Most cross-border transactions involve an FX component.

And so if you are the cheapest place for FX to happen, that chain will be a natural magnet for all these stable coin flows.

We want to be the cheapest place for T to C swaps.

You want to be the cheapest place, fastest place to do this Fiat stable swaps as well.

This is not what typically happens at a chain company. A chain company classically doesn't want to think this Fiat stable swaps as well. This is not what typically happens at a chain

company. A chain company classically doesn't want to think about Fiat. Why would you think about Fiat? I'm at a crypto company. Why would I think about Fiat? If you think about the reality of these systems, like how do you make it so that stable coins aren't just useful to the like people in crazy countries and like crazy situations. Well, you need to make the friction go down to zero. You need to make it so that moving

between a, you need to make the friction go down to zero. You need to make it so that moving between a unit of fiat and stables is frictionless on a cost and speed basis. You need to delete the border between fiat and crypto. So that's what we are focused on. We're staffed against that. We wake up every morning. We think about this. How do we delete

this border? Make it go to zero. Bankless Nation, I'm with Hounan, the co-founder and CEO of

Codex. Codex is a stable coin focused layer two on top of Ethereum. Howan, welcome to

Bankless. Hey, David. Good to see you. So you are working in a pretty competitive part of the market.

There's Stripes tempo. There's Circles Arc. There's plasma. There's stable.

Not to mention the deep incumbent to Tron. Competitive. Are you intimidated?

You know, I think there's a ton of competition if you think about it from the perspective of a VC

PowerPoint slide. If you had a category that said staple coin chain, you would have all these

logos. I think what that abstracts away is actually most of the reality and the detail underneath.

And the reality is that these different chains are pursuing totally different

directions. And I can just say for us, I can't speak for others, when we are going to market

against our customers, we don't really hear about any of these other chains. We don't hear

about plasma and stable because they've taken this sort of maybe more bear chain type approach.

We don't hear about arc or tempo.

Perhaps it's perhaps not quite clear exactly what it is they want to do yet.

And so we just see all these charts going up and to the right and we're growing a lot.

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