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by the end of 2025, we, we believe that like stable coins will be a legal integrated part of the financial system, like pretty much really broadly.
I think increasingly over the next decade, people everywhere will be able to vote with their smartphones what economic system they want to participate in. And that is going to create complex issues, but I do think that that is a path that will emerge.
It just seems inevitable over the coming decades that there'll be like, because of the internet, because of digital currency, because of the proliferation of this technology, it's likely that there will be fewer major international currencies.
But equity is a non fungible token, there's a fixed number of shares, you can have share in the share register, you've got zero or whatever share one through share whatever, and they're non fungible tokens. And you can imagine a representation of equity as a non fungible token. And you can imagine an equity holder that's got proof of their ownership in an NFT in their digital wallet that can provide them other perks, other ways to interact with a brand to interact with a startup to be a stakehol
Now all the coin base has it.
So actually one of the coolest, uh, things that we saw, um, earlier this year was John Collison at their big annual conference got up and did his kind of one more thing, uh, uh, thing. And he basically said, Hey, look, um, you know, crypto is back, but it's, it's USDC and it's stable coins. And he demoed basically like in, in the Stripe checkout product, um, which they're rolling out. It's like a, it's like the product that you could just add as a merchant to your website or your app or whatever
some of these huge, um, crypto firms like, uh, Coinbase and Binance that have like 400 million users combined. Those are like kind of financial super apps increasingly where you can hold a balance. You can take your paycheck. You can have a card attached to it. You can do these things and, and they make it seamless to get USDC and stuff like that.
It just seems inevitable over the coming decades that there'll be like, because of the internet, because of digital currency, because of the proliferation of this technology, it's likely that there will be fewer major international currencies.
I think increasingly over the next decade, people everywhere will be able to vote with their smartphones what economic system they want to participate in. And that is going to create complex issues, but I do think that that is a path that will emerge.
Stable coins are like OTT money... more and more countries are actually putting stable coin laws on the books and they're figuring out like, okay, well, here's how a foreign issued stable coin, like USDC is going to be allowed to work in our country.
You don't see us going to China, trying to drive USDC. We can't do that. It's not, that would be funny, but it wouldn't work.
we're still super early days when you think about how, how large this phenomenon can be. Um, because we're, we're still, we're kind of like in the crossing the chasm metaphor, Jeffrey Moore's kind of thing. We're, I think we're kind of like midair trying to leap over the chasm right now. We're not, we have not crossed. We have not crossed the chasm. Things could still go bad and we could plummet. Um, but, um, but I think, I think we're gonna make the lead.
by the end of 2025, we, we believe that like stable coins will be a legal integrated part of the financial system, like pretty much really broadly.
stable coin networks like USDC are network effect businesses. They are, they are platforms that people build on meaning developers build apps to integrate to the protocol and the more apps that are integrated, the more utility the network has, the more people who have the digital asset, uh, the, the more utility the network has.
Now EURC is new, it's growing, uh, but it's, you know, we're, we're not at the stage where we have that sort of same exact structure as USDC, but we're optimistic about the, the potential for, for Euro stable coin. And, and, um, and, and of course we'll evolve to ensure, obviously it has to be legally compliant.
And so July 1st, we announced that we were the first global stable coin issuer to have both a dollar stable coin USDC and a Euro stable coin EURC legal electronic money in the European union and issued and made available in the European union itself. So it's both dollars and Euros that are under that regime. We're the only major company and global player with a dollar stable coin that is actually legally compliant now there.
the way we've designed USDC is sort of, you know, getting as close as we possibly can to like government obligation money. Um, and, you know, kind of this fully reserved. So people who hold are like, wow, okay, this isn't as risky as a bank deposit. This is like, you know, T bills and like, and, and basically, you know, cash that's held with the safest custodians in the world.
And now we've done it. Like, it's here, and it's happening. And as you introduced, right, it's sort of killer app of crypto, and it's really starting to take off.
But equity is a non fungible token, there's a fixed number of shares, you can have share in the share register, you've got zero or whatever share one through share whatever, and they're non fungible tokens. And you can imagine a representation of equity as a non fungible token. And you can imagine an equity holder that's got proof of their ownership in an NFT in their digital wallet that can provide them other perks, other ways to interact with a brand to interact with a startup to be a stakehol
USDC, very clearly cryptographic dollars, and we can come back to talk more about that, but really with this goal of establishing a protocol layer for seamless, inexpensive, instant global, you know, value exchange with dollars and eventually other fiat currencies as well. But then, you know, building around it are these other things, which is what if I'm a business that wants to store it, and I want to connect existing financial networks to it and take traditional payment instruments, but have