USDC is the largest regulated stablecoin because it's compliant under regulations in the US and Europe. There's another one - Tether - but I think it's in the process of trying to clean itself up so it can participate.

Convincing. Yeah. And convincing and and new folks, and you wanna partner with them. You wanna enable it. You have a a good partnership with, Jeremy Allaire, a friend of mine at Circle. Are they, like, the default stable coin in Coinbase, or how do you think about the relationship with them? How should we think about the relationship with them? Yes. We've got a strong relationship with Circle, and USDC is the largest regulated stablecoin because it is compliant under Genius in The US, they're compliant under MICA in Europe, etcetera, etcetera.

You know, there's another one that you're familiar with, which is still Tether. Yeah. But I think it's in the process of being They're trying to clean it up is my understanding. Yeah.

So that they can participate. The likely scenario is there'll be two Tethers, a United States one, and then that complies. Mhmm. And then there'll be the Wild West one outside The US. Is that what you've heard as well? Yeah. Yeah. Yeah. And I should mention,