Mike Belshe - Building for the Future: On-chain Innovation - TOKEN2049 Singapore 2024

you are bringing to the world you uh USD s it's got an S what is it and why is it special well thanks Andrew it's great to be here great to follow italic we're not going to sing right I have no sing um so usds USD standard look we're introducing a stable coin uh it's off of the infrastructure rails that bigo has built globally for the last 12 12 years here and what's the same about it is it's a one to one back stable coin y uh it's going to be running through our New York DFS Trust Company uh what's different about it is that it's going to give all the rewards back to the ecosystem okay so wait a second you've got a USD coin it's going to bring the rewards to the users not just to the issuer what is that all about that's right so today we have kind of this disproportionate world where the issuer or the stable coin collects all of the revenue that's associated with that and you know unfortunately that creates a bit of an imbalance creates an imbalance where everybody else that's making the network great is not participating and what makes a stable coin great is all of the folks providing liquidity on that Network all the folks providing custody payment Provider Services all kinds of things like that okay so you need the liquidity but I mean this is completely transforma this idea that the users are going to get a piece of the action why are you doing it why now why not two years ago why not two years from now why now well look I mean the good news I mean I think we all recognize there's a few stable few use cases are really emerging obviously bitcoin's got store value we've got stable coins we got payments this is one area that's really going to boom and today we have this imbalance like I said where the large in a few large institutions are are receiving all of the benefit from that so we want to make it so that new innovators getting into the space can have US dollars usds as part of their products and yet they can still capitalize on that as part of their revenue streams so they can build better companies stronger companies and we can all benefit okay so let's make it really clear who can use it and how are they going to benefit from it so it's a completely open system look VI's got seven custodial entries entry points regulated firms around the globe uh everybody can come to Vico you can mint and you can burn super easy we help you with conversion of other stable coins to usds and then you can start auring rewards okay uh let's get a little some of the tougher questions if you have a stable coin the first thing people are going to say what's backing it uh how are you going to make sure it's stable how can I have confidence in your stable coin yeah so look strong believer here in one to one backed so we use you know short-term treasuries we use overnight repo markets and banking systems we put that all in a regulated entity and by the way the Regulators are getting pretty pretty excited about stable coins because they know how to deal with Fiat they know how to deal with the regulation thereof right we do twice a month audits we put all that out there you know the same type of transparency which B has been known for over the last 10 years we're going to try to project that into this product as well okay getting a little technical how can you mint it and how can you burn it stable coin you got a minut you got to burn how how does that work for the usdc you know we'll have it both through API and through the user interface of bco so all of our institutional clients you know most of the the ecosystem is touching bco in some way shape or form today so they're all going to be able to come to bco super easy just a few clicks and You' Meed in Burn okay so this is coming you know what is going to be the longterm impact of this what what are we going to see happen in the future look I think we're all here because there's a transformative way of global finances happening and we want to make sure that the ecosystem is healthy and that everybody can continue to innovate Revenue models ACR to those that are making the networks great not to a few small number of parties and so this is going to open it up everybody can participate it's going to make the overall ecosystem just like way stronger we're also going to make it globally accessible so it's you know we're not just you know United States not just Singapore we're not just Dubai we've got entry points kind of through all of these regions because you're reg because you've got regulatory approval we have that's right we run regulated trust companies across all these regions that's right fantastic okay so uh when is it coming and what can we expect as we get closer and closer to the launch date yeah so look right now we're in the the final phases of you know bringing everybody on to it we got to got a lot of work in terms of getting liquidity through uh in all of these regions we have entry uh folks that are participating already it's been a super easy uh kind of pitch to get people on so bullish is coming coming in okx you know here in Asia is coming in bit stamp is coming in uh on the Market maker side we got a number of them coming in basically everybody's going to be there but between now and January 1st which we officially launch we're going to bring everybody in and then we hope we start seeing those rewards distributed q1 of 2025 fantastic January 1st is when the action starts to happen that's Mike Bel thank you very much the man from