$250M & $500M M&A talks, Neo finance category update, lots of action in DC ft. Polygon

How the JP Morgan, Black Rock, DTCC, Fidelity, the entire thing was just institutions. It's just it's next level. This industry is going to the next level. And guys, I don't know what else to say. I'm bullish.

You said it. You finally said it. So bullish. It is bullish. I'm bullish. We're bullish. I'm about the The rollup is headed to the top. If we're not already at the top, we're going to the top. We're on fourth floor today. We're going to be on floor one and then we're headed straight to the moon, boys. To the moon. To the moon. To the moon. We're so back. I'm telling you guys that we're bottoms. We're bottoms. It is Tuesday, January 13th. You heard it here first. This is the start of the next cryptobull market.

I just bought uranium. Uh dude, so that book that I was reading about the rise of America, I picked it up in 2020 from old mentor Mr. G. And uranium was literally trading at $9 in the ETF. It's at $51. And I just completely got rugged and I did not if I had bought uranium after I sold crypto in 21 I would have bought it at $18 like silver and gold and of course I didn't. So now we're here. We're buying uranium at $51 long-term part of the portfolio. But man, I'm fully back. I'm reallocated. I'm in. I'm ready to go.

Scared when you see we obviously have a sweeping rising tide across the entire industry. Bitcoin is up to 94. ETH is up BNB everything right the majors all the way down and then there's some secular things that are up a lot. You know, I look at that and I'm I then I try to rationalize, but there's so many factors that are all fitting and converging and all leading to this the the uprising in metals now shifting new year, happy new year, end of year selling now that's coming off.

Michael and Vance came on the Bit Mine call option, Tom Lee pay package. How much do you do you pay attention to just like any one thing that's going on out there or do you are you still like TA god technical analysis guy? You're just looking at flows.

Dude, I just there was like I was trying to be bearish. Just bought more Canton Dat there today. Sold silver to buy that. What's up, man? I feel you, man. Man, I was trying my hardest to hold on and to be bearish and just to let this thing simmer out, but like first we got what was it last week we got Trump taking over Venezuela. That was like holy crap. I need to be holding non I I I need to be holding sovereign hard money in my portfolio. Like I I can't be this is this is ridiculous. Gold and and then you had gold and silver just making new all-time highs the last couple days.

Then you've got Trump going at the Fed chair Powell, which is just like wow. Like that is also just an insane thing to do. Let's pause on that one real quick. Banks forecasting agencies sentiment is now that there will be less rate cuts or less aggressive rate cuts to start 2026. Uh for instance, we're now pricing the January meeting at 95% no change. There's no meeting in February. In March, the Fed decision is also 71% no change. Whereas before it was closer to 50/50 between no change and a cut.

So why would you why why is why is Trump going after the after the Fed chair bullish, dude? Cuz it's just it's like all rules are off. Like I I just it's it's just Trump is literally trying to force his way into lower rates. Like he they're buying $200 billion of mortgage back securities. They're trying to lower rates. The oil prices that Trump's saying that that they're going to do everything that they can to keep oil down, inflation down. They are literally just trying to do everything they can to pump assets. And all of these correspond with the fiat debasement trade. Like it is all so clear.

And like to be honest, every time I've sold crypto to buy other fiat debasement assets, what has happened is I've just underperformed crypto for a certain amount of time. Like like when I sold my crypto in 21 and bought gold, silver, and that house, I literally have underperformed Bitcoin since then by like a margin like I don't know, let's say Bitcoin I sold it around 60 70.

Selling Bitcoin in 21 and buying gold, you've underperformed Bitcoin 21. No, no. And so if like for the longest time you felt like you you shouldn't have sold the Bitcoin like you should have like you underperformed. Why would you allocate to other assets? Why not just stick to your biggest, you know, your best idea?

And then yeah, gold goes on a generational run and it's at 4,600 right now. Silver's at 87. I don't I bought like maybe I don't even know like 10 grand worth of silver. Like such a small amount at like $20. So, I mean, maybe it's at like 40 or 50 grand right now of silver. Great. Uh, same with uh gold. I bought quite a bit more. Maybe like 25K uh around like that 1,700 mark. So, what maybe that's at like 75K. So, maybe I got like 100K of metals and it's like great. Like awesome.

But like I I just had I bought like 3x more gold and silver, it would be like kind of an insane part of the portfolio. And so I guess all I'm trying to say is that the fiat debasement trade is just keeps working and I'm just going to keep slamming it until it doesn't. And like obviously you have to be able to manage the the emotions and manage the you know things do get out of hand. So there is a reason to like hold cash, but man, it's right now everything is just like changed in such a way in the macro landscape that it's just hard to not want to just be heavily allocated to um basically anything that's going to debase uh anything that's going to prevent the debasement of fiat in addition to just the craziness that is this regime.

And if you read Arthur, and we do, and I I I like his writings, and I think he's one of the smarter macro analysts out there. And he also makes it real easy for us because he applies macro to crypto. There's a lot of macro analysts, not a lot of macro analysts, are applying their their research directly to crypto. Arthur does a really good job of it. Yep. you realize that the only reason to hold fiat is when a politician is running on a platform of austerity, which Trump was early in his in his presidency, but he's no longer, man. He is No, no, no, of course not. Of course not.

He I mean, Liberation Day and tariffs and cutting the fat, cutting the corruption, all of that was as much austerity as we were going to get. They wanted to cut some spending. We're past that now. Him and Elon had the falling out. That was the end of austerity. So now at once you get past that all of it is debasement. Then it becomes a question of outperformance which is what I think is a more enriching and interesting conversation is where we go from here. We have metals, we have equities, we have crypto and then even within crypto we have, you know, large caps, Bitcoin and Ethan, we have mids and and small caps. Yep.

And so I think we've seen metals outperform up until this point. Equities I believe are next. I think once equities break out of this, you know, S&P is tapping on the door of 77 7,000. I think equities are and we're already seeing it in some of the private markets, crypto or excuse me, M&A in general, not just crypto M&A, but M&A in general is way way up. I expect equities to do quite well and ultimately I do believe we're going to end up seeing crypto do well as well.

So if it's a question of outperformance, yeah, I would imagine that the metals outperformance is sort of the beginning of the end. Maybe it has a blowoff top with gold and silver and you even see that because you're getting into the more esoteric metals. Palladium, copper are doing really really well. I would anticipate that those that asset class outperformance will transition first to equities and then crypto. And and it's not that crypto is not going to do well. I think actually Bitcoin and ETH we're seeing it today are outperforming fiat and they're up and I think we do rally upwards of 100 if not 105 106 do we get all the way back to 120 125 not until we see the full rotation in my opinion I think what we're seeing right now in crypto is pure disbelief I think market was so apathetic for so long they're not just coming up and saying it's it's you know we're going straight back to alltime highs think that is still a bit contrarian.

We're actually going to see a bit of chop chop upwards in my opinion. Y as equities do well and the rally in gold and silver dies kind of tails off a little bit then we get the full rotation and we rally beyond all-time highs. STE says WPLS on disc dexreen look into it. That sounds scammy. I just bought gold silver as part of a diversified portfolio allocation. Have been selling bits of that now just like I sell BTC when it gets above the allocation.

Look, I think that's the right way to think about it. And that's how I'm kind of like running my portfolio right now, right? Like let's say you want to have certain amounts of assets in um you know, 40% Bitcoin, 20% metals, 20% equities, 20% cash. I I think that's kind of the way that you want to you want to kind of think about the portfolio when it comes to the debasement trade. Um, and then yeah, like when one gets to be a lot, you just kind or over your number, you just rebalance it back into the other uh other other platform.

So guys, let's hop into the news that we have to cover. We got a ton of stuff uh to go over today. DC's running hot. It's crypto M&A season as well. Coin Gecko with a $500 million potential uh exit coming and more. So guys, let's let's hop right into our our um yeah, our just general overview of of what's happening in in the news. Obviously, big week in DC as well.

Writing code is not the same as controlling money, and developers who build blockchain infrastructure without touching user funds shouldn't be treated like banks. Okay, so this is like Roman stormcoded like tornado cash like um code is law and it's not the same as controlling money and they should not be treated like banks. I totally agree. I mean Senator Lumis would love to have you on the pod. Um this is like completely accurate. Uh there is absolutely no way in which uh developers should be you know effectively uh given the same level of consequence as somebody who's doing fraudulent custodial activity.

I think it's very clear that smart contracts have this immutable property in which you create a contract people interact with it permissionlessly. I it it is not once you set it off into the wild in most cases given there are some admin keys there are some kind of small things that can be changed in the type of smart contract and that's the nuance that needs to be happening in these conversations which is hard to have happen when frankly um the folks that are writing the legislation don't understand what a smart contract is the education gap that we're trying to solve here. Yeah. Yeah.

Yeah, I mean look at the end of the day if you are creating immutable smart contracts you are should not be held liable for the activity within that smart contract given that you are not maliciously interfering with the activity once created. Um and yeah man I mean yeah no I I think I I think you know if you want to take the the counterargument here is you know obviously that you know there are tools that are out there online uh and and in multiple uh sectors of the economy that are used for illicit purposes. We all hear, you know, the argument when it comes to cash um and Bitcoin for that for that matter. But the more recent one has been Tether.

You've seen I mean they're freezing large amounts of Tether because they believe uh this is tied to the Iran uh uh movement. There's sanctions on a lot of countries and they're using Tether in order to circumvent those those sanctions. and Tedor has gone and they're starting to freeze some of that uh capital so that it cannot be used for illicit purposes. So I think the the differentiation here is how handson or hands off some of these founders are and and some of these companies are. Are you putting a piece of software out there or are you running a financial institution? Tether is a financial in institution. I think uh Tornado Cash and Roman Storm and these guys are running pieces of code. These two are not the same.

If you're responsible for maintaining compliance, and this is where it is such a gray zone and look, if we had some clear black and white regulation, we would say yes, you have to be compliant. You have to be responsible that your software is not able to be used for illicit purposes. Yeah, of course, if that was the regulation, so be it. You could go operate in in a different jurisdiction and release your code code elsewhere, right? But if you have regulation, this is a night and day that says no, you don't have you can release anything into the wild and let that thing uh permeate through both the economy and the digital online uh web, you know, worldwide web. Yeah, it looks really then so be it.

But that that's black and that's white. Right now, it's still this gray zone. We still don't have clear regulation. A until we have clear rules of the road, we're gonna continue running into these very confusing roadblocks where some things are are thought of some ways, other people think of them other ways, but there's no clear definitions. That's what we need our government to do. Otherwise, why are people in Congress? Why are they in the Senate if they're not right writing the definitions so that there is no confusion? I agree, man. I agree.

All right, guys. Let's move on from the politics. We love you, Senator. Then we're going to come back. There's more politics here towards the end. Obviously, a big week in DC with market structure. We're not moving off the politics. We got Eleanor, our lovely DC correspondent, the number one DC correspondent in crypto right now. Eleanor Tourett, new bye-bye, doing markups per chairman John Boozeman. The Senate The Senate AG Committee is punting its markup on crypto market structure to the last week in January instead of holding it as originally planned on Thursday, the same time as the Senate Bank Committee. Boozeman says more time needed to maintain bipartisan support.

Guys, if you recall last week on the show, we talked about this. We anticipated that this would be postponed. We understand that this is a a kind of drawn out process that's going to keep happening. If you're not following Eleanor, she's the number one person to watch in this space. I love her content. Um Rob, what's your take on the crypto market structure legislation? Um, you know, have you done your research? Where are we at with this?

So there was a draft. It was uh it was a 278 page draft. I think if you scroll down a little bit here, there is a little bit uh that we can we can talk about. Um and so obviously Boozeman uh he says he remains committed to advancing bipartisan crypto market structure legislation. They have made meaningful progress and we will get into that a little bit later and they have had constructive discussions as they work toward this goal. Boozeman says, "I appreciate the leadership engagement of Senator Booker and his team as we address these complex policy issues to finalize the remaining details and ensure broad support. This legislation requires additional time before moving to market committee will mark up this legislation during the last week of January. So, this is not a vote. Um, but they are moving forward."

And so, actually, yeah, let's scroll down. Let's scroll down. What is Eleanor's take? This is bad. Not really. The bill needs Democratic votes to pass the full Senate or it's essentially dead on arrival with only 53 GOP senators. Senate rules require 60 votes uh three-fifths majority to reach closure. Boozeman and Booker are likely weighing a higher chance of clearing the Senate. So, what they're doing here is they still they they believe they don't have the votes, which is why they're postponing this. We can scroll back up.

And so, what they're doing is they're allowing more time. Do they need additional time to read the draft and mark it up and No. And actually look at the legend. No, it's total politics. More time to play politics. There's gonna be concessions on Venezuela and Greenland and Iran and healthcare and they need time to assess what these people really want. Do they want more oil from Venezuela or do they want more health care to the aging population? They need to make concessions so that then they can go back and they can mark this up as they know they will get the votes because they made the appropriate concessions beforehand. Yeah, man. They shouldn't move this to a vote until they're sure that it will pass.

Man, politics is so funny, man. I mean, look, they're going to mark this up more in the last week of January. Our take here is that, and this is kind of comes from Vance and Mike from Framework, uh, and maybe another person or two that we had on the show previously, where look guys, if they get this thing through by before the new Congress, before the midterms, I think we're going to be in a really good spot. That's like eight months away, nine months away. And so, we have time. Uh, you'd be shocked as to how long these processes take in the US judicial system. uh and the legislative system. But uh the end of the day, we're going to see this come through. I I'm pretty confident on it.

How soon do you think that next step will be? I I don't know what the ramifications of this are going to be. I did see that um the banks got a win in some of the Genius Act and Clarity Act uh markups actually where uh stable coin yield is actually not going to be able to be passed uh back to users quite yet or at least that's where they're trending towards in specific instances. Meaning like if you're just holding your stable coins in a wallet, you're not or in your account without depositing it into some lending market or somewhere where you actually take some sort of like material risk for like using that stable coin, then you're not going to be able to get the yield. Now, that is just currently what I'm seeing. I'm not sure where that trends to, but something to note because if we get a world where banks are are subject to the uh rule that stable coin issuers can pass back yield directly to their users from treasury bills.

I feel comfortable. Banks are literally so like they are literally cooked because the bank right now gives you a tiny minimal interest rate. It gives you like barely anything and and you don't get the ability to um actually move your assets 24/7 and have this kind of ownership over them like you do with stable coins. And so that is something that I think is particularly interesting. I I I've seen a bit of chatter about it, but not enough. Um, I I I think that really getting getting a big win there for stablecoin issuers would really flip the dynamic with banks on their heads.

I think and uh let's move to uh another Eleanor tweet. Uh Leo, we're going to go out of order a little bit. So, let's jump to the end. Eleanor and Paul Baron had a couple good tweets about this as well while we're on this market structure topic. But Andy, I want to comment on something they mentioned. There are stable coins periodically looking at the live room. The banking system is is cooked, right? And so we know this and this is part of the neo finance thesis that we building. Obviously, right now you have your money in a savings account that I know a quarter of a basis point on the high end. We know that there are sustainable reasonable places to earn yield, put your money, stash it away to get four or five, especially when the the federal funds rate Y we believe not just regulation but innovation is pushing legacy finance to innovate.

So that means that Coinbase uh A Morpho these lending markets places where you can sustainably get um you know a half dozen percent yield on your assets. We believe to the negotiation table finance thesis. So bullish and we believe that uh legacy finance is about to get an upgrade. It is going to be the neo finance upgrade and this is where um a lot of uh crypto and onchain companies have already have a head start and so they're skating to where the puck is going. We believe Legacy Finance will try to catch up. Regulation is the final straw that breaks the camel's back and forces these banks to come to the negotiation table. They may have gotten a win in this initial draft. We'll see if it sticks around, but ultimately this is going to continue to develop.

And we're seeing that they are making some internal uh research and developments in order to cope with the onslaught of innovation that they're they're facing from the crypto industry. And so they're already starting to they're starting to uh experiment with stable coins. We know JP Morgan is experimenting with their internal blockchain based systems. These guys are working on these things internally so that when they are forced and the regulation ultimately comes about. They're not caught flatfooted and they've already had a program in place. All they have to do is turn it on. But they're going to be fighting tooth and nail to the very end. Yep. Yep. Definitely.

Um definitely. Leo, let's uh let's go to the rest of the market structure. I believe Elanor had another tweet in Baron had another tweet here that uh we'll we'll go through. I'm excited to see that you guys are Yeah, man. I mean, look, this is all really really good. I mean, like we've been waiting for this. This is what this new regime allows. Small little niche and it's like being redirected. This is kind of also just part of the growing up of the industry. Um, and it's coming and it's happening and we're making it happen directly in real time uh as we speak. And so guys, I mean, if you're a believer in this industry that all this market structure, political kind of work, it it it can probably feel boring.

It can probably feel like I don't know, there's not much going on to pay attention to. For you, it doesn't really affect you, but I think it does. And and I think that having having your your ear on the ground to this here on Rollup TV and just in general on on AX I you know I think it's going to help you manage your portfolio stay in the loop and just get an understanding as to where things are at. As we're uh as we're cycling through here, so I did take the 278 page draft. I ran it through chat and uh I asked chat to extract some of the key points here obviously. So let's let's take a look.

So, we know that we're looking to establish a clear regulatory framework for digital assets across the SEC, CFTC, and Treasury and banking regulators. That is the core purpose of the bill. Also, in this bill, it explicitly limits central bank digital currency use for monetary policy. So, we have provisions against CBDC's. One of the most important things here aside from laying out a tonomy and really understanding what the definition become super super rich and successful. It lays out this framework for network tokens. Okay. And it separates these from securities. And so it says network tokens are treated as nonsecurities if they are intrinsically linked to a distributed ledger system. That means again how distributed, how decentralized.

The second point is network tokens are not securities if they derive value primarily from network use and decentralized participation not issuer control. That means that a lot of these uh NEO finance yield coins that are issued as stable coins and their main purpose is to issue yield back to token holders. These could be considered securities. Again, it's not especially now that we have a more friendly regulatory environment at the SEC in particular, it's okay to be a security. Yeah. Yeah. Bitcoin, ETH, um, a lot, and we'll get into like the ETFs that have their own coins associated with them, they don't want to be securities because they've been operating as commodities for a long, long time. Also, a lot of them um their early distribution schedule, it's important that they did not conduct an illegal securities sale when they did their initial ICO.

So it's important that a lot of these companies and these coins are crazy that they are seen as commodities but the NEO finance yield coin landscape is okay that they are not sec it's okay that they are securities because ultimately a security what is it it's meant to be a very safe vehicle that you can earn a secured yield on top of so okay um so yeah man look I think that that that the that the overall like market for uh what these things are is going to keep changing and evolving. This year is kind of the year that these that these things are going to get discovered. We still and what they are is significant for the issuers and and we have here like and what they are is not so much significant for us speculators, investors necessarily as much now. Perhaps there's some different like tax. This is really important for the teams that are that are building in the space. Um and growing and trying to grow their product and understand what their regulatory bounds are. Uh it's it has been a crazy past few months.

You got global markets making history today. We saw multiple million dollar onchain stock trades. learn what everything does and how to actually $1 million Google buys 400k Nvidia trades and six figure flows into ADB and SLV Nvenig trades are becoming the norm on those tokenized stock platform. So yeah, I mean pretty pretty awesome to see this um happen and um yeah, I mean we we know that is one of the leaders in in tokenizing equities. uh we know that uh this is going to keep happening. I I so I know that tokenized equities are going to work because I know that when I go on my Schwab account and do trades, it is it is going to be it is just so much uh so much different.

Guys, one sec. Bear with us on the background. Um, tokenized equities are going to do well. Um, yeah, like like what I was trying to say is I know that tokenized equities are going to do well because when I go on Schwab and I trade, there is a there is a one day settlement time for trades. Uh, transferring trades is really annoying. the actual whole process of managing the swaps and the fees. It there's a lot of education that's required. It's just there is so much um there's so much kind of nonsense with using traditional finance platforms and legacy finance uh kind of uh brokerages. So it makes sense that tokenized equities will grow. Um and it makes sense that uh you know is going to keep kind of dominating this sector.

The last point that I think is important on this is that as onchain capital grows in size, we we know that liquidity begets more liquidity. And so there is a critical mass in which the amount of value onchain surpasses the amount of value offchain. And all we have to do is get to 50% of the value. You know, you'll hear a lot of people come on the show and say that all value, all money will be on chain. I think they're and I think they're right. But it it's not that we have to go for all of it all at once. All we have to do is keep chipping chipping away and get to about 50%. And once that happens, you'll realize that more. You'll get a lot more inbound. Like we won't have to go out into the legacy financial world anymore and try to bring it on chain. liked will come to us because it'll be more efficient. There will be better pricing. It will just be cheaper, better, faster once we reach a certain inflection point and and we're already starting to hit that in some critical markets. We're seeing that on purp.

I believe that equities will reach that point. And so again, the reason that we're here now is because there were some really really deeply convicted people that built this from the early early days. It's extreme. It is so much easier to be bullish on the space now that we've breached some. We've got critical mass, man. I agree. Got a critical mass. We've gotten off of zero. It is so much easier to be bullish on chain capital markets now and be bullish Neo Finance now.

All right, guys. Let's move on from Mondo. Shout out to them. They're doing great work. Um stoked for them to to keep growing. I'm glad that they had some big trades. Um there's a lot of equity demand right now for trading in uh in uh the overall market. Um so don't be a panic or panickin pan. I think he's missing an I in there. Panaceian. Don't be a panic and stay engaged in trust process. Clarity is near guys. So again just the the the the white house is signaling that there is uh clarity act is coming. Um guys, take it easy, relax. It's happening. Um stay bullish, stay engaged, trust the process. Again, our goal from the rollup is to get this thing done by the midterms because it's highly likely like if you go on Poly Market and you look at midterms, it's looking really strong that uh the Democrats are going to there's a 35% chance that that that the Democrats sweep the 2026 midterm. uh there's a 79% chance that the uh Democrats win the House of Representatives. Um and so it it it's it's looking pretty rough for um the Republicans in the midterms. And they have a lot more leverage right now in this market navigating it than they do in um you know other other uh like basically they have a lot more leverage right now the the Republicans do because they're in power to get this thing done than they will in 2027 or after this new Congress is in and this new house is in. uh because then uh that basically the Democrats will want to be pushing a lot of consumer protection things and we'll have far less far more power over this. So look, I'm not worried, but I I want this thing to be done uh by uh by the midterm year.

There's one more thing as you were rattling off some prediction market odds for the midterms. Yeah. The other thing that's happening, I think it's next week, is that the Supreme Court has a ruling on whether or not America has to pay tariffs back to the countries that paid them. I I think it's a 73% chance Supreme Court rules against Trump and says yes, America does have to pay these back. The reason that it was illegal, no way. I mean, we can double check those odds, but I'm pretty sure that's the last that I saw. Um, Supreme Court tariff traders price in trouble for Trump's tariffs on Kali. Yeah. 73% in favor. Wow. 32% in favor of Trump on Koshi for uh with $3 million of volume. Will will the Supreme Court rule in favor of Trump's tariffs? Ex. Yeah. So, I don't know how this is going to affect markets. Obviously, the market is expecting this to not go through. Um, the Supreme Court on tariffs is tomorrow. It's tomorrow. I thought Well, here here's the way to think about it.

Remember when they did launch tariffs and everyone was like, "This is terrible." Like, like the market nuked so hard on liberation day, Trump did that poster thing. He was like, "Wow, this is going to, you know, we're America the great again." Um, and then it it kind of just got walked back a and and it got walked back slowly and slowly and slowly and the whole market collapsed and people globally were like freaking out. I mean, look, man, I've got a little bit of a different take. I think if they rule that he has to pay back the money, I think he has to pay back the money. Otherwise, it's unconstitutional. It goes against the Supreme Court and, you know, there's a whole political fallout as a result of that.

One reason why we may be seeing the markets do particularly well today with this with this ruling tomorrow is going back to the debasement trade. If they have to pay back upwards of like hundreds of billions of dollars, I think it's like 180 or 160 billion dollars. Yeah. Wouldn't it make sense to just kind of inflate that away just to kind of like inflate it away? Like they have to pay it back. I don't know what kind of timetable whether it's this year, next year, what kind of timetable they have to pay it back with between, but if they have a a hard you have to pay back $175 billion. Okay, what if we print $175 billion out of thin air and that is what we pay to these countries. They get their $175 billion. We're free and clear. We're totally constitutional. We paid back all the tariffs. We collected the money. You made us pay it back. We paid it back. We inflated and debased the dollar as a way of doing that and making it less painful for us. Yeah. Right. Yeah. Yeah.

So, well, look, we'll see where we get on the ter obviously the the debasement and the money printing is going to do well on the market. Yeah. I think it's uh I think it's actually Thursday. Um or is it tomorrow? I think it's this week. Yeah, it is this week. All right, guys. Let's move on here. um into some NEO finance work here. Uh really we're stoked to cover some of this. Number one being stable coins. Uh it's been a turning point for stable coins. Stable coin supply has grown 33% over the past year. 37 billion. Um we're expecting a 50% plus year-over-year growth this year. Um I mean guys, we got custom stable coins. I mean this is it. This is fullon NEO finance. It's going to happen. Stable coins are a massive part of this sector and of this category. Cannot ignore them anymore. The global financial system cannot ignore them anymore. We're at 300 billion. We're going to get to 4 to 500 billion this year. I firmly believe Tether and Circle, if not just Tether and then both, we'll be at a trillion dollars of supply each by the end of this decade. So that's