00:00 Speaker A
Just going back to what I, uh, what I talked about in our earnings call, which is we definitively operate the largest regulated stablecoin network in the world, and we’ve built extraordinary moats in liquidity, in our global footprint, in the technical infrastructure, and then critically, in the partnerships.
00:26 Speaker A
I think one of the things that we talked about is, uh, you know, we have several thousand companies that are already operating and building on the network, over 150 companies that we have distribution relationships with that are economic in nature, where they’re incentivized to build and grow.
00:46 Speaker A
And I I also would say, uh, you know, many of the firms who are, you know, involved or thinking about supporting other stable coins are already, 70% are already actively, you know, building with Circle. So, I think we feel very good and in fact, um, our most important partners are doubling down and are investing more and really stating quite publicly that their goal is for USDC to be the number one stable coin in the world.
01:13 Speaker A
So I think we feel very good about uh about that position and I I kind of laid out the strength of the position that we’re in today. And I think the the bigger point here though is that um, you know, we’ve been building towards this moment for about 10 years, which is federally regulated digital dollars that are part of the financial system, where major firms, financial institutions, uh corporations and others are going to build on this, and we are the best positioned company in the world for that moment.
01:41 Speaker B
Do you see that what that other consortium is is building? Is that more of a, I guess, a a separate separate payment rail and not maybe a really a competitive threat to what you do?
01:58 Speaker A
You know, I think actually there’s some data that actually came out yesterday that looks at sort of the adoption of of different stable coins and how they’re used in actual payments. There’s the visa data where, you know, at the end of June, uh USDC was 70% of stable coin transaction volume. The rest was basically USDT and everything else just falls off a cliff.
02:20 Speaker A
But there was other data that came out. Uh there’s been a huge number of consortium coins and other coins and other things that have launched over the past couple of years. And while they might have a billion or two or three uh in circulation, they’re not actually used. They’re not they’re not transferred much, they’re not used much. And so what we’ve just historically seen is that for for for the network utility and payment utility and as a as a form of capital in markets, USDC stands above the rest uh by far.
02:51 Speaker A
And so it remains to be seen what any new uh what any new stable coin is going to be able to accomplish. Um we welcome the competition. We think having clear regulations around the world invites competition. But we also feel that uh with that regulation comes a significant expansion of the market where this this will grow from where it is today, several hundred billion of stable coin in circulation to trillions in the coming years. Uh and so we’re obviously trying to position ourselves to maintain and grow our share of the market as that market continues to expand.