Good morning, everyone. Welcome to another Tech Tech Plus live stream. I'm thrilled to be joined by Matt Ballin Swain.

Did I say that right?

That was pretty good.

Okay, good enough. Genesis Trading's cohead of Trading and Lending, Matt, it's great to have you with us today.

You're coming to us from New York, right?

I am. Yeah. Thanks so much for having me, Deirdre. It's a pleasure to be on the show. And yeah, I'm coming to you live from Williamsburg, Brooklyn, New York. There we have it. So this discussion today is going to be a neutral one. We're not going to take big positions. We're going to talk about the bull case and the bear case for stable coins, which can be a very controversial topic.

And to be very, We're not going to take big positions. We're going to talk about the bull case and the bear case for stable coins, which can be a very controversial topic.

And to be very clear at the start, Genesis does not, you do not have a position on tether or any other stable coins.

You guys simply execute a trade. Is that correct?

Yeah, that's absolutely correct.

So Genesis is one of the largest institutional trading firms and market makers in crypto. And we're not in the business of taking a view on these assets, right?

Whether it's really Bitcoin, ETH, or any stable coin for that matter.

So we're simply, you know, playing the role of liquidity provider in this instance.

And we're facing off against traditional institutions that

want to express a view and then other crypto-native institutions that kind of can take the other

side. Right. And the reason we're talking to you today was there was this Wall Street Journal

article that took a look at more short-selling interests in stable coins. First, Matt, you know,

is that because you guys have seen more interest? I know that you have in the past and you've said that investors have backed away from that trade,

but you've seen more interest in the last few weeks. Is that correct?

That is correct. Yeah. We've seen a fair amount of institutional interest in the short tether trade for a few different reasons.

But yeah, you know, to allude to your point,

there was an article in the Wall Street Journal kind of speaking to that the other day. And, you know, I think there's just a lot of buzz in the market around this trade because it can be so polarizing. And there's so many different kind of viewpoints and opinions out there around, you know, is it a good trade? Is it a meaningless trade? And, you know, that being

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