Fifth Third Bank: Stablecoins, the Ultimate Instant Settlement Payment

Sy Taylor  0:10  
Welcome to Tokenized, the show focused on stablecoins and the institutional adoption of tokenized real-world assets. My name is Simon Taylor, your host, author at FinTech Brain Food, and head of market dev at Tempo, and I'm joined as always by Ryan Goldenstein, aka Goldie, aka the VP of all of the goodness that is Fireblocks. How are you doing, Ryan?

Ran Goldi  0:31  
I'm great. I'm great. You won't believe it, Simon. They promoted me to be a Chief Payments Officer now.

Sy Taylor  0:37  
Are you a Chief Payments and Network Officer? I didn't catch that in the notes. Like,

Ran Goldi  0:41  
I'm telling you, they're like giving titles to everyone these days.

Sy Taylor  0:44  
Ah, well, um, long overdue because we've been telling lots of stories about lots of your, well, lots of your clients, lots of your friends in the industry. You are the originator of the term stablecoin sandwich, and for that alone, you deserve the upgrade. But we're not alone today. We are joined by a phenomenal guest on Stablecoin Stories. This is Igor Istratov, who leads digital assets products at Fifth Third Bank with a focus on Newline, the embedded banking business. Igor, how you doing, sir?

Igor Istratov  1:11  
I'm good. Hi, everyone.

Sy Taylor  1:13  
Good, good. Excited to have you on because Fifth Third New Line, super interesting business. But before we jump in, Goldie, why don't you just remind everybody what Stablecoin Stories is about?

Ran Goldi  1:24  
Yeah, well, this is not just another podcast where we take five bits of items and we bring famous people from famous schemes and and we interview them. No, I'm kidding, Simon. That podcast is amazing. This is actually a spinoff of that, where we want to tell the stories behind what's happening because the world is filled now with stablecoins, and we'll talk to Igor. The world is getting filler, filler with tokenized deposits. But there's there's issuers. There's all the use cases. People are waking up to this new reality of stablecoins. We want to tell the story behind the coin. And again, we've been doing this for a while. We've talked to remittance companies, to PSPs. We've also talked to to banks in the past, but today, well, we're going to talk to Igor. Igor is from Fifth Third, which is again one of the top 10 banks in the U.S. They have almost $300 billion in assets, more than 240 billion in deposits. They have more than 1500 branches across the U.S. Simon. Right, so there's no way you're going to get coffee without seeing a fifth third. And what's most interesting is they're processing more than 18 trillion in payments. And when this bank goes into stable coins, we want to hear why. We want to hear the story. We want to uncover this, Igor. I hope it will be fun for you as it is for

Sy Taylor  2:40  
us. Indeed. So before we jump in with Igor, I just got to remind viewers and listeners that views and opinions of our contributors today are their own and might not reflect those of companies they represent. Please don't take anything we say as tax, legal, or financial advice. Please always do your own research. And a reminder that, of course, this podcast is made possible by Fireblocks and Visa.

Ran Goldi  3:01  
Igor, let's kick it off because there's a lot we want to ask you. Thank you for coming in. I know that you know the you're you're now a banker, right? I I also brought my suit. I'm not wearing it, obviously, but just you know for people on video to know there is one. But you've been on and off in the digital asset space, but really you've been around this for a decade, right? So you've been to banks, you've been to fintechs, you were product lead at J.P. Morgan at the blockchain team. You were head of crypto business at SoFi. You tried to avoid crypto sometimes, but you also went into digital asset company that's now you know running Canton across the world. I guess what brought you into this space, and and what what happened there? Like, did you were your parents pissed off every time you went to a crypto company? So you had to go back to a bank, but then crypto picked up again. So you went back to a crypto to a digital asset company, and you ended up settle on probably one of the largest banks in the world now doing digital assets. Tell us how you got here. What's keeping you here?

Igor Istratov  3:57  
So let's start with with that. That my parents don't really understand what I do, but honestly, what's in the focus is using tech to strip friction out of payments, lowering costs, improving the customer experience, and solving problems the industry has lived with for decades. And look, at J.P. Morgan, I was on the blockchain side of wholesale payments. We started as a small team, figuring out the strategy, piloting the tech, and eventually building it into a full product suite for clients. And at SoFi, I got the consumer view. People wanted instant funding and a clean experience, and they wanted it now, not tomorrow. I've seen both ends of it: settlement and money movement at global scale, all the way down to what one person feels when they hit send button. That's what keeps me here. When Tac actually fixes something, a client feels a payment that arrives faster, a lower fee, and less uncertainty overall.

Sy Taylor  4:59  
Makes a ton of sense. That I think that journey is one that would confuse people because back into banking and into crypto, trying to make sense of it all has been a huge difficult thing that I've had my whole existence. I don't think my mum knows what I do either. So how how are you making sense of it now for your colleagues in Fifth Third New Line, like what is it you actually do, and what is it that your company is trying to do?

Igor Istratov  5:27  
I lead digital asset product partnership and regulatory engagement at Fifth Third. Newline is where the digital asset innovation actually happens. Newline is our API first embedded finance platform that lets enterprises launch payments, card, and deposit products directly with Fifth Third. It's built like a fintech, but on top of a top 10 bank balance sheet, and that is the whole point. If you are a stablecoin issuer or an exchange, you shouldn't have to choose between a good APIs and the real bank today,

Sy Taylor  6:04  
I think it's so fascinating because Newline is the story that people don't know about, right? Like it's there's this whole other layer above the banking tech stack. Whereas I think a lot of banks have tried to build APIs inside their organization. You built a new company that's like by Fifth Third, but it has its own tech stack that that faces out to the market. So I'm guessing that fits in quite nicely with a lot of what you've been doing with embedded banking and other things. But Goldie, we like to talk about stablecoin stories, don't

Ran Goldi  6:32  
we? Well, we do. I mean, talk stablecoin to me. You know, that's that's our motto. That's what I have on my car. So, Igor, I guess the follow-up question to all of this is that you know fifth third leadership called stablecoins you know the ultimate instant payment, and as you said that was one of the main problems that you know you as as a product person and all these banks were facing as well, right? But when do you think that that shift have happened in the minds of leadership of banks from this is another periphery, this is another you know corporate issued money to something we actually want to adopt.

Igor Istratov  7:13  
I think the conversation really changed over the last few years, and it changed when client demand stopped being about crypto exposure and started being about operational efficiency. Today, clients are asking why payments take days to settle, why they need to hold cash in multiple currencies, and why money cannot move 24/7. And that is what driving interest in stable coins. The demand isn't coming from crypto companies; it's coming from commercial clients outside of the crypto space, looking for faster payments, lower cost, and better cash management. I just want to pick on the numbers that you shared about the banks because I don't want to wave the flag, but the scale of the bank is very relevant variable here. Put it in the context of the market. The entire stablecoin supply is about what? Like you can argue with me, but based on the latest reports that I've seen, is about 300 billions. Our commercial payments volume alone is many multiples of the entire stablecoin economy. So when we are looking into that space, it has to fit inside the same risk compliance operational framework that we've built for other assets, and there is no side experiment at that volume size.

Ran Goldi  8:36  
But this is where skeptics ask, and I have to ask as well. And I don't know if there's a good answer to this. Like, okay, people want faster payments. It doesn't have to be a stablecoin. Maybe needs to be, you know, a combination of other technologies. Maybe a Zelle-based solution or some other, you know, payments creator, a faster Swift or tokenized deposit. That's a different. Like, why do you think right now we are positively and obviously I'm happy about this? I've been trying to push for this for a decade, but like why do you think there's disagreement right now with this technology? Is it because it's the the regulation is finally here? Is it something else?

Igor Istratov  9:17  
I think there are two things that converged that there is a real pain point on the client side and the regulatory clarity. On the client side, let's say we use cross-border as an example. So we see real settlement delays and valuation uncertainty between initiation and lending of the payment. And on the regulatory side, clarity matters, and we've seen that OCC unlocked interpretive letters confirming that national banks can provide crypto assets, custody, and related banking services. And the Ingenious Act established the federal framework for payments for stablecoins, and the combination of both. Move this from watch it to do it, and banks don't move on ambiguity. We've seen that perimeters is defined, right, and it's cleared. So now we can operate inside of it.

Sy Taylor  10:12  
Yeah, the perimeter got a lot clearer very soon. Although we didn't get the Clarity Act, I think for stablecoins, it's it's very much there. And I think it's interesting that for fifth third, I think digital assets started as a customer segment, and those customers were looking for certain things from you, and maybe they wanted that 24/7 cross border, and you follow your customer to them to some extent. But what does Newline actually do today with those customers? Like, what products do you offer? What can somebody do when they come to you that they couldn't do with somebody else as easily?

Igor Istratov  10:46  
Totally. If you think about the actual account structure in the business for a digital asset company, it's way less exotic than people expect, and that's kind of the whole point through our embedded banking platform, Newline, you end up with full buckets: operating account for the company's own cash, payrolls, vendors. It's completely walled off from customer funds. Second one is settlement accounts for fiat settlement with exchanges, liquidity providers, and payment partners, which what gives you a clear path for reconciliation with high volumes? Third one is reserve accounts holding the fiat behind issuance, circulation, redemption with real transparency and control movement between reserve and settlement. And the fourth one, and that's the most interesting one, an FBO account or custodial account. It's where eligible customers' fiat sits separately from company's cash with records down to the customs level. And as a whole, Simon, none of that is new banking. It's just plumbing that has to be done right before anything interesting happens on top of it,

Ran Goldi  12:03  
but you're saying plumbing, and this this is interesting because you know we're building all this plumbing together. And again, I salute every bank that steps into digital assets, but definitely a bank that has, I would say, I'll just say I'll say like a lot to lose, right? Like Fifth Third Bank that's stepping into this, but aren't stablecoins thought of as a you know deposit risk, deposit fly risk in a way, right? Like, how are you guys thinking about this? Is this is this a hedge? Is this thinking you know let's not mind ourselves with deposit risks? Like, let's bring the best value of a product of money movement to our clients. Where does the bank sit with those thoughts?

Igor Istratov  12:45  
It is a risk and opportunity at the same time. It helps us to reframe reserves as a capital market question, not just operational one. It helps us to reserve asset sides of the market, and we see that it's real and it's growing, and the deposits back and has to sit somewhere with proper segregation, control, and reporting, and that's the banking function, and that's what we should do, and that's what we want to do today.

Sy Taylor  13:11  
If you back the stablecoins, they're not flying from you. You are the deposit holder of those stablecoins, and by leaning into stablecoin as a payment method, you have a right to win those balances from those from those very large and growing issuers who need somewhere to put those deposits, and and I think that for so long ago people have missed that payments is the probably the growth engine for most of the banks that are performing really really well, especially on the corporate side. But you talked a little bit about that cross-border payments as a use case there. I'm interested in like where stablecoins fit into that picture and who fall. Like, is is a mid-sized business in Ohio using stablecoins for cross-border because they're a manufacturer, or is this much more you know just the digital asset industry, and you're serving them as a big client base.

Igor Istratov  14:04  
It's both at the same time, Simon. Like if you think about your example about mid-sized manufacturer in Hayup, they send payments to suppliers in Asia. Let's say Thailand. Thailand is a big corridor for the cross-border payments, and they face a lot of friction today. They send a wire, it moves through corresponding banks. It's somewhere in the chain face a cutoff time or a weekend, and then days later they get the confirmation receipt, maybe. And that also comes with the FX movement that can combine over top with uncertainty about the fees, how you charge on the FX side, and nobody can say exactly where the money movement is happening right now. So stablecoin settlement component helps to solve that. It gives you that near real time movement, knowing value of the time of the transaction, and real trans. Traceability, where you can see how payment is moving and settling in real time, and I think in that example, a lot of our clients they really don't care that it's a stablecoin. They care that the money arrives today, and they want to know the cost of it in real time. So they want to see the real value behind the technology that we use at the bank.

Ran Goldi  15:26  
Yeah, and and you said about technology. I was you know I was reading your LinkedIn prior to you joining us, and and you said most debates in crypto focus on technology. The harder question is trust. For the last decade, crypto has asked, "Can we bank without banks? The next decade may be spent answering, "What does banking look like in a world of digital asset? So, should I read between the lines, saying, "You know, everyone was asking 10 years ago, 10 years from now, who's going to be the J.P. Morgan of crypto? And I was sort of telling everyone, guys, it might be J.P. Morgan, you know, but are you actually saying we're not going to get rid of of banks, especially not you know the largest of ones, because we're adopting this, and now we need to learn how? What what do you mean by those statements?

Igor Istratov  16:13  
Yeah, I think look, the technology part is not the hardest one, and then everything around it is. You need to figure out compliance and section screening for on-chain counterparties. You need to build the liquidity management when the rail runs 24/7 and your funding windows don't. Reconciliation and reporting that need to satisfy both clients, treasury, and your regulators. And client readiness. This is a good example, most treasury teams that we are talking today are not set up to hold or manage a digital asset. It's simply the fact. So the bank has to absorb that complexity. The last one is also the governance that is also brings the complexity into that equation. Every one of those programs goes through the same risk, legal, compliance, audit reviews as any other product of the bank. Yes, it is slower, but at the back, right? But it's also the reason a client would choose a bank for this in the first place, and that's why they come to us.

Ran Goldi  17:18  
So you mentioned like basically a lot of these are the hard parts that you need to do as a financial institution, and I guess you know it sort of relates to what you said before. You said the the value of the payments you move is by a factor, a few factors, probably bigger than the entire market cap of stablecoins today. So, so when you bring this into your ecosystem, and again, let's say you turn on stables and you want to move the same 18 trillion, is are those the difficult parts that you just mentioned that you need to turn on into a bank? What what's the hardest part when you bring this?

Igor Istratov  17:57  
Yeah, I think the the hardest part is really figuring out how to operate it at where the client is, so we need to provide the product support around the clock, and then we need to provide the staffing around the clock, and we need to make sure that all the controls are at the same level. Because when you bring the new rail that operates differently compared to your traditional banking rails, you need to figure out everything around it to make sure that it all works in sync, and it complements other rails that you already offer today for the client.

Sy Taylor  18:29  
Speaking of those other rails, though, like we have real-time payments, we have same-day ACH, we have Fed now. We probably got almost too many rails, and so one can you realistically operate these the same way, or there are some nuances here, like because it's it is slightly different technology, I think, versus ISO messages. But but two, like are these complementary, or does like stablecoins just gradually start to eat volume from those? Like, what was your hypothesis on on where these things fit together,

Igor Istratov  19:02  
Simon. I just I just want to say that I don't think that we will ever have too many rails in payments. I'll put it this way, but to answer your question, it is complementary, and the whole tension that is speculated right now is really overstated. Domestically, real-time payments and FedNow are excellent. They're final, they're instant, they're well understood. Where stablecoins are generally differentiated is cross-border payments, multi-currency accounts, where corresponding banking dominates this stage. I would say the right framing is that stablecoins are another rail in the portfolio, and a lot of times, not always the case, but the client shouldn't have to choose. The bank should route to whatever rail fits the payment. Rail agnostic money movements with the bank handling the orchestration. That is the perfect state for a lot of treasury teams today.

Sy Taylor  19:58  
Ah, makes a ton of. Sense like I I don't want to be thinking of payment rails. I want to be thinking of I need the money to get to that person that business ASAP, or I just want to get paid. And and interesting to see that that development. Look, I'm just going to take a quick pause here while we hear from our sponsors. And of course, this podcast is sponsored by our friends at Fireblocks. Stablecoin operations usually mean a wallet from one vendor and on-ramp from another, and then controls stitched together across all of them. Visa's stablecoin platform fixes this fundamentally. You can mint, move, and manage stablecoins across OpenUSD, and you remain your own custodian, all in one single environment. Then, stablecoin linked cards let you spend balances anywhere Visa is accepted. That's Visa, the global leader in payments, and of course, sponsor of this show. You can find out more at Visa.com forward slash crypto. Tokenized is also sponsored by Fireblocks. Fireblocks is the stablecoin infrastructure of choice for global businesses from Visa to WalPay to Bridge to Revolut. With over $100 billion in monthly stablecoin volume, Fireblocks powers stablecoin strategies at scale with infrastructure that enables PSPs, fintechs, remitters, and banks to issue, move, hold, and manage stablecoins. It's all done securely at scale with secure built-in compliance. With Fireblocks, you get complete control to build your own stablecoin orchestration layer, create payment accounts, manage liquidity, and access on and off ramps in over 60 currencies makes it easier for you to build and scale and expand your business globally. Learn more at firebox.com.

Ran Goldi  21:53  
Thank you. And you mentioned actually something interesting. There's a lot of companies in the space, Igor, that are trying to solve the treasury management problem, and they're coming into this space saying there's fiat treasury. Now we're bringing all these companies, whether they are remittance companies or payment companies, we're introducing them to a world of digital asset treasury, and now they need to source USDC for this here and USDT in this continent. And what you're saying maybe is like, okay, it's great that these companies are you know creating startups and getting funded and creating this middle layer, but maybe over time it will be the banks who will provide that to their clients, and they won't be needing in this middle layer because it's translating something today, but might not be needed in the future.

Igor Istratov  22:45  
It's true on both sides, right? Like if you think about the middle layer and the companies playing in the space, it helps us to understand the space. If stablecoins grow and banks are not a part of it, deposits migrate and banks lose the relationship. That's just a fact. But reserves have to sit somewhere, redemptions have to clear somewhere, and issuers need to operate and settle. And that is a banking business, a fee and deposit opportunity, not just like a simple threat. A market that concentrated needs more regulated banking capacity, not less. The risk is just not in the new product or the stablecoin space. The Fed is not just coming from other players in the game trying to provide the middle. It's just about banks sitting outside of that opportunity without taking the action.

Sy Taylor  23:34  
Yeah, I think banks being outside the opportunity was something you sort of covered earlier on, and we know your CEOs looks at stablecoins as a greenfield opportunity. You see digital assets as a client space. We talked about you know deposit flight, and you said no. Actually, this is something we're bringing in. So, how do you think about partnerships with the digital asset industry whilst also maintaining the network you need, frankly, of other financial institutions because you're part you're in some consortia as well, you know, sort of with TCH and many, many others. Is that an intentional part of your strategy here? That you sort of a bridge between these worlds, and how are you thinking about partnerships on both sides?

Igor Istratov  24:12  
Partnerships are great, and and we are there to provide the support and then the subject matter expertise and share the vision of what banks actually need in the tokenized deposit space and stablecoins, but when you look into the partnerships, no banks build this alone, never, and no fintech does it either. The ecosystem works today as it works because the pieces are specialized, and we see issuers that are doing it the best. We see custody providers that have done it for a decade at this point at the institutional level, and we see infrastructure providers on and off from providers, processors, and we see that the data laid is coming up as. Increasingly important one too, and our role is the regulated fiat foundation for all of them, and the orchestration around it. So the orchestration is accounts, rails, controls, reporting, and partners bring their on-chain capabilities, and then we do what we do the best because the clients want all of those pieces feel like the same experience, one experience, and the integration help us to provide that seamless experience to the clients. And then it's less visible to do that integration with partners, but it's actually most of the work that we do behind the scenes.

Ran Goldi  25:41  
I have to say, I love hearing this from you, obviously, but because you know now this is the song that a lot of banks are singing, and it's it's amazing. But it was such a tough journey, and again, you are here for a decade. You know this, but you know, even for Fireblocks, it took us seven years to get to 20 banks, and another year to get to 150 banks running on Firebox, right? So it's it's very different in recent times, and and again, a lot of banks are trying to make this leap. And you said so yourself, right? You you talked about how banks need to leap rather than you know cede leadership to the non-banking sector, right? Where a lot of these fintechs are, in a way, taking advantage of of this technology because they can, you know, maybe do some regulatory arbitrage or maybe they can launch features faster globally or whatnot. But what does it mean for you when you build a team today in a bank and you need to compete, and you need to lead. And when you're building that team, and when you're thinking about those products, like, are you thinking, hey, maybe we should think about non-custodial embedded wallets? Maybe we should think about DeFi trading with Hyperliquid, right? How constrained can you be, and how are you thinking when you're building those teams today?

Igor Istratov  27:00  
First, I just want to say that I agree with you, Goldie. Like I've seen how these places evolved, and then I started to work with infrastructure providers years ago when nobody had a real institutional great offering in that space, and then we had to define like what rules do we need to support the institutional use cases, and Fireblocks was there along the way, and then we've seen how you became the essential infrastructure provider that piping the industry, and that it's great. So we grew up together like through these crypto winters and different ups and downs of the industry. To answer your question, what does that mean? And to build a team today, I think you need to hire people who are bilingual. And what do I mean by that? People who understand both the protocol layer and the regulatory layer, and don't flinch it either. The failure mode on one side is a team that can build anything but cannot get it approved. And on another, and on another side, it's the team that can navigate governance, but doesn't know what what is technically possible. You need both in the same room, and the truth is, you need people, you need product people willing to sit in risk committee meetings, and that is the actual drop. A lot of times,

Ran Goldi  28:22  
I never met one of those. But yeah, if you find them, it's a unicorn. Hold on to those.

Sy Taylor  28:28  
Yeah, they they exist and they're saints, and yeah, you you got to hold on to them, especially somebody who's come from startup land but can work at a big bank or vice versa. Those bilingual sort of characters, I used to call them day walkers, based on the movie Blade. You know the vampires that can walk in the day. It's it's it's a similar idea. I saw a killer stat in the Cap Gemini World Payments report that dropped just today because I'm that much of a payments nerd. That apparently 60% of corporate treasury leaders would be open to taking stablecoin solutions from non banks, which says to me again, your point about don't cede that territory is going to be really, really crucial. And of course, zooming back out to 2023, we had the banking crisis. We had Silicon Valley Bank. Circle was caught up in that. We had Signature and Silvergate. But you guys did quite well out of that situation are a very different capitalized bank. So, how do you think about building that operational resilience that you were sort of alluding to when talking about the infrastructure here to be able to last through the next crypto winter and the next liquidity crisis?

Igor Istratov  29:38  
I think same playbook. Explore the capabilities before you need it. So when the moment arrives, you are executing rather than start designing it. Ready for a bank of our size doesn't mean we are announcing everything every day. It means the account structure exists, the controls are tested, the. Partners are vetted. The regulators understand what we are doing and why, and we've run real volume through real flows with real condomies. And when the client comes with the real use case, the answer is more about the timeline, not just the feasibility study that we need to complete and assess that. And then we've built all of the pieces that we need to support that on the new line side today.

Sy Taylor  30:25  
I remember being at a bank in 2016, having to just start some of this work, and sometimes it takes a very long time to get this stuff to production and to get those results going. And it's you know now here we are a decade later, and you've got banks like Fifth Third and New Line really leaning into it, but that's not every bank right now. So, if you have to make a case to a skeptical banker who thinks this is that's just the crypto stuff, you know, this isn't really a commercial banking story. What do you say to your colleagues and your peers?

Igor Istratov  30:59  
You start with the real volume, and then you start with the volume and understand where it sits. Most stablecoin payment flows is business to business payment today, including service fees, payroll, supplier payment, and that is not a trading ledger. That is a commercial banking book. It's just being written somewhere other than a bank, and I would ask a few questions to a skeptical banker. Do your clients complain about settlement times? Do they park idle cash because they cannot move it fast enough? Do they want payments to clear on a Saturday or Sunday? If the answer is yes to any of those. Yes

Ran Goldi  31:41  
to all. Yes to all.

Igor Istratov  31:43  
Yes, yeah. So you are already in the business. You just haven't picked your use case and the real, and that is a banking history that is pretty clear today. Like you, you have to control the relationship and the settlement layer in the back, and it's not even an argument in the crypto space is just the franchise argument at that point.

Ran Goldi  32:04  
I'm so happy that Igor that you find yourself at Fifth Third, honestly. And again, I know you had you've been in the space for a decade in various roles, but I honestly just genuinely happy that you're one of the people who are leading this in one of the 10 largest banks in the U.S. Unfortunately, I have to ask you the final question that we ask all of our guests 20 years from now. Igor, stablecoins, everything we're doing here, everything we've been talking about, are they just another story? Just another, you know, something to tell our kids about what we played with before something else came, or are they a fact moving the financial system?

Sy Taylor  32:45  
Kind of like NFTs,

Ran Goldi  32:47  
kind of like NFTs, kind of like my hair, right? Like, is it is it a story or is it real?

Igor Istratov  32:54  
Yeah, let's put me on record and then circle back 20 years after and then see where it is. I think it's it's a it's a it's a real story. It's a fact. I think it's a boring one that, which is probably the best outcome in 20 years. Nobody will talk about stablecoins, in my opinion. The same way nobody talks about sending an ACH file today.

Sy Taylor  33:17  
Well, I do, but I get your point, right? Like people don't think about the ISO 20 or two two upgrade over breakfast very often. There's only a small subset of us that do. Most corporates don't, for sure.

Igor Istratov  33:28  
Most corporates don't. That's true. I say like another example. Like nobody says I looked it up on the internet. At the general speaking, like right, we just like point straight to the point. The internet is not a thing that we use on a daily basis when we refer to these specific things that we found online. It will simply be how money moves: tokenized values settled in the background with banks doing what they've done best, safeguarding reserves, managing risks, ensuring money is there when it's needed. The story is how we get there from here to there, and that is just the fact. On one point, we'll we'll be there.

Sy Taylor  34:10  
All right, Igor. Well, that is a great point to leave it on, and we'll come back in 20 years' time precisely. And if we're all still alive, God willing, then we'll we'll be in good shape. Look, thanks everybody who's watched and listened. I really appreciate it, Eagle. If people want to find out more about what you're doing at New Line and Fifth Third, where do they go to find out more about what you guys offer?

Igor Istratov  34:33  
They can reach out to me on LinkedIn directly, or they can reach out to me via email. It's essentially my first name.my last name at 50 three.com.

Sy Taylor  34:44  
50 353. There it is, Goldie. How about you?

Ran Goldi  34:48  
You can find me at Rangoldy on LinkedIn or Rangoldy on X, or if you go on IRC or have a BBS server, you can find me randgoldywarsdownloadserials.com.

Sy Taylor  34:59  
Love that! Make a note of it, people. BBMs, BlackBerry Messenger, what a throwback! You'll find me at SY Taylor on all of the socials, screaming into the void at brainfood.xyz, and of course at Tempo.xyz, where we're just about to cook. It's getting very exciting out there, folks. Stay locked to this podcast for more stablecoin stories. You can do that by subscribing, sharing, leaving us a review, liking if you are using YouTube. Thank you very much, and we'll catch you next time.