Ep 62 - February 12, 2026 - Stablecoin use case
Welcome to the weekly crypto check-in, your go to podcast for navigating the wild world of cryptocurrencies hosted by Robert Spurthout and Andres Sadate. Today, recorded on February 12, we're diving into the latest market shifts, blockchain breakthroughs, and expert insights to keep you ahead of the curve. How's it going, Andres?
Andres Sandate:Hey. Good, Robert. Good morning. I can't believe it's already closing on Valentine's Day tomorrow. I'm, I'm I'm maybe not be the only husband that's behind.
Robert Swarthout:No. I mean, you got two days to Valentine's Day.
Andres Sandate:Two days. Yeah. Well, I I have to plan a day ahead because There you go. I'm always gonna be running behind, but I was, I was at the store this week, and I'm like, oh my god. Those flowers and all that red and pink.
Andres Sandate:I mean, this is only one big holiday to around the corner, so
Robert Swarthout:I gotta I gotta
Andres Sandate:get organized. But, no. The month the month of January is just blank, and you're gone. And here we are in February. I know we're gonna talk about what's going on in crypto with this market structure bill, Mhmm.
Andres Sandate:But, I'm good. How about you?
Robert Swarthout:I'm doing good. You know, I leave to go out of town for a couple weeks, tomorrow, so I'm looking forward to that, but trying to, you know, get everything done before I need to go. So, on the topic of red, we'll get to it, but I'll kinda, I guess, give a small teaser. February has been red, not for Valentine's Day. It has been a crazy volatile month in crypto, volatile to the downside.
Robert Swarthout:Yeah. We'll get about it. So, anyways, kinda jumping in here at the first topic. And this has been a theme, and I think this theme of talking about the market structure bill and progress is a good thing. I would love for it just to be signed and be done with, but it rather than just feeling like nothing's happening, we're kind of seeming to make some progress.
Robert Swarthout:So, again, as a small recap, there's basically two versions of the bill in the senate. There's, the one that talks about the commodity side of it, and the other talks about the security side. The commodity side was in the senate ag committee, and they passed that out of committee on the January 29 on a party line vote, so 12 to 11, which was a little bit disappointing because for a while, looked like it was being bipartisan, but not that it really matters at this point. And we are now just kinda waiting to kind of see what comes in negotiations from the banking committee side when they deal with the stablecoin bills. I assume the stablecoin yield and yield The the banking lobby doesn't want yield.
Robert Swarthout:They think it's bad for functionally they they the banking lobbyists are saying it's bad for community banks. I think it's probably just the opposite, personally, but, you know, that that that is their argument. And the White House has held a couple of different conversations about it, and we're kinda still in this holding pattern. So it's where that's at.
Andres Sandate:Yeah. The ad committee vote was closed. It was I think it was my notes are saying 12:11, right, along party lines, to advance this version, which is, you know, called the digital commodities intermediaries act. So it's, yeah, it's like you said. I I mean, you know, you hate to think that this gets, caught up on, yield around stablecoins.
Andres Sandate:And, it's interesting because I I saw a friend of mine make a post on LinkedIn that he was at a big banking conference. Most of the attendees were representatives, leadership of community and regional banks. And I asked, you know, the two big things that were sort of, I think, on the agenda at the conference were technology and just how AI and technology was gonna impact not only the banking and financial services industry, but, you know, more more industries than that. But the other thing I was curious about was this, you know, was this concept of, stablecoin yield and and what impact that would have on the, you know, I guess, the business model if you did have, you know, banks that were just unwilling to adopt, crypto or or or digital assets and if there was a true threat that they they felt. My guess is a lot of the community banks are probably, you know, more invested in the lobby, and the lobby is probably representing them.
Andres Sandate:But it's it'd be curious to hear what what the actual bankers themselves are saying. Yeah. Yeah. Do you feel any, you know, do you feel any, like, sense of, like, the midterms are coming quicker than you'd anticipated when you looked at this whole bill, like, three to six months ago? Like, and and that could start to creep in
Robert Swarthout:to the Yeah. I think there's there's certainly some of that, but I I I I stay optimistic. And maybe this is my by nature for me, but, like, that we we will get this thing done. Because even let's see which senator was it. Senator Tim Scott Yeah.
Robert Swarthout:Was saying that he feels like this is gonna pass out of the senate eventually with bipartisan support. You know, that's a talking point I get. And maybe it's a hopeful talking point or maybe it's realistic, but I think that he, the same point, maybe believes it. And, hopefully and hopefully, it's true. I would love this to be a bipartisan supported thing.
Robert Swarthout:And I actually have the kind of some notes here that that somebody had put together and kind of what the process is, say assuming it gets out of committee. So then majority leader, Athoom, would have to decide to bring it to the floor. There has to be if there's unanimous consent, debate will move fast. It's unlikely to be unanimous. We'll say that upfront because there's gonna be some opposition for sure.
Robert Swarthout:There's there can be debate. It has to be 60 votes to move past the debate state debate, I guess, threshold, and that's gonna take some Democrats, obviously, to to be on board. And then it only takes a simple majority to pass out of the senate. And if they pass it as is, then it's not necessarily in line with what the house had passed last July. So the house has got some decisions to make, and it likely turns into a committee a conference committee between the two, the house and the senate, to kind of figure out what goes forward and then just then the house would deal with it, then on to the president's desk.
Robert Swarthout:So the even if we quickly move past the stage that we're at, we still got a ways to go. And I think to your point, the midterms are quickly gonna end up feeling very close, and, hopefully, this can get across the finish line before that. So
Andres Sandate:Yeah. And, you know, I think the the fact that the two, I guess, industries stakeholders are talking. Right? There was a big event on February 2 where the executives from Ripple and and and Coinbase and and Circle and others convened and met with a bunch of banking executives to talk about, you know, is the this concept of of yield. The other thing that's that's looming out there is the amount of money that's been raised by, you know, PACs to impact the midterm elections, whether it goes the way they want or not.
Andres Sandate:Right? So I think there's a lot of incentive out there from, you know, from the standpoint of if you're if you're if you're if you're looking at a tight election race in in a in a congressional district, you've gotta think that there's a lot of pressure to get something done before the end of the second quarter. Certainly, into the fall, I think all bets are off. But, hopefully, before the Labor Day holiday, there's something that can get done. I can't believe we're saying that.
Andres Sandate:It's February. But but, yeah, I mean, I feel like, you know, these things unfortunately always end up taking much longer than than we'd want. But it does feel like there's some progress happening, and the fact that the two regulators, Selig and, Atkins are at least talking and publicly, you know, presenting, it looks like a unified front. I think there's a lot of momentum to try to
Robert Swarthout:get something done. Yeah. Agreed. So, hopefully, the next time we do podcast, we have more of an update, but that that that's at least what's happened over the last two weeks. And, you know, maybe there'll be more progress here soon.
Robert Swarthout:So moving on to our second topic. It's kinda something fun that I kinda ran across. You know, we've talked a lot about ETFs, and there's different products, crypto products coming out these days. But this is an interesting one. So this is the Cyber Hornet S and P 500 and and XRP futures ETF.
Robert Swarthout:Kind of a weird blend. Mouthful. No. So 75% of it, the holding would be in the S and P 525% would be XRP futures. You know, interesting that somebody dreamt this up, thought there was enough of the demand.
Robert Swarthout:I just looked it up as we were talking here. The AUM is still super low. It's, like, basically half $1,000,000. So not huge interest, but this launched on the twenty ninth as well. So
Andres Sandate:Yeah. We've talked about this offline, you know, the amount of of product innovation. I don't know how innovative it all is Right. And when it's just sort of replicating concepts and ideas from other asset classes. But, nevertheless, this is definitely an area where you're seeing in the in the in the in the ETF space across the last several years, you're seeing this huge amount of product, proliferation as people, you know, whether it be advisers, traders, institutions, are looking for ways to make and express very specific and precise views on the market and get very specific exposures.
Andres Sandate:There seems to be no no shortage of of ways that product, you know, manufacturers or asset managers can meet that meet that demand. But, yeah, I think the biggest challenge is, you know, the cost to run these products is not cheap. And, you know, is there enough liquidity in the underlying product itself and the underlying holdings? And then, you know, are these derivative like, and and very esoteric ways to express a view? Is it hurting crypto?
Andres Sandate:This is one of the questions that I know I I threw out to you.
Robert Swarthout:I I maybe there's a strategy around this, but just the ticker on this thing made me kinda go, why they do that? It's triple x. So it's just kinda like I don't know. It may maybe it catches eyeballs. I like, probably is not the right association with crypto that I would want.
Robert Swarthout:Right. But, you know, I guess, interesting nonetheless. So, you know, and as crypto gets through this, hopefully, this regulation in place and it can be more of a grown up type asset class, Maybe some of this other craziness that happens around it kind of subdues a little bit. So so our third topic and kinda hinted at this initially is volatility. It has been a 100% volatility to the downside.
Robert Swarthout:The last gosh. Since August, it's largely been down into the right. Maybe a few days of reprieve here and there, but it's certainly down. I mean, Bitcoin from its high back late summer, early fall of 125,000, call it, was down over 50% as of this last week. Yeah.
Robert Swarthout:And we're technically still not in a bear market. It's crazy to think we can have a drawdown like that and be still can be considered in an, at least, in a sideways trend, if not an uptrend with the drawdown. So
Andres Sandate:yeah. It's Well, there's there's no question the the the the crypto winner, whether it's a technical bear market or not. I mean, the crypto winner is upon us, and anybody that's been in the space for some time has seen has seen these episodes before. I mean, the hard part is it seems like it happens far more frequently than it would in, you know, the area where most most investors have exposure, which would be the equity markets
Robert Swarthout:Right.
Andres Sandate:Where you see a big pullback, you know, maybe once every on this scale of 50%, like, once every generation. Right. And and you're seeing periods of volatility in the equity markets far more frequently in the last ten years than you did in the prior, you know, hundred years. But you'll have three or four days where there's a discussion in the market around the impact of AI and is the CapEx too much? Is it is it not enough?
Andres Sandate:And then, you know, there's there's there's people making money in that market, there's people not. And then it's like the media cycle moves to another narrative. In crypto, this thing has set in a little bit. And Mhmm. The the thing that the thing that you look at and say, why is this happening?
Andres Sandate:You know, all the research and reading I've done is, like, there's all these different theories as to what's going on, you know, from the Fed policy to the new incoming Fed chair to all all these hybrid products
Robert Swarthout:Mhmm.
Andres Sandate:To, you know, institutional profit taking and a lot of excess leverage in the system. I'm curious what you think because I know you spend a lot of time looking at at the technical factors and and reading a lot of, you know, the the, I guess, the the social, you know, media x circuit where a lot of people in the space spend time.
Robert Swarthout:Yeah. So, you know, just to kind of put some more numbers, you know, currently, Bitcoin's at 67,000. It briefly broke below 60 into the high fifties, kind of recovered that level. You know, I I guess the the bellwether for Bitcoin when people kinda pay attention, at least name brand wise, the last three years has been MicroStrategy. Right?
Robert Swarthout:They are now at a paper loss, because I think their average is roughly 76,000. So call it, 9,000 above where we're at now. You know, I there's been different things I've read. And, you know, you can't really say, you know, here's the smoking gun. It may be multiple things.
Robert Swarthout:I do know that the order books largely have been very thin the last couple months. So the so the bids to support anything up or down, it it could go quickly in either direction. It just needs momentum. I think that's part of it. And, you know, a lot of this is algorithmic trading.
Robert Swarthout:So when something starts to cascade like it did, like, a week ago, some of some of those bids that were the the thin book becomes even thinner and people start really trying to, like, bottom catch really aggressively. So you have that. And then there's this, you know, people do an analysis on, okay, Coinbase versus Binance versus all these other exchanges. And, over the course of this the event a week ago, three times as much Bitcoin was sold, market sold on Binance than it, on average, did for Binance. So Binance not to say it was the contributor, but it definitely fueled the fire.
Robert Swarthout:And they were and it was thousands of Bitcoin. So it's enough to start moving the market. You know, there's been theories I've read about, you know, was there a hedge fund somewhere that kinda blew up and had to get out potential? I I don't know. At the end of the day, to me, this is noise.
Robert Swarthout:Although, I I did feel this one. Like, I was telling Casey on his podcast recently that, you know, I have friends that will text me on an average crypto day. It's, oh, it's up. They're down three or four or 5%. Like, I don't care.
Robert Swarthout:It it's three or four or 5%. If that was the equities market, people are losing their mind. Right? But when it comes to crypto, my threshold is kinda 10% up or down. You know, that's when I start to, I guess, notice it and think something may be happening.
Robert Swarthout:Not that I have answers, but so that the day that it was down 15% followed by, I think, another day of 10 or something, it was it was aggressive. And those are great days to get outside and do basically anything else, like, instead of paying attention to the prices. So
Andres Sandate:Yeah. Well, and the thing about the space right now and that this this whole asset class is there is not yet enough, just general ownership across all these different, you know, large larger largely popular tokens. Right? Everybody talks about Bitcoin and then Ethereum, and then there's sort of everything else. I think that XRP gets a little bit more attention, and and certainly there's others.
Andres Sandate:But it it just you know, the the the notion that Bitcoin's down, and therefore everything is down. Right? We call that correlation, I guess. It's it's there's still so much correlation in the market and in the asset class. And so it'll be interesting to see as more ownership of this asset class takes hold and we get more institutions that are long term value oriented holders of the asset class.
Andres Sandate:Does that change, you know, these periods of volatility? You'd hope so.
Robert Swarthout:Yeah. I I believe so, and I I will add a wrinkle to that. I believe once there's regulation and granted, I beat this regulation drum to death over the last couple of years. Once there's regulation, I believe that the tokens that are actually going to try to solve problems will be able to you'd be actually be able to attempt to solve those problems and be used for those. And it's not just about the price and speculation at that point.
Robert Swarthout:It's about utility. And I think you start to see the market act differently. You know, sometimes people will use the an analogy, you know, the tail that wags the dog. Well, in this case, Bitcoin is the dog. So it is it is definitely wagging the tail.
Robert Swarthout:That is the altcoins. But I think over time, that starts to shift and at least that mentality is different.
Andres Sandate:So
Robert Swarthout:and, you know, I guess a good segue here. Part of that is is, you know, twenty four seven tokenization and trading. So we talked a couple of episodes ago, we talked about the NYSE is trying to in Nasdaq, they're trying to move towards a twenty four seven trading model, $24.07 $3.65, actually, I believe. And, Brian Armstrong said the CEO of Coinbase kinda tweeted this. This is not really news.
Robert Swarthout:This is just more of a interesting observation, I guess, I would put it. So the the regular, US stock market is only open 19% of the time. So 09:30 to four, Monday to Friday.
Andres Sandate:Mhmm.
Robert Swarthout:And I think you back out some holidays there. With extended hours, it's only open 48% of the time. So it's kinda crazy to think that tokenization will bring more than double the amount of time that is available to be traded, and it, to me, solve a lot of problems. So kinda cool little antidote there.
Andres Sandate:Yeah. I mean, I think it it it's you know, I think from the standpoint of what happens after trades are made, right, that whole process of settlement and assets transferring, you know, from party a to party b and just other things. If you look at alternative assets, I think that there's right now, there's a big I think there's a lot of questions out there and and some very legitimate around some of the more illiquid assets and the ill you know, the infrequency at which investors can really get, like, a real NAV, a true NAV because there's not a lot of trading happening in those in those assets. I mean, it's the secondary market for alternatives is still very much in its infancy. Mhmm.
Andres Sandate:Even though it's, you know, billions and billions of dollars of capital are deployed into secondary markets for private equity and for other asset classes. It's still very much a institutional process. And I think tokenization starts to create much more transparency, much more price discovery, hopefully, a lot more true valuation when it comes to these underlying instruments. I don't know how many people will wake up, you know, when we see tokenization at the institutional level and say, I gotta have this at the individual retail level or the adviser. But you'd think that over time Mhmm.
Andres Sandate:If if we look at other technology, the adoption curve will be pretty quick. And more and more asset managers and more and more products will be available to trade twenty four seven if there's a buyer and a seller that, you know, wanna transact.
Robert Swarthout:Yeah. And and I think the cool thing about it, once things are tokenized like that, you end up in, like, this DeFi world. It's not just, like, taking dollars and buying some secondary product. You you literally could have I don't know. Use an example of you have a herd of cattle that you wanna sell and and you wanna buy some real estate.
Robert Swarthout:That that kind of thing can happen in DeFi. Right? Like, as a single transaction, as weird as that sounds, versus making the multiple hops that you would have to do to in it in today's world, and it would take a while. And it get the the true thing excuse me. The exciting thing for me that I look forward to I think almost certainly realize here is once there's twenty four seven and the things are tokenized I mean, when you sell a stock, you actually think about settlement these days.
Robert Swarthout:You're like, oh, I'm not gonna get my money for another day, and I can't gonna have to wait. That goes out the window. It's gonna turn into, like, you literally go to the store to buy a coffee. You get your coffee in that moment. You don't gotta wait till the next day to get your coffee.
Robert Swarthout:So it'll be it'll feel much more natural, I think, into the point where people will stop thinking about settlement because it just it just happens in the right moment.
Andres Sandate:Yeah. I think my final thought would be is with with tokenization, you know, my hope is that it creates kinda going back to what I was saying, is I hope it creates liquidity and a marketplace for illiquid assets to find liquidity. If if a seller is looking for liquidity for whatever reason that they can go using the technology, if you will, simplifying it, of tokenization to find, is there a potential buyer? Right? So if I if I own a piece of real estate and I'm ready to sell that real estate, is there a process by which I can use technology to put that asset out there to the world of potential buyers and transact and do so quickly.
Andres Sandate:I hope what tokenization doesn't become is the the notion of all these folks rush into the space to tokenize your asset, but there's no liquidity. Right? So all we're doing is putting, if you will we're putting we're putting a wrapper on on an illiquid asset, but there's not there's not a liquid marketplace to your point with with a buyer and a seller that are willing to transact. Who cares if it's, you know, digitized? Who care if it's tokenized?
Andres Sandate:Right? If it's a bad asset, I don't want it. If it's a bad price, I'm not paying it. So we'll have to see how, you know, how how those two kind of those are not the only considerations. But I guess from my standpoint, I think about tokenization and I think liquidity and I think price discovery and I think Yeah.
Andres Sandate:A true NAV and I think market efficiency in in more illiquid assets. What I what I hope it's not is just a real shiny wrapper, the latest one. Mhmm. You know, it's going back to our second headline about just another product, another wrapper on on an asset that has some structural challenges at times that we're seeing with, you know, with with various private credit managers to to just pick one area.
Robert Swarthout:Yeah. Actually, a great example of what you're talking about there. Whether there is a two sided marketplace or one side marketplace may be the next topic. So Diamonds tokenized on the XRP Ledger. So $280,000,000 in Diamonds were tokenized.
Robert Swarthout:Ripple helped this project do this, which which is cool. I mean, $280,000,000. I mean, that's that's real dollars. So they're tokenizing them, trying to to to help with this, you know, the buying and selling of diamonds here. But is there is there a market that wants to buy diamonds that are tokenized?
Robert Swarthout:I could kinda see that happening here because, you know, people wanna buy a real diamond versus a, lab diamond potentially. But I don't know. It'd be interesting to see kind of what traction this gets over time.
Andres Sandate:Well, yeah, I would just bring so many thoughts to my mind around the the whole diamond trade. Right?
Robert Swarthout:There's it's a, you
Andres Sandate:know, it's a fascinating it's a fascinating, industry, not without some level of controversy to say the very least around sort of the source of the diamonds. They make movies about this stuff. Right? But but the thing that, I guess, I come back to is diamonds, real estate, cattle, you know, whatever it may be, these these assets, these hard assets or physical assets, so they're tokenized. I I can see where that provides proof of ownership and or allows liquidity.
Andres Sandate:I guess my big question would be, you know, when it comes to, like, these are unique rare one of a kind assets much like art. Right? Don't you have to see it? Don't you wanna inspect? I mean, you know, if you're a collector, that's different.
Andres Sandate:Right? You've got an agent. You've got somebody buying for you at an auction. Right? You're you're a known quantity.
Andres Sandate:I'm I'm curious who the players in this tokenized market would be. It's probably bigger institutions, I would I would think. Yeah.
Robert Swarthout:I can't I can't imagine, like, somebody's trying to buy a diamond for an engagement ring, and they're trying to buy the tokenized version. I just that that world I don't know. May maybe it exists. Maybe it will exist. I don't know, but it doesn't click for me.
Robert Swarthout:So yeah. Anyways, so this next topic, I will admit, I had zero expectations that crypto and Jeffrey Epstein would ever be linked. But, boy, man, what as as some of these files for his stuff has been released, the news kind of or people were digging through them and found out there was actually more links than anyone would ever have expected. So the I think the big one here is in his I guess, there was emails that people saw, but but he claims Jeffrey claims that he had spoke with Satoshi. Okay.
Robert Swarthout:Interesting. Because in theory, people don't know who Satoshi is or or there's no one talking about it. But when early on, I think it was in 2014, there was kind of this kerfuffle that happened within the Bitcoin community, and the support for paying developers that were working on the software of Bitcoin kinda dried up. So, apparently, Jeffrey came in and was paying roughly 60% of the developer salaries for a period of time. And, you know, and at some point, he it was me.
Robert Swarthout:At one point, he was the number one largest single investor in Coinbase. Like, holy crap. Like, the amount of ties here you know, there was there was emails where XRP and Stellar were referenced trying to figure out how to they were worried about them taking Bitcoin's market share. There was all sorts of things twisted in on this. I'm not sure I'm a fan of any of it personally, but it did happen.
Robert Swarthout:Whether it's true or not, I guess, is, I guess, up for debate. But at least it was claimed in the email. So kind of a crazy, bizarre world here.
Andres Sandate:Yeah. I mean, crypto, you you and I have talked about this. I mean, you you've been in this space much, much longer than I have, but, I mean, even just over the last, what, three or four years, I mean, it's been as we've been, you know, talking about this industry and and working together on on on Teton, it's interesting that, you know, there's so much there's so much more happening in crypto that, obviously, we don't ever read about, we don't ever see. We we all probably underestimate who actually is involved in crypto, whether it's as an owner who's Yeah. Who who's backed different crypto ventures over the years.
Andres Sandate:I think one thing that's really fascinating about, you know, what's what's happening with our current administration, right, is the, you know, the the two Trump sons. Well, three, actually. Yep. If if, you know, news and media reports are accurate, like, they're they're heavy into crypto. Right?
Andres Sandate:Heavy. And they've gotten, you know, and they've gotten backing and support and partnerships with foreign governments. We've talked about on this show, you know, some of the some of The Middle East and and and, and Asian institutions and investors in those particular regions of the world are, you know, arguably more aggressive when it comes to crypto than than than, you know, the institutions have been here in The US. So it it's such a spider web of Mhmm. Of who's involved in the space, who's touched the space in its early days.
Andres Sandate:I I would say, you know, if you went back and looked at the early days of the Internet, you know, when when it went from sort of a government research project to, you know, becoming what the, you know, World Wide Web became. I I wonder if it was the same level of, I guess, intrigue and and sort of a lot of these backstories. Because you think when there's this new technology, there has to be capital in order to, you know, to keep things moving along. And it's it's just hard to know, like you said, what what's reported, what's true.
Robert Swarthout:Mhmm.
Andres Sandate:It's certainly not the end of the the story with, with respect to crypto and and some level of controversy. I think that, it's just the nature of of how big it's gotten and the number of, you know, parties it's touching.
Robert Swarthout:Yep. Absolutely. So we'll kinda move on to our last topic here. I thought this was a cool use, and it it's kind of like a no duh moment at some level, but, like, stablecoins are being used by YC. So YC is a probably the biggest, if not one of the biggest
Andres Sandate:Accelerators. Accelerators. Yeah.
Robert Swarthout:I think they have multiple places now, but they started out in California. Yeah. And a lot of the big tech companies over the last fifteen years have kind of started their journey from there. But the news here is they're giving the founders of these companies that get granted access to YC because they get a $500,000 check as part of the deal, or an investment in their in their company. So they can choose to receive that in USDC, the stable coin via Ethereum, Base, or Solana.
Robert Swarthout:So, like, three different networks. The cost is gonna be less than 1¢. So it's effectively a 100 $500,000. But the cool thing is is if you were to leave it, you know, obviously, they need to start spending some of the money to actually grow try to build a business. But the money that they're able to leave in, say, a Coinbase account can earn six to 9% yield.
Robert Swarthout:That could be, you know, 30 to $45,000 a year, on $500,000. So
Andres Sandate:Yeah. I mean, the standard terms for Sure. Yeah. For for YC have always been 7% for, you know, half $1,000,000 in cash. And so now these founders are gonna get a choice to basically it's kind of an all or nothing thing is what I'm reading.
Andres Sandate:It's like you could take it in stablecoin or you can take your cash. The, you know, the the interesting thing is they can, they can take it on Ethereum base or Solana what I'm reading. Yeah. So and this was this was sort of the brainchild, I think, of a of of a founder that was early in crypto or is
Robert Swarthout:I I didn't read anything about that. I mean, it would make sense. Yeah. But, yeah, I mean, it's you know, it I think it starts to open the door to potential, like, LPs that are making investments in funds that aren't fully deployed initially. Like, they're gonna potentially wanna do this because they want yield on their on their their cash that's sitting there that's been called.
Robert Swarthout:So, you know, I could see this quickly evolving to where most deals or most funds are doing this, a, because it's it's easier. You don't have to deal with bank wires immediately, and you get yield. And this is only gonna further power the the stablecoin narrative around them buying treasuries and the yield and, again, what the banking committees that our first topic was talking about was fighting over is who gets to who gets to keep the yield? Is it the banks or is it the the holders of the stablecoin? Well, look.
Andres Sandate:If there's one institution, I guess, or organization that, you know, should theoretically be ahead or forward thinking when it comes to payments and settlement and custody and Yeah. All this digital you know, whether it's two point o or three point o, whatever we're on, it it should be an accelerator type organization where innovation and disruption and, you know, I guess, progress around the next the next hot startups or the you know, who are the next, you know, entrepreneurs that got a great idea. It it should be them. You know? So it sort of makes sense.
Andres Sandate:We'll we'll be interesting to watch and see how many of the companies and their founders elect Mhmm. You know, to take stablecoin versus, you know, versus cash. Absolutely.
Robert Swarthout:Cool. Well, that's a wrap for this episode of the weekly crypto check-in. Keep updated with the latest crypto insights by searching TITAN crypto capital or the weekly crypto check-in on your favorite podcast player. Leave us a review or like our, Teton crypto capital LinkedIn page. Until next time.
Robert Swarthout:Take care.
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