correlated to blockchain technology.
• 14:46
  Speaker 1: I saw tasselin there. Obviously, I'm assuming because they're holding
• 14:49
  Speaker 1: some bitcoin as well as someone like a hut eight,
• 14:52
  Speaker 1: who is a minor obviously but has diversified their business
• 14:56
  Speaker 1: quite a bit as well. But I want to focus
• 14:58
  Speaker 1: in on Robinhood for a second because Robinhood has continued
• 15:02
  Speaker 1: to make some very interesting moves. This is actually the
• 15:06
  Speaker 1: CEO of Arbitram talking about something that I think will
• 15:10
  Speaker 1: be interesting to the future of Robinhood. Take a look, how.
• 15:14
  Speaker 3: Do you manage to get guys like Jeff or Vled
• 15:16
  Speaker 3: from Robinhood to build on Arbitraum. Robin Hood is a
• 15:20
  Speaker 3: you know, a partner where you can trade any asset
• 15:23
  Speaker 3: you know on Arbitram dexast today, any assets list in
• 15:25
  Speaker 3: an Arbitram on the robin Hood crypto app today. And
• 15:28
  Speaker 3: you know, we liked our team a lot. And I
• 15:30
  Speaker 3: think the answer is they appreciate the technology, they appreciate
• 15:33
  Speaker 3: the road map, and we also give really you know,
• 15:35
  Speaker 3: good support and developer support to teams. But really it's
• 15:37
  Speaker 3: about the ecosystem, where the ecoism is, where the opportunities are.
• 15:40
  Speaker 3: Hyper Liquid built their product adjacent to Arbitram sourcing all
• 15:44
  Speaker 3: the liquidity from Arbitram because they understand that Arbitram has
• 15:47
  Speaker 3: a great product. I don't think I ever spoke to
• 15:49
  Speaker 3: Jeff before they know they launched an arbitrm. It was
• 15:52
  Speaker 3: more about the product speaks for itself, all right.
• 15:56
  Speaker 1: So with that being stated, Matthew, because I would consider
• 15:59
  Speaker 1: you an expert in the analysis of these areas, do
• 16:02
  Speaker 1: you feel like robin Hood is going to end up
• 16:04
  Speaker 1: building on Solana or on Arbitrum for this because it.
• 16:10
  Speaker 2: Could be either, but it could be either, but it
• 16:12
  Speaker 2: also could be neither. So last week robin Hood bought
• 16:16
  Speaker 2: the Canadian crypto exchange platform Wonderfi. Wonderfi has an L
• 16:22
  Speaker 2: two called wonder Chain, which I believe is built on
• 16:25
  Speaker 2: z K. Sink's L two, So there's a possibility that
• 16:29
  Speaker 2: they may use that team as the foundation for a
• 16:33
  Speaker 2: robin Hood on chain venture. Listening to what robin Hood
• 16:38
  Speaker 2: management is saying, they want to provide a wider variety
• 16:43
  Speaker 2: of coins and chains, So maybe it'll even be a
• 16:46
  Speaker 2: multichain version that they come out.
• 16:49
  Speaker 1: Yeah, well, if we get into a multi chain, I
• 16:53
  Speaker 1: think you know. I'm watching Arbitram's Twitter account right now
• 16:56
  Speaker 1: because the key is kind of keeping track of what
• 16:58
  Speaker 1: they're up to, but you can kind of see some
• 17:01
  Speaker 1: of the activity they've already done on Athena Lab. Securitize.
• 17:05
  Speaker 1: You guys have seen this. We've covered this quite a
• 17:07
  Speaker 1: bit in terms of securitized you know, token is securities
• 17:10
  Speaker 1: and what this is going to look like in the future.
• 17:12
  Speaker 1: Blackrock already, you know, well on its way with Biddle,
• 17:16
  Speaker 1: which I think is still you know, if you look
• 17:18
  Speaker 1: at that and then you kind of compare the growth
• 17:20
  Speaker 1: of what's happening right now. I mean, this is becoming
• 17:25
  Speaker 1: a little bit of a horse race. Do you feel
• 17:27
  Speaker 1: like this is going to rdbas specifically, do you feel
• 17:30
  Speaker 1: like this is going to impact the market as big
• 17:33
  Speaker 1: as the market thinks it is this year in twenty
• 17:36
  Speaker 1: twenty five.
• 17:39
  Speaker 2: This year, if our forecast for the bitcoin price is correct,
• 17:44
  Speaker 2: then yes, I do think you'll have a lot more
• 17:47
  Speaker 2: wealth that's created on chain and take profits. Then they
• 17:54
  Speaker 2: may be more willing to keep those profits on chain
• 17:59
  Speaker 2: in something like a Biddle or the vanak v bill
• 18:04
  Speaker 2: product that just launched, which is a tokenized treasury fund.
• 18:10
  Speaker 2: But the bigger impact may be when token ised securities,
• 18:14
  Speaker 2: tokenized equities come on chain, and on that front, we
• 18:19
  Speaker 2: see seems quite keen on these no action letters which
• 18:24
  Speaker 2: will allow defive platforms and others to list tokenized security receipts.
• 18:31
  Speaker 2: And you know, I don't know if that's a twenty
• 18:34
  Speaker 2: twenty five story. It might be more of a twenty
• 18:36
  Speaker 2: twenty six or beyond story, but those we can we
• 18:40
  Speaker 2: get alerts every time the SEC meet, the SEC Crypto
• 18:43
  Speaker 2: Task Force meets with another industry participant, and it's like
• 18:47
  Speaker 2: four or five a day at this point. Many are
• 18:49
  Speaker 2: dealing with that question of tokenized equities on chain, how
• 18:53
  Speaker 2: to solve for that operationally? Certainly, I mean, it's clear
• 18:58
  Speaker 2: that Hester Pierce wants to encourage experimentation that may be
• 19:03
  Speaker 2: more relevant for overseas investors, so those of us in
• 19:07
  Speaker 2: the US, we just we might end up dismissing it
• 19:10
  Speaker 2: the whole time that our non American counterparties begin adopting
• 19:15
  Speaker 2: this technology, it is.
• 19:17
  Speaker 1: Going to be an interesting thing to watch. Twenty five
• 19:19
  Speaker 1: could be the year that is the pivotal point on
• 19:23
  Speaker 1: especially when you look at real world assets. Speaking of
• 19:26
  Speaker 1: the Van Treasury Fund, I'm looking right at it right now.
• 19:29
  Speaker 1: I'm kind of curious. I want to get your opinion
• 19:31
  Speaker 1: on this. You're almost split there, as you can see
• 19:33
  Speaker 1: with Ethereum, Avalanche and Solana, Which one of these do
• 19:37
  Speaker 1: you think is going to win the day in terms
• 19:40
  Speaker 1: of growing fastest in this fund?
• 19:46
  Speaker 2: So you got to pick one, Matthew, I got to
• 19:48
  Speaker 2: pick one. Stay tuned. Over the next couple of weeks,
• 19:52
  Speaker 2: we're going to announce a number of partners and customers
• 19:56
  Speaker 2: for this fund. It was born out of sstomer demand,
• 20:01
  Speaker 2: and what's interesting about it is v bill is going
• 20:04
  Speaker 2: to offer atomic liquidity with the Agora AUSD stable coin.
• 20:10
  Speaker 2: So Vanak manages the reserves of this dollar backed aus
• 20:14
  Speaker 2: D stable coin and customers will be able to redeem
• 20:19
  Speaker 2: those v bill tokens for AUSD in a single transaction
• 20:25
  Speaker 2: via smart contract on nights and weekends. So it's going
• 20:28
  Speaker 2: to be very interesting for market makers and exchanges who
• 20:31
  Speaker 2: want to move in between yield bearing and non yield
• 20:34
  Speaker 2: bearing assets just to settle their own internal cross cross
• 20:38
  Speaker 2: border payments.
• 20:40
  Speaker 1: Would that create almost like an arbitrage market, I mean
• 20:44
  Speaker 1: with the way that you're doing this.
• 20:49
  Speaker 2: Depends for who.
• 20:51
  Speaker 1: Yeah, well, in terms of institution, for institutions that are
• 20:54
  Speaker 1: starting to utilize the function of what you guys are
• 20:57
  Speaker 1: doing in the Treasury fund.
• 20:59
  Speaker 2: There's definitely an arbitrage function that market makers are using
• 21:04
  Speaker 2: to convert between stable coins and yield, right, So yeah, yes,
• 21:10
  Speaker 2: I mean that's part of kind of maintaining the peck.
• 21:14
  Speaker 4: I like it.
• 21:14
  Speaker 2: So it's not going to be a huge profit opportunity,
• 21:17
  Speaker 2: you know, for the regular person, but if you look
• 21:19
  Speaker 2: into some of the DeFi pools, we're incentivizing some activity
• 21:23
  Speaker 2: around DeFi pools and you know there is yield available.
• 21:28
  Speaker 1: All right, Well, I want to get you back on
• 21:30
  Speaker 1: as these partnerships come together, because it sounds to me
• 21:33
  Speaker 1: like there might be some significant ones that could really
• 21:36
  Speaker 1: you know, wait into this fund, along with maybe some
• 21:38
  Speaker 1: of the other activities in the market. So we will
• 21:41
  Speaker 1: have you back very soon as this starts to come
• 21:44
  Speaker 1: to life. So thanks again for coming in today. We
• 21:47
  Speaker 1: appreciate it.
• 21:48
  Speaker 2: Thanks Paul, you.
• 21:49
  Speaker 1: Bet all right, You guys, if you're not part of
• 21:51
  Speaker 1: the Diamond Circle, get in right now. It's our own
• 21:53
  Speaker 1: special group and you can join for free. It's very easy.
• 21:56
  Speaker 1: We always leave a link down below, and of course
• 21:58
  Speaker 1: if you want to talk to me directly, you can
• 22:00
  Speaker 1: do that also, which is through our telegram group. And
• 22:03
  Speaker 1: we also label link for that. Follow me out there
• 22:06
  Speaker 1: on x at Paul Baron. We'll catch you next time
• 22:08
  Speaker 1: right here on tech bath