02:11:29 · Casey Neistat, Micky Malka, John Coogan
[02:11:29] S6: Sure. [02:11:30] S8: And NFTs was a and it wasn't about just about the beauty of the art and the tokenization and the provenance and the transferability and the democratic. It was the first asset that was truly put on chain. That you trusted, that you knew there was only one of each, that you knew who had it, and you knew when it was minted, And you could finance, you can lend against it, you can pledge it, you can do whatever. So guess what? Artists did their job. They showed us where the world was going. So to me, I'm very grateful because that's how we learn what was going on. And then we found companies like Figure, who's tokenized most of the mortgages that you got HELOCs right now. They're the biggest HELOC tokenizer in America. Then you had the Circle and the Tethers tokenizing dollars, and there's, like, 10 more coming behind them. Yeah. Then now you have Robinhood tokenizing stocks. So I think the problem with mortgages is that they don't move that much. Out of all the financial assets, they probably transfer themselves 10 times in a in your lifetime, maybe five. Maybe you buy a home, you have it for so it's not the lowest hanging fruit need of a tokenized asset, even though it's a great asset to tokenize. Mhmm. But I think we're gonna get there because right now, the SEC and the all the regulators have put the real rules in place to seek tokenization. And the best organizations, you're not gonna see. You're not gonna realize their tokens. [02:12:55] S1: Mhmm. Yeah.
02:12:55 · John Coogan, Micky Malka, Jordi Hays, Alex Hawkinson
[02:12:55] S1: Mhmm. Yeah. [02:12:56] S8: But suddenly, you're gonna be able to click make two clicks and get a mortgage against us. Mhmm. And you're gonna be able to do one more click and swap to another mortgage issuer and not miss a beep on your payments [02:13:07] S1: Mhmm. [02:13:08] S8: Or or in your servicing. Those that's what the consumer is going to see. That's what the consumer is gonna see with Robinhood, tokenized stocks. You don't you're gonna have the same UX experience and just trade stocks anywhere in the world, not knowing that they're tokenized. And that's that's where we get super excited. Because we're just at the beginning of that ecosystem, which is probably like growing up again in the nineteen seventies when you're about to electronic create electronic payment transfers. [02:13:39] S0: How how have you thought about the investability of stablecoins as a category when it feels like a feature for so many of the companies that you've already backed? I know you I know you guys did Privy, which recently sold to Stripe. But Yes. [02:13:55] S1: That bet that bet Bridge. Yeah. He's in both. [02:13:58] S0: What what was the other one? Bridge. Bridge. Oh, there you [02:14:00] S2: go. Oh, yeah. [02:14:02] S1: I love it.
02:14:02 · John Coogan, Micky Malka, Jordi Hays
[02:14:02] S1: I love it. [02:14:03] S8: It it sounds like I I we we told the Stripe that we're we're shareholders. We love them. We're good friends with Patrick and John and the whole team and Will. We told them that we felt that we were we were we were their core of their team because the two investors we need in stable going infrastructure, they took out of our plates in less than a year. [02:14:19] S1: Yeah. Yeah. [02:14:19] S0: Wild. But but yeah. So so you you made some infrastructure bets. Are there are there consumer bets that you see going forward? I I know there's a bunch of different potential use cases but again it's so easy for an existing company to add stable coins and they already have the distribution and the customer network to quickly, you know, service?
02:14:19 · Jordi Hays, Micky Malka
[02:14:19] S0: Wild. But but yeah. So so you you made some infrastructure bets. Are there are there consumer bets that you see going forward? I I know there's a bunch of different potential use cases but again it's so easy for an existing company to add stable coins and they already have the distribution and the customer network to quickly, you know, service? [02:14:44] S8: Yeah. So it's a great question, Jordi. We we've been trying to find we've been looking worldwide for consumer applications that start with stablecoins first as a user experience. We haven't found one that will say, this is the way it's gonna work to scale globally at a scale that matters. So that's why we have been backing much more the infrastructure providers of all these schemes because they feel like they have a lot more growth potential than than the consumer side. But I think we're just starting. I think now we're starting to see the beginning of agentic experiences with crypto rails and and AI Yep. With through agents. And I think in that intersection, we're gonna find native stablecoin retail brands that are gonna provide services that you don't expect. So we've been we've been investing a lot there in learning. We've been testing ourselves a lot there. We have our own thesis on how it's gonna work, so we're actually building some of them and learning. But we expect to see entrepreneurs worldwide working around them in the very near future. My my guess is in the next year. We will be surprised to find a few already.
02:15:54 · Jordi Hays
[02:15:54] S0: Well, when we when you come back on and and hopefully, you'll come back on many more times between now and then. But in I'm I'm assuming in 02/1930, we'll have the same conversation again. You got every single new stable coin pure play that mattered. What about on the issuer side? I feel like the big now that stable coins have clear regulation, it seems like we'll see a lot more people start to issue them. Is that needed? Do you see use cases or are the USTCs and the Tethers, like, providing kind of enough value right now?
02:16:28 · Micky Malka
[02:16:28] S8: I think people underestimate how important the Tether brand is worldwide. I think when you when you are in Argentina or in Venezuela or you're in Indonesia, they don't even say USDT. They just call it Tether. Mhmm. Right? And I think Tether has a chance to be a really global brand that most people were well, under imagine the scale of it. Circle has a great reputation institutional side, but we're super early. I mean, think about it. We're only $250,000,000,000 into stablecoins. Mhmm. We should be in $2,000,000,000,000 in the next year or a year and a half or two. And if we're not there, something's off. Mhmm. So for that, we'll probably need, like, five, seven, 10 more names. Now you're not gonna care as a user, to be honest. You may have a preference. I remember growing up, my parents and us to to save money from inflation in Venezuela. Every Friday, we walked to the bank branch, and we bought travel checks. And and it was a way a way of saving, which is literally the same as stablecoins today. And those travel checks in the era, you could buy American Express travel checks. You can buy Thomas Cook, which were Mastercard travel checks. And there was another third brand I forget. I didn't care which one we got. All I care was getting the dollars and being able to save. So I think but over time, I remember my family's Q2 American Express Travel Checks. For whatever reason, it had, like, a better recognition brand. So I think we're still in the early days of that, and that's going to happen. And I think we're going to see five to 10, and we're going see the incumbents issuing their own token and stablecoins. And now the bridges of the world are going to be super important because they're going to be the bridge to connect all of them no matter what what what you're doing. And it's going to be very simple to solve. So my guess is five brands in the next five years.