Neo Finance 'N7' Outperforming, Apollo x Morpho, Frax Joins The Show, Bullet Mainnet & Gmoney Calls

How the back the right now. I'm above the 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. He said it. He finally said it. So he's bullish. I'm bullish. We're boys.

H the B I'm the B. Hop up the back. How the 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. Yo yo yo. Happy President's Day, Rob. Happy President's Day to all the presidents out there.

Yeah, the president this time around doesn't really get much global support, so we're going to have to celebrate for him. Happy President's Day, Mr. Trump. No presidents. They really don't like Americans out there globally now because of Trump. Not great. Not great. Oh, yeah. Not great for the boys.

Yeah, he's in a tough spot here, but not a politics show, so How's your weekend, man?

Deep into that. It was pretty good. Finally some warmer weather down here in Florida. Florida was supposed to be warm. Finally gets back into the 70s. Was that was nice. Got outside, touched some grass, did a lot of reading. So that was pretty chill as well. And just yeah, overall had a good weekend. What about you?

Nice, man. I skied a bunch and I spent yesterday on Open Claw. I got my Chef Clanker robot here. I probably got to figure out how to get this guy to be recording my voice. I'm going to text him right now and say I'm on stream. How do I get you to record my audio? See what he says.

Basically, I've just been cooking on this. I don't know. I got it. I got him his own Gmail account. He's connected to my calendar, can view my calendar. He's editing Google Docs. I got him reminding me of stuff. He's sending me a daily news briefing and calendar update.

So I have a flight to Denver tonight at 6:44 p.m. it looks like. Yeah, man. just spent a good bit of time on Cloudbot yesterday. So, it was pretty fun. And one of the first things you did was give it like a Telegram handle so you could communicate with it via Telegram. You didn't have to bother with the command line interface.

Yeah. But then you end up just wasting a bunch of open AI or anthropic credits. So, I had to buy more credits. It doesn't just use the chat credits. It uses the API console. Yeah.

So yeah, we'll maybe I gotta set up granola, I think. Yeah. Yeah, granola and Kimchi. I think Kim or Kimmy is an open source model. And so you can rather than sending your requests to Claude, you can send them to Kimmy and save like an order of magnitude on tokens. Yeah. Yeah.

I can use Granola for this. And I've got Yeah, this thing has its own Google Drive, its own email, its own Telegram. It's pretty cool. So, clankers are coming for sure.

We got a sick lineup today. We got actually have G Money on as the last person. He was doing a lot in he was doing a lot in this kind of like open claw AI stuff, so I wanted to get him on. He he willingly wanted to come on and join. So, should should be fun. Bullet mainet as well. and our friend Sean from Fracks on Stabled Up.

So, that's our lineup today, guys. It's a Monday. It's a I think it's a day off in in the States, but but we're not taking the day off. So, we're here. We're live. Yeah, man. And so, let's get into it. We've got some things to cover, things that happened over the weekend and the end of last week. And we've got a rumor mill which has been cooking. And so we're gonna get into that as well. Very very speculative news section here today. Let's get into it.

First up, we've got Grayscale converting their trust into an ETF. And so obviously this is on the heels of the A announcement last week. The A will win proposal. as well as Stani's latest article describing his vision for A in the coming 25 years on track to capture 30 to50 trillion dollars by 2050 on the heels of the energy abundance movement transformation. He thinks a can be a financeier of energy abundance.

I I saw somebody say that you know it's bare market when protocols are positioning as Mesopotamia in their marketing. Paul Baron is in the chat says Robin Hood chain AI agent season will probably be epic. AI agents are still too nerdy of a topic. Definitely could could happen would be interesting for sure. Robin Hood chain is on test net as you guys saw from last week.

But yeah, I mean, Rob, this is this news came directly after the proposal. So, I could not tell if it was preempted or if it was part of kind of the broader push from a team. But yeah, man. I mean, look, we're this probably is going to go through. We're going to see more of these ETFs pass. I expect Aves to go through. I don't really think it changes much on the material demand side. Like, I mean, gives you some institutional access for sure. I think that's important.

But as we've seen with other ETFs so far in this bare market, doesn't really matter if you have an ETF or not, the market has not been that friendly. So, yeah, and the the part I'll push back on is, is the fact that Black Rockck's buying unis swap, we're going to get into Apollo buying, Morpho. Yeah. And I think with A's track record and and their current positioning, they're another prime target for acquisition by major asset managers and financial institutions.

Yeah, they're going to be listed under ticker GAV, 2.5% fee, and they'll use Coinbase as the custody as the custodian. This is the second firm after Bitwise to seek US regulatory clarity for the AV ETF and Gayscale is going to actually hold a tokens directly. So, yeah, A currently has a 21 shares ETP on NASDAQ, Stockholm, and Global X product in Germany.

So, hope this goes through for them. I anticipate it will. And yeah, it's this is a basic headline these days, but it's pretty incredible how far we've came that that we just are getting ETFs for crypto assets now. So, all right, let's move on here from the lovely A ETF.

A founder pitches 50 trillion abundant asset boom to drive DeFi. Solar energy could represent 15 to trill $30 trillion of tokenized assets enabling new lending and investment opportunities. Projects could tokenize assets like a hund00 million solar installations. Stani claims to borrow against them creating scalable lowrisisk yield for investors.

This kind of comes into our looping thoughts with regards to how arted way looping is going to happen and yeah could extend past solar into batteries, robotics, vertical farming, semiconductors and even 3D printing technologies. This was part of the show that we had with Stonnie. If you guys haven't seen that on YouTube, it is on YouTube. It is our latest video. Check it out. talks about his abundance thesis a bit and he also just wrote a post on it.

And yeah guys, I mean I think this is an ambitious goal. Could work out. Seems currently seems far-fetched. But you know, we shall see how how the abundance the f the powering the abundance trend happens. But what I don't think is far-fetched is the idea of tokenizing all these different types of assets and bringing them on chain and getting different types of yield opportunities and borrowing opportunities against certain tokenized assets that don't exist today. And I do believe a would be the place for that.

So yeah, it is definitely a a feasible idea in its current form seems farfetched. Putting aside the moon math of 30 to50 trillion dollars of abundance assets, this is the trend that we believe is going to continue. I spent some time on a horizon over the weekend looking at, you know, what are some of these funds that are leading in terms of collateralization.

A horizon being the RWA platform where, you know, you can you can lend assets like Superstate you can end tokeniz lend to tokenized treasury funds. I'm actually gonna pull it up now so I can kind of share with you guys what what I found which was that a lot of these things actually all of the assets that you can collateralize are not earning any interest. The primary benefit of a horizon is to generate liquidity off of these assets.

meaning that you know superstate tokenized treasury fund might be you know earning you four five six seven percent you're going to continue to recoup that because you own that fund you own that asset and it is still positioned in a you're not owning and there's no one borrowing these things these these things are basically securities they're regulated as such and so there's no one that's going to short these securities right but you can continue to earn earn the interest provided to you in these products as you collateralize them and borrow against them.

And so what what you end up having is you have you know $50 million of superstates crypto credit fund on a horizon and then you have stable coins upwards of $200 million of Ripple USD 80 million of which is being borrowed and this is what we're seeing as the unlock right and so if I own you know 100 million of superstate put it into a then I can borrow 80 million I can go use that to buy more superstate credit fund lever up on this product that's generating me four, five, six, seven percent.

I'm calling this institutional yield farming. I think that's an appropriate term for it. We've seen how these things go in DeFi. Are they are we going to follow the same path? I hope not. We don't want this to end in disaster, but ultimately the extension of credit onchain is continuing to drive more adoption into these products.

Kyle Sony had that tweet about it saying that institutional looping is going to be huge. I think he's right. I think he's on the right train of thought. I think that is the main use case. And so I think that these lending markets, these overcodized lending markets like Horizon, Morpho's Vault and Morpho as well and a couple others, yeah, clearly Apollo is going to be using Morpho. Clearly in institutions are going to want to be looping RWAS to get more yield and to get basically more Yeah. to get more credit against them.

So, that is that is the a abundance thesis. Let's keep it rolling here. Black Rockck Robin Hood lead Wall Street's DeFi breakthrough. Pretty crazy week last week, guys. If you were paying attention to the all the DeFi happenings, major Wall Street firms have advanced DeFi integration with multiple tokenization initiatives.

So, Black Rockck launches build token on Munis swap making its first direct defy trading integration with treasurybacked assets. Pretty big. This was obviously we saw the pump and the retrace on unis swap. The market was kind of excited about it but not nearly as excited about the a news or the morpho news as both of those tokens have held up quite a bit better. Those are part of our N7 index guys. If you've been watching my Twitter, I've been talking about the N7 outperformance led mostly by hype. Sky, Morpho, and now a really having a strong bounce off the lows as well.

We do not have unis swap in our N7 index. Just not just not part of what we're considering to be this next phase. I think that they can still do well in a bull market, but not something that that we're like personally trying to allocate to at the current moment. I mean, given it's a bare market, this outperformance thesis is tough to it. It's it's tough. it's it maybe it's even easier to actually have in the bare market. But you know, we'll see. We'll see kind of where that ends up.

Also, enabled tokenized stocks for DeFi platforms. So allowing basically what we're talking about here just now with a horizon basically allowing the tokenized stocks to be used in lending markets, vaults, structured products. Again guys, the big unlock for tokenization is is not just tokenizing assets. tokenizing these assets and using them in DeFi. So yeah, pretty big week last week for NEO finance, for tokenization as a whole.

Oh yeah, look, I I put a tweet out there. Tokenization is not the endgame, it's the beginning, which I think speaks to how this progression is going to play out. First, we have the assets represented on chain. It's, you know, you have a thing on chain in a void. there's nothing to do with it, right? Yeah. What is it? What is it really giving you?

Once you give some utility to these tokenized products, you're able to lend against them. You're able to extend credit. You're able to loop, leverage, deposit, all of these things, then it gets really interesting. And I think because we've seen DeFi play out over multiple cycles, we're in a very unique position to see how this is applied to to legacy financial instruments. meaning that a lot of this I think is going to follow a very similar playbook. It's just going to happen to higher quality assets.

And so we're going to see you know what what were the three components back in DeFi summer. If I remember correctly it was like every chain needs a DEX, every chain needs a lending market, every chain needs a yield aggregator. I think we're going to see a lot of that those same principles play out at the institutional scale. And so now you see Black Rockck going into Uniswap. All right. And then you see Apollo going into Morpho. And then you have the entire vault complex which is essentially yield aggregation.

And so I think we're seeing a lot of these same principles play out. They're happening at scale. And I think it would be worthwhile to kind of go back and think to yourself, what were the best performers in DeFi summer and try to reposition in the more modern institutional DeFi era for those assets and then position yourself for for upside accordingly. So, like every chain needs those. Every institution is going to need a DEX to have their products traded on. every institution is going to need a lending market to be able to facilitate the lending of their of their assets and the borrowing and maybe every institution is going to need a vault provider or a or some sort of like framework for that.

Yes. And but but here's the difference. It's not chain centric. I think it's asset centric this time. So you're right. Absolutely. Before every chain needed each of each of those components, but now if you look at Black Rockck and you look at Bidd, it's that is their vector. that is their portal to the onchain universe. And so they're looking at everything through the lens of Bidd, right? Bidd needs a decentralized exchange. Bidd needs a lending market where people can facilitate, you know, borrowing. Bidd needs a yield aggregator where you can deposit it as collateral and then source some yield aggregation around it.

So yeah, I I think we're going to see a lot of these same things play out. And ultimately I think there's there's probably an argument here to build out the N7 to like an N20 or an N30 or something like that because more and more teams are going to reposition themselves around this thesis. I think the seven that we chose were just steadfast. They've been building towards it since the beginning. We believe that they're going to be the outperformers, but there's going to be multip like unis swap, right? There's going to be multiple people that are going to be benefactors of this institutional adoption.

Yep. Yep. Agreed. Agreed. Bidd is an awesome awesome asset name by the way for Black Rock and Securitize. All right guys, let's move on. From the institutional neo finance realm. We have a Sam Alman tweet, one of the rare that we cover here in the AI world. Peter Steinberger is joining OpenAI to drive the next generation of personal agents. Open Claw will live in a foundation as an open source project that OpenAI will continue to support. The future is going to be extremely multi-agent and it's important to us to use to us to support open sources as part of that.

Yeah. Best comment I saw on this was that open claw becomes closed claw. Yeah. From autism capital or something. Yeah. because obviously OpenAI is closed source source you know not they're the forprofit company that you know they said they wouldn't become I thought it was funny that that this and this this announcement came out so I set up Open Claw on Saturday barely even set it up then yesterday I really really actually got into the weeds and set it up and got it live and now I'm just going to keep using it on all on my Mac Mini that I use for streaming and for the show and whatnot.

I I thought it was funny that that this announcement came out as I was setting up my open call. Like I'm like the early majority, not like the not like the pioneer, but like the early majority and then boom, this guy gets acquired. I think it's going to help the product for sure. They're shipping such fast updates to the product every day. Apparently Peter's been working like 18 hours a day or something crazy. But yeah, I mean kind of a fumble for Claude.

All of this stuff is in claude you know you use claude for I'm using anthropics model for openclaw but you can use any model for the like for your you can use any model on that's why I'm telling you to to switch to Kimmy and then you'll end up it it's just as good as Claude and you end up saving on all those tokens.

Really? Yeah. I I heard the all I can't take credit for this. I heard the all-in guys talking about it. Jason Calacanis was setting up his Clawbot instances for his uh for his company. And they actually give a lot of he gives a like a lot of guidance as to how he's setting it up given he's got a media podcast conglomerate of sorts. It's particularly useful for you know here at the rollup. And then he also talks about using Kimmy. They go back and forth about it.

Yeah, I've yeah I I've kind I've got mine slowly but surely getting dialed in. Right now, I'm just kind of using it as like a as like a I don't know. Claude was telling me to use it as a chief of staff. I thought that was kind of interesting. But I'm just like just funneling so many different ideas and thoughts into it, etc. But yeah, I guess you could just plug it into a cheaper model.

Look, I've got it running on Sonnet right now to save tokens on Claude, but you're saying, Kimmy, you can just get way cheaper rates than using Claude basically. And then and then you can instruct it to go use Claude when it's a very high value or high functioning task. Yeah. And it'll switch from the open source model that it uses for the grunt of its work over to a better theoretically better right. Marginally so better model when it when you know it's time to do a high ROI task. Yep. Yep. Very cool. Very cool.

Well, congrats to Peter and to OpenAI. This is definitely the best like kind of AI implementation that we've seen so far. I don't really think it's that good. I think it's pretty much the same as Cloud Code. It does have this heartbeat thing that's pretty cool where it like updates itself every two three hours. It like checks for anything that it needs to do. I've also not had it running overnight yet. So, maybe tonight I'll try to give it a bunch of tasks and and see if I can wake up in the morning to some sort of completion. But yeah, it's pretty cool. Pretty cool for sure.

All right, let's move on of Sam. Again, congrats to Peter and the and the team. Pretty pretty cool to see how you know Claude was just running away with the AI race and then and then OpenAI went went and hired Yeah, because apparently they were Anthropic was sending them legal lawyer letters and legal papers. and naming and all that. Exactly. That was why it went from clawedbot to openclaw. Because it was spelled like that and it was molt book that didn't really catch on. Ultimately they landed on clawbot or openclaw.

But yeah, it started off you know primarily using and running on claude and some some branding. It was just a fumble. I mean claude was doing so well. OpenAI was you know running commercials and advertisements in their responses. They were losing bad. I know. And then Claude fumbled and let o and open AI just struck the opportunity. So yeah, it's pretty crazy.

All right, so Jason Choy, Tangent co-founder, urges grads to optimize for rapid wealth creation, not traditional careers. This is like the whole get, you know, gamble your way out of the permanent underclass. Recommends high-risk crypto or stock trading or bootstrapping AI apps for fast aqua hires. He dismisses consulting and IB paths as they will become obsolete in the face of AI disruption. Frames this decision around a five-year AGI timeline that could perma nuke jobs.

This definitely aligns with aggressive AGI forecast from Sam Alman in the near term. Daario Amode as well 2026 to 2030 others. I mean, people in the comments were crit were questioning and criticizing the survivability post AGI capital access feasibility for non- elite grads. Like, this guy just makes it seem easy to just go and start hyper gambling from like 1K to mill. Yeah, I mean, there's this there's this big AI urgency narrative, real world actual constraints to the reality of this, like the difficulty that it really is to make this work.

Yeah. I mean, that's this is an interesting tweet and I don't know. I think it just kind of I I feel validated in the decision to drop out. I feel I feel like I feel like this narrative is way too overused though. Like the whole world's coming to an end because of AI and you need to get rich quick. I I don't really think it's the right way to think about it. But here we are.

Yeah, there's a few things I disagree with in this in this tweet. First is that there's going to be like this permanent overclass and permanent underclass once AGI hits. There's going to be people people that are using it. There's going to be people that aren't using it. There's going to be a middle class. Even if that middle class does start to decay and and and the wealth inequality gap does diverge, it there's still it's still going to the middle class is still going to exist in some way, shape, or form. Obviously, you want to try to rise to the top. And so, you know, harnessing AI to do that is going to be especially useful.

I I think hyper gambling is just that. It's just gambling. It's just as easy to lose the house as it is to it's actually much easier to lose the house than to to win it all. So I think that is a very unlikely path to success. More likely is you know we're going to see single team entrepreneurs. We're going to see more companies like Hyperlid that are doing extremely extremely well that have not that many employees. But it takes pretty specific domain expertise in order to apply AI well enough to gain market share in a particular industry to the extent that you can win a segment of the market. Everyone's got access to these tools now. You're going to need to do some pretty specific research into an area that you're hyperinterested in in order to amass enough expertise in that area to do well.

The other the other thing that I would I guess add to this tweet if I'm a fresh grad and even if you accept the premise about you know this perma nuking the job market which it you know is is a debate in and of itself is I think one of the more lucrative things that you can do is you can start to apply this software to the to the world of atoms like robots. I don't know if you saw this this video from China about like their dancing robots. The the difference between 2025 and 2026 was insane. Like 2025 they still moved like a robot, right? Like dude, yeah. 2026 they're dancing. They've got they're nimble. They're agile. They they're light on their feet. It's incredible.

I think starting to build for more of the industry using robotics and more like machinery is going to and and there was another video that I think applies to the same thesis. They 3D printed an entire boat and so they've got one one robot in this factory and then a giant printer like and it just spits out this boat. It's like a like a lifeiz boat. A life-siz boat. Yeah. And it's just this horizontal machine in this giant warehouse and it's just spitting out a boat. It's one one piece of like steel or metal and and it just spits it out. It's an incredible thing to see. I'm sure you're going to see the video. I'm sure.

And so applying software, like getting more involved into the machinery of these things and then applying AI to these worlds, like remember when AI first came out, the thing was like be a welder or be a plumber. I don't think that's the play. I think it's like use this software and AI to develop the the algorithms or the machines that 3D printers are going to use or robots are going to use, like build the build the philosophy for the robot is what I'm saying. Like it's going to be a software brain and a hardware body, but like the software still need to get it's going to need to be trained and optimized and programmed for certain robotic tasks. I think that is where there's a big gap in the market and if I'm a fresh grad, that's where I'm spending my time in Chinese warehouses doing 3D printing. Gotta love it.

All right, guys. We're going to take a quick standby, quick commercial break. We're going to get stabled up episode number 21 with Sean Kelly, the VP of comms at Fracks. We'll be right right back in just about 30 seconds. Let's get this show on the road. If if you're here watching on YouTube, guys, hit the like, hit the subscribe. We're live every day. We have ETH Denver this week. We got two more shows this week rolling into Nearcon next week in SF for more AI conversations and then the big upgrade in March. So guys, see you guys in just a second.

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Welcome back to another episode of Stabled Up, our premier weekly show covering the ins and outs of digital dollars, stable coins, and the future of decentralized finance. Show is made possible by FRA and FRA is powering the financial engine of the internet powering FRXUSD and genius compliant stable coins. This is the stable coin super cycle made possible by FRA. Now enjoy stabled up our weekly stable coin show.

Alrighty, Sean, what's going on, man? Welcome back to Stable Up, episode number 21, our weekly premier stable coin show brought to you by our friends at FRA with their F FRXUSD product, Fra Chain, and more. Today, we're talking with Sean Kelly, VP of partnerships and comms at FRAX about FRXUSD, yield forwarding, stable coins. We've been really bowled up on RWA looping as of recently as well. uh and just generally what we've seen in the DeFi market with Black Rockck and Uniswap Morpho and Apollo A's new proposal and just generally how this space is evolving. So Sean, good to have you on, man.

Hey, happy to be here. Absolutely. Well, would love a bit of an update from Fracks. I mean, I'm sure we we'll get into all of the things as far as how we're seeing some of the DeFi elements unfold. I I don't know if you caught maybe more in the beginning part of the stream. We were talking about institutional yield farming which is it that's what it feels like what's happening as these things are tokenized. you know the next unlock is incorporating them into some of the lending products lending market so that you can gain liquidity either use that buy another tokenized treasury put in another fund use it somewhere else. That seems like it's something that's starting to pick up steam now.

And before before we get into some of these institutional, you know, yield use cases, yeah, just would love an update on what's happening at Fracks, you know, over the last few weeks. I think we had Sam on earlier this year, but you guys are always cooking. So would love I'd love an update.

Definitely. Yeah. So 2025 was really a foundational year for us in terms of building the infrastructure needed in order to support FRAUSD growth. And then this year is when we're really going to start delivering on that growth. It's both from a DeFi side as well as a traditional finance side. So on the DeFi side of things, we have a peger strategy going where we pair with DeFi stable coins. And over a dozen protocols have chosen to pair their core stable coin with FRAUSD. And the reason they do that is they trust FRAUSD to be as secure as USDC or USDT, but the underlying yield goes into incentivizing liquidity. So it creates a more sustainable D5 ecosystem.

And that strategy expands beyond just peg keepers. It also goes into D5 protocols as a whole. We're talking with a lot of early stage DeFi protocols who want to build on top of FRAUSD as a core asset. But then also established D5 protocols like A is being FRAUSD is being proposed to be integrated into A and we're taking the underlying yield from there and using it to make sure that people who are holding for example a FRAUSD are getting at least the risk-free rate and also incentivizing esco holdings. So it's just a more sustainable DeFi ecosystem more productive more capital efficient and that's what DeFi is always looking for.

And then on the traditional finance side because we have these relationships with Black Rockck and Wisdom Tree and Superstate, we have connections to all these traditional finance institutions. So we're trusted in that respect and people trust our brand over five years of security in order to build on top of and so more recently we announced ATW which is a New York City investment bank. They put 50 million into FRAUSD to power some of their convertible payments. they're behind a lot of the digital asset treasury companies. But we're also cooking up some pretty large partnerships around stable coins and stable coin real world use cases and payments. As you've seen, all these traditional financial institutions are coming on chain. And they're looking for trusted partners to do it with. So they're not going to go with some new stable coin in order to do that. They're going to go with a name like FRA.

and and we've been talking to quite a few providers of vaults and kind of this idea of tokenized assets into vaults and inst institutions wanting to kind of get this oneizefits-all strategy into vaults that you know they want a set of smart contract parameters that allows them to get really good yields better than what what they can get in traditional you know in traditional finance and and you know then they want to do it onchain with you know trusted vault providers, risk curators and you know trusted assets etc. What's the latest on vaults that you're seeing from your side? You know, what's where's the interest at? What are the types of vaults that are interesting? What are you guys focused on? Give us a quick update on the vaults landscape as well. I think this has been pretty promising as of late.

Yeah. Um, certainly there's a lot of institutional capital looking for onchain vaults as well as yields. We have our own vault product SRAXUSV that we put into blue chip DeFi products. But I think you're going to continue to see new projects built around taking some sort of off-chain capital system and then bringing it onchain for yields. I think that stuff is super interesting. It's not something we're as focused on. We're we're very focused around FRAUSD as money and in the payment system and broadening adoption of that both in DeFi and Tradi. On vaults we're we're more just observing that space and like but specifically real world asset vaults is something that we're uniquely positioned to deliver on in terms of having the relationships with like securitize.

So, you know, the announcement that was just made about Bidd on Uniswap, we're actually one of the, you know, registered holders of Bidd. We're actually one of the top holders and we keep our Bidd on chain. And that's backing FRAUSD, but we're we also have the relationships with Wisdom Tree and Superstate. So, we actually basically have a a reserve backing of FRAUSD made up of multiple RWA issuers, which is pretty unique. And so when you think about needing to source liquidity for a bidd candidate for that because we have it on chain in size and we're able to move in between BL versus WTGXX or USB or FRAUSD. So there's some interesting use cases there as well.

And and as we see the development of more of these RWA focused vaults, right, we're we're you know, you guys have a lot of BL, you guys are, you know, able to collateralize FRA USD with the stable coins that are excuse me, with the treasury, the tokenized treasury funds that are underneath it. And and you maintain genius compliance that way. As you guys are thinking about your own reserve management strategy, h how do you think you will start to access some of these opportunities that are coming up like you know whether it means kind of getting more yield passing more of that yield back to end users of FRAUSD. Do you see a lot more of these vaults opening up where you can deposit things like Bidd or other, you know, tokenized treasury products? Will that increase the yield that you guys at Frack are generating on your reserves in turn increasing the yield on FRAUSD or or how should we think about you know the way these institutional products are deployed on chain?

Yeah, I think um the yield underlying FRAUSD is kind of capped at the risk-free rate because we back it with tokenized treasuries. I think where you would look to have enhanced yield opportunities would be on SFRAXUSD which is our our stake vault version. And because of our relationships with these real world asset providers, we you know may have some unique opportunities to access some of these products and for the underlying yield to our SFRAUSD holders. But for FRAUSD itself, it's really just the risk-free