September 3, 2025 • 19 mins
FUTURIST THOMAS FREY TODAY AT 1 And we're talking about the recently signed Genius Act- the first comprehensive federal framework for stablecoin regulation. No longer experimental or unregulated, stablecoins gained legitimacy as essential components of the American monetary system. The Federal Reserve now oversees large issuers while providing access to master accounts that enable large-scale operations. A senior Treasury official noted that stablecoin growth will have “significant impact on the dominance of the US dollar and demand for US debt.”" So what does that mean? I have no clue but Thomas does. Read his column on it here.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Man, I think this is super interesting and we should
talk about it, which usually it is super interesting. And
I was like, okay, Thomas Frye, I'll bite. I'll read
your column that you sent me a called the stable
Coin Revolution, Twelve Predictions that will Transform Money Forever. And
I read it and I still have no idea what
stable coin is. So, Thomas Frye, let's start at the beginning.
What is stable coin? You don't define it, You don't
(00:21):
even explain it in the column you wrote it for
people smarter than me that already knew.
Speaker 2 (00:28):
Well, it's a type of cryptocurrency that's designed to have
the same value as.
Speaker 3 (00:36):
A like a national currency.
Speaker 2 (00:40):
So the stable coin that we're talking about, with Tether
as an example, is actually paid to the US dollars,
so it stays exactly the same as the US dollar.
So it's much easier to transfer it overseas and across
country lines than it is to transfer regular money.
Speaker 3 (01:02):
Okay, so that gives it a huge advantage.
Speaker 1 (01:04):
Okay, so let me ask you this, Are there any
stable coins out there pegged to gold?
Speaker 4 (01:09):
Are there any on the gold standard?
Speaker 3 (01:11):
And none of them yet that are pegged to gold? No?
Speaker 1 (01:15):
See Okay, Thomas, And this is going to make me
sound like a what I And I'm okay with that, okay,
because I've really been trying to understand bitcoin. I've been
trying to understand you know, cybercurrency. I've been trying to
understand all this stuff. But from where I see it,
all of this stuff is all fiat currency in one
way or another. It just has value because someone says
it has value.
Speaker 4 (01:35):
Is that wrong?
Speaker 3 (01:36):
Am I?
Speaker 1 (01:36):
Am I seeing this so incorrectly? And if so, please
make me understand.
Speaker 2 (01:41):
So as an example, tether is backed by mostly US
t bills, so they have a huge amount of UST
bills that are stored to back up the tether, tether
coin usd T and and our Secretary of Commerce, that's
(02:03):
that's what his business was, is backing up all the tether.
Speaker 3 (02:08):
So his company.
Speaker 2 (02:12):
Turned into a huge company just doing that, just managing
the tether.
Speaker 1 (02:16):
So are you saying that if I go to this
tether and say look, I'm gonna buy one hundred dollars
of the stable coin, that's actually me buying a US
Treasury bond?
Speaker 3 (02:28):
Is that what it is, That's what it's backed by.
Speaker 4 (02:31):
Yes, okay, so we're buying debt.
Speaker 3 (02:36):
In some respect.
Speaker 4 (02:37):
Yeah, okay, so.
Speaker 1 (02:38):
Let's explain why this is revolutionary. And first of all,
why is it different than cybercurrency? Why is it different
than bitcoin?
Speaker 2 (02:48):
This is different because it's it's it's based on a
national currency, which is more widely accepted than bitcoin is
as an example. So this opens the door for lots
of interesting things like programmable money. So, as an example,
when you go to a store and you buy something
(03:08):
and you pay sales tax on it, usually they wait
till the end of the month, and the merchant then
has to fill out this huge form and calculate out
how much sales tax he owns and sends it into
the government. With programmable money, they could actually make it
(03:30):
so that when the transaction happens, the amount of sales
tax instantly goes to the government and the merchant themselves
don't have to deal with all that form filling out
and stuff, which make their job a whole lot easier.
Speaker 1 (03:44):
Okay, I would still hold that back till the end
of the month as a business and fill out the
form just so I have the money in my hand.
Speaker 4 (03:51):
I would not lie.
Speaker 1 (03:52):
Somebody just said, okay, so you're making it easier to
remit things to the government. Okay, you're buying government bonds.
This feels like government bitcoin.
Speaker 2 (04:05):
Yeah, well it's it's being managed in a way, so
it's much easier to do things. See there, it's so
easy to send USDT, which is Tether, across country lines
that the volume of Tether that's being spent right now
(04:26):
that's being sent around the world actually greatly exceeds the
volume that Visen MasterCard is sending.
Speaker 1 (04:33):
So wait a minute, is Tether the coin or is
Tether the platform? I'm confused.
Speaker 3 (04:40):
Tether is a stable coin?
Speaker 1 (04:43):
Okay, so somebody else just said, I still don't know
what a stable coin is, and I think that we
should try and explain the basic differences between cybercurrency, which
seems to be connected in my mind to nothing, and
stable coin, which is at least connected to something real.
You have some sort of tangible asset that is connected
to stable coin instead of cybercurrency, which is extremely volatile,
(05:05):
which is why we're talking about will bitcoin go to
two hundred thousand or whatever it is? So is that
the basic differences?
Speaker 2 (05:14):
Yeah, So if you back something on bitcoin or ethereum,
those can go up and down quite a bit compared
to the US dollar. If you back something to the
US dollar, then it stays exactly with the US dollar.
So that's what the Genius Act was that President Trump
(05:35):
signed into law.
Speaker 3 (05:38):
To make it so.
Speaker 2 (05:39):
That this is we have this formal system for how
to create stable coin now, and it's actually fairly conservative,
but it's going to open the door for lots of
other opportunity.
Speaker 1 (05:52):
So essentially, in making the system easier to translate, meaning
once you know you have a stable coin, this back
by the dollar to your point, it makes it easier
to trade around the world because you don't have to
worry about those massive fluctuations that may happen with cybercurrency.
So is it just about kind of flattening the payment
system too, because we still use the dollar is the
(06:15):
reserve currency for most worldwide transactions, not all when you're
talking about China and Russia, but for the purposes of
this conversation. So is it just about streamlining that system.
Speaker 2 (06:29):
Yeah, Let's let's use a couple of examples. So as
an example, if you're if you're going to buy a house,
to get a mortgage, it takes a long time, and uh,
closing out a house is usually a month month and
a half away. Uh, that could be reduced down to
just uh minutes with stable coin because it's so much
(06:54):
easier to track where everything's at at any given moment.
Speaker 3 (06:58):
Got it.
Speaker 2 (06:59):
Uh, you want to pay your kits and an allowance,
but you only want them to spend the money.
Speaker 3 (07:06):
On certain things. You can program that money.
Speaker 1 (07:09):
So that's ah, so no junk food for you with
programming money.
Speaker 3 (07:14):
No junk food or no porn magazines or whatever.
Speaker 1 (07:17):
Okay, Ah, So it's allowing you or whoever to exert
a measure of control over where the money goes. Now,
on a practical level, we talk about things like you
can't use welfare benefits for junk food. So ostensibly, if
the government started distributing food benefits with stable coin, they
could exclude certain categories. They could exclude the ability to
(07:40):
transfer it to anybody else. There are ways to therefore
make that money less fungible in a.
Speaker 2 (07:47):
Way, right right, Yeah, So you can build inner restrictions,
like you can have a Starbucks coin that's a stable coin,
and they can make it so that it's just usable
in Starbucks, and Uber could have their own stable coin
(08:09):
that's just usable in Uber, and then you run into
the issues. So what if somebody tries to use a
Starbucks coin in their uber when they're trying to pay
for it, So then they have to have certain built
in restrictions and accommodations or whatever they want, but that
they'll run into issues like that. So I think we're
(08:32):
going to have lots of like Amazon coins, We're going
to have uber coins, We're going to have Tesla coins.
Speaker 1 (08:39):
I mean, you could kind of replace gift certificates like this, right, right,
you know, I mean you just make them specific to
one industry that they have to use their here's a
good text message, Mandy. One of the reasons, the whole
reason for bitcoin is to keep the government out of
my business.
Speaker 4 (08:54):
Why would I want them to be able to monitor me?
Speaker 3 (08:56):
Now, Yeah, the.
Speaker 2 (09:00):
Government doesn't really monitor stable coin, although it's probably possible.
Speaker 3 (09:11):
Yeah, the world.
Speaker 2 (09:11):
Gets much more complicated when you have stable coin that's
very fluid and very flexible and able to do all
these different things.
Speaker 1 (09:20):
So was there anything that would prevent someone from creating
a stable coin that is pegged to gold.
Speaker 2 (09:29):
No, that's that would be that would that's what's going
to be coming now with the Genius Act. We'll have
stable coins pigd to go, We'll have them peg to
real estate, We'll have them peg to oil gas reserves
and things like that. So that opens the door for
(09:50):
lots more different kinds of stable coins, and we've had
in the past.
Speaker 1 (09:55):
I'm still not sure what what advantage there is to
stable coin over other forms of payment, other than it
might be a little bit easier. Like, what problem are
they solving with this?
Speaker 3 (10:13):
I think it's just the fluidity of money.
Speaker 1 (10:16):
Okay, so it's just another way to pay.
Speaker 2 (10:20):
It's another way to pay, but it's another way to accumulate,
another form of wealth to accumulate.
Speaker 1 (10:30):
Okay, I see this is and I know I'm so
old fashioned with this, but the same way, I will
not invest in a company whose product I don't understand.
I don't understand any of this in the grand scheme
of things. I don't understand how it works. I still
don't understand crypto mining. And if I told you how
much I have read on this subject to still not
(10:52):
understand it, you would think I was the dumbest person
on the planet. But then I talk to other people
that I think are smart, and a vast majority of
them are like, oh yeah, own bitcoin I'm like, Okay,
can you explain to me what it is.
Speaker 4 (11:02):
None of them have any idea.
Speaker 1 (11:04):
They just bought it because everybody else did. I'm reluctant
because I truly don't understand, because it's so different than
everything we've done up to this point the way I
see it.
Speaker 4 (11:14):
Do you know what I mean?
Speaker 3 (11:18):
Right?
Speaker 2 (11:20):
Well, some of the advantages of stable coin is the
price stability. So i'mlike Bitcoin and ethereum, it's going to
stay piked to the dollar or pake to the Japanese yen.
If you get a Japanese stable coin, you can make
faster transactions. It's lower cost in the transactions.
Speaker 3 (11:42):
Yeah. One of my.
Speaker 2 (11:43):
Predictions was that stable coins are going to run MasterCard
and Visa out of business in the next five to
six years somewhere around there.
Speaker 1 (11:53):
Not as long as there are people like me Thomas,
who are like, I understand how MasterCard and Visa work.
Speaker 4 (11:58):
I get it. We have made a deal. I get
that whole contract.
Speaker 1 (12:01):
I am not ready to make this leap, but then again,
I wasn't ready to make the leap to driverless cars,
and now I'm like, I can't buy one fast enough.
So we'll see how quickly people like me can adapt
to this. How widespread is this going to be? I mean,
will companies adopt it to the point where you were
making early You could have Starbucks stable coin, you could
have Uber stable coin, you could have all of these
(12:22):
different kinds of stable coin. Do you think every business
is going to create their own stable coin or is
it going to be stable coins that will be able
to be personalized without creating a separate entity altogether.
Speaker 2 (12:36):
There's going to be some barriers, so it'll have to
be a very wealthy corporation that could actually create their
own stable coin. So it won't be like the Mom
and pops shop down the street has their own stable coin.
Speaker 3 (12:51):
That's not going to happen.
Speaker 4 (12:52):
But Amazon or Meta, yeah, Meta.
Speaker 3 (12:56):
Could have their own stable coin. Yeah.
Speaker 1 (12:59):
So does the process work that if I am Uber
or I'm Starbucks, I go to an existing tether form
like Tether, I go to this tether platform and I say, look,
I want to be able to designate for people that
I'm giving you these dollars for Uber, so you can
use them for Uber every single day, but that's all
you can use them for. How does that process work?
How does a company go to some other stable coin
(13:22):
and say we want to be able to kind of
piggyback onto.
Speaker 4 (13:24):
What you're doing. That seems really complicated to me.
Speaker 2 (13:29):
Yeah, I'm not sure I could explain that to you
right now. Not because I don't want to, it's because
I don't know how to well.
Speaker 1 (13:37):
And see that's the problem. This is one of those
times where I feel like I have not been able
to get to the person that can make me understand this.
And I think maybe that's going to be the winning proposition.
Whoever can figure out how to dumb this down for
the masses in an easily digestible, consumable way is going
to win the cryptocurrency race.
Speaker 3 (14:00):
I think you're I think you're right that once, once
it's actually.
Speaker 2 (14:06):
Simple enough for first time users, I think that's when
it catches on a massive, huge way. I mean, right now,
there's huge volumes of money that are being shifted around
the world using tether.
Speaker 3 (14:20):
That has created.
Speaker 2 (14:23):
A huge, massive business for the people that are managing
the tea bills in the background, because there's a lot
of a lot of purchasing of tea bills and managing
that whole operation in the background to keep that stable.
So that's that's a lot trickier than you could initially imagine.
Speaker 4 (14:46):
Well, my fear is this.
Speaker 1 (14:48):
My fear is that this is another way for government
to keep overspending by promoting the use of stable coin,
buying treasury bills, and therefore allowing the government to keep
spending at.
Speaker 4 (15:00):
Record rates of deficit.
Speaker 1 (15:01):
We saw what happened when the FED lowered rates significantly
during COVID and the government went on a spending spree,
and it led to high inflation.
Speaker 4 (15:09):
I mean, I just the part that concerns me is
that it's backed by treasury bills.
Speaker 1 (15:15):
That's the part that actually concerns me the most. Like
I would rather be pegged to something that I consider
to be politically neutral, which is why I asked about gold.
Speaker 2 (15:24):
Yeah, and see, that's what the Genius Act does is
that opens the door for other things to be backing
the stable coin, Like you'll be able to back it
with real.
Speaker 3 (15:35):
Estate, back.
Speaker 1 (15:38):
Other hard assets, other hard assets. But when we say
back it with that, what does that actually mean. That's
the other thing I don't understand. It's backed with this,
but what does that mean If I default on a debt,
do I have to come up with real estate do
I have to come up with I don't understand this
is see, this is just I never want to talk
about this again, Thomas. It makes my head hurt. It
(16:00):
makes my brain hurt. I'm just it makes me feel
like I'm one hundred years old, honestly, because I just,
for whatever reason, my brain will not rapid heat around this.
And I'm trying, and I'm trying, but it just doesn't
make any sense to me. And I realized that this
is like the wave of the future. But at the
same time, I feel like, you know, can I write
(16:21):
a check? That's where I am right now. I want
to write a check.
Speaker 4 (16:24):
And you're talking about stable coin.
Speaker 3 (16:27):
Yeah.
Speaker 2 (16:28):
Do you remember back when you were writing a check
at a kmart and all of a sudden you had
to come up with four forms of ideas.
Speaker 3 (16:36):
To get through the cashier.
Speaker 1 (16:38):
That never slowed my late Nana down. That woman would
write a check anywhere. She didn't care how many people
were in line behind her. She was writing a check.
Do stable coins make it easier to avoid government sanctions
I e.
Speaker 4 (16:50):
Russia?
Speaker 1 (16:51):
That's a question on the text line. But the other
thing I thought of is does this allow criminals to
move money around with ease.
Speaker 3 (17:01):
Actually I don't.
Speaker 2 (17:01):
I think it's set up so that it's harder for
criminals to actually do business with this. But but they're
very ingenious. The criminals have a way of actually figuring
things out there.
Speaker 1 (17:15):
I think, Yeah, Thomas, I'm dead serious. I never want
to talk about this again because I I just I
can't do it.
Speaker 4 (17:24):
And I read I read the article.
Speaker 1 (17:25):
Now that I have a better understanding of what Stable
Point actually is, I'm going to go back and read
the article again and see if I can get more understanding,
because I obviously this is a thing that isn't going away, right,
you know, it's it's it's going to be a part
of the future. I just wish there was like basically
bitcoin for idiots or whatever we need to do, because
(17:47):
if we don't dumb this down, I don't see how.
I don't trust the government enough. My skepticism of the
government is far too high to say, oh no, I'm
sure this is going to be fine if you guys
came up with it.
Speaker 2 (17:59):
So so if you had you're able to get yourself
a tether card that replaced your visa card and it
only had a half a percent transaction fee.
Speaker 3 (18:11):
Uh, would you use that?
Speaker 4 (18:14):
Yeah?
Speaker 1 (18:15):
Yeah, that Now you're talking. Now you're talking. You're cooking
with gas here. But I still don't know what that means. Like,
if I don't pay my credit card bill, they're gonna
come after me. I get it right, They're gonna they're
gonna sue me for the money or whatever. They're gonna
kill my credit So I understand that aspect of it.
Speaker 4 (18:34):
But what if I use my tether card? Do I
get a tether bill?
Speaker 3 (18:38):
What? Yeah?
Speaker 2 (18:42):
Uh? Probably uh, but it would be coming electronically, not
in the mail.
Speaker 3 (18:49):
Oh God. See.
Speaker 1 (18:50):
Okay, Thomas, we're gonna pretend this conversation ever happened. We're
never gonna speak of this again. And I'm gonna go
to my grave not understanding what stable coin is. But
next time, and let's talk about something more interesting. Okay,
it's something I can actually understand. Thomas is our futurist.
You can find him at my futurest speaker dot or
just futures speaker dot com. You can read this article.
(19:12):
I'll put a link on it. I'm gonna read it
again and try one more time. We'll see Thomas.
Speaker 3 (19:18):
I appreciate you, man
Speaker 4 (19:19):
I'll talk to you later Thanks Brandy, Bye,
Man, I think this is super interesting and we should
talk about it, which usually it is super interesting. And
I was like, okay, Thomas Frye, I'll bite. I'll read
your column that you sent me a called the stable
Coin Revolution, Twelve Predictions that will Transform Money Forever. And
I read it and I still have no idea what
stable coin is. So, Thomas Frye, let's start at the beginning.
What is stable coin? You don't define it, You don't
(00:21):
even explain it in the column you wrote it for
people smarter than me that already knew.
Speaker 2 (00:28):
Well, it's a type of cryptocurrency that's designed to have
the same value as.
Speaker 3 (00:36):
A like a national currency.
Speaker 2 (00:40):
So the stable coin that we're talking about, with Tether
as an example, is actually paid to the US dollars,
so it stays exactly the same as the US dollar.
So it's much easier to transfer it overseas and across
country lines than it is to transfer regular money.
Speaker 3 (01:02):
Okay, so that gives it a huge advantage.
Speaker 1 (01:04):
Okay, so let me ask you this, Are there any
stable coins out there pegged to gold?
Speaker 4 (01:09):
Are there any on the gold standard?
Speaker 3 (01:11):
And none of them yet that are pegged to gold? No?
Speaker 1 (01:15):
See Okay, Thomas, And this is going to make me
sound like a what I And I'm okay with that, okay,
because I've really been trying to understand bitcoin. I've been
trying to understand you know, cybercurrency. I've been trying to
understand all this stuff. But from where I see it,
all of this stuff is all fiat currency in one
way or another. It just has value because someone says
it has value.
Speaker 4 (01:35):
Is that wrong?
Speaker 3 (01:36):
Am I?
Speaker 1 (01:36):
Am I seeing this so incorrectly? And if so, please
make me understand.
Speaker 2 (01:41):
So as an example, tether is backed by mostly US
t bills, so they have a huge amount of UST
bills that are stored to back up the tether, tether
coin usd T and and our Secretary of Commerce, that's
(02:03):
that's what his business was, is backing up all the tether.
Speaker 3 (02:08):
So his company.
Speaker 2 (02:12):
Turned into a huge company just doing that, just managing
the tether.
Speaker 1 (02:16):
So are you saying that if I go to this
tether and say look, I'm gonna buy one hundred dollars
of the stable coin, that's actually me buying a US
Treasury bond?
Speaker 3 (02:28):
Is that what it is, That's what it's backed by.
Speaker 4 (02:31):
Yes, okay, so we're buying debt.
Speaker 3 (02:36):
In some respect.
Speaker 4 (02:37):
Yeah, okay, so.
Speaker 1 (02:38):
Let's explain why this is revolutionary. And first of all,
why is it different than cybercurrency? Why is it different
than bitcoin?
Speaker 2 (02:48):
This is different because it's it's it's based on a
national currency, which is more widely accepted than bitcoin is
as an example. So this opens the door for lots
of interesting things like programmable money. So, as an example,
when you go to a store and you buy something
(03:08):
and you pay sales tax on it, usually they wait
till the end of the month, and the merchant then
has to fill out this huge form and calculate out
how much sales tax he owns and sends it into
the government. With programmable money, they could actually make it
(03:30):
so that when the transaction happens, the amount of sales
tax instantly goes to the government and the merchant themselves
don't have to deal with all that form filling out
and stuff, which make their job a whole lot easier.
Speaker 1 (03:44):
Okay, I would still hold that back till the end
of the month as a business and fill out the
form just so I have the money in my hand.
Speaker 4 (03:51):
I would not lie.
Speaker 1 (03:52):
Somebody just said, okay, so you're making it easier to
remit things to the government. Okay, you're buying government bonds.
This feels like government bitcoin.
Speaker 2 (04:05):
Yeah, well it's it's being managed in a way, so
it's much easier to do things. See there, it's so
easy to send USDT, which is Tether, across country lines
that the volume of Tether that's being spent right now
(04:26):
that's being sent around the world actually greatly exceeds the
volume that Visen MasterCard is sending.
Speaker 1 (04:33):
So wait a minute, is Tether the coin or is
Tether the platform? I'm confused.
Speaker 3 (04:40):
Tether is a stable coin?
Speaker 1 (04:43):
Okay, so somebody else just said, I still don't know
what a stable coin is, and I think that we
should try and explain the basic differences between cybercurrency, which
seems to be connected in my mind to nothing, and
stable coin, which is at least connected to something real.
You have some sort of tangible asset that is connected
to stable coin instead of cybercurrency, which is extremely volatile,
(05:05):
which is why we're talking about will bitcoin go to
two hundred thousand or whatever it is? So is that
the basic differences?
Speaker 2 (05:14):
Yeah, So if you back something on bitcoin or ethereum,
those can go up and down quite a bit compared
to the US dollar. If you back something to the
US dollar, then it stays exactly with the US dollar.
So that's what the Genius Act was that President Trump
(05:35):
signed into law.
Speaker 3 (05:38):
To make it so.
Speaker 2 (05:39):
That this is we have this formal system for how
to create stable coin now, and it's actually fairly conservative,
but it's going to open the door for lots of
other opportunity.
Speaker 1 (05:52):
So essentially, in making the system easier to translate, meaning
once you know you have a stable coin, this back
by the dollar to your point, it makes it easier
to trade around the world because you don't have to
worry about those massive fluctuations that may happen with cybercurrency.
So is it just about kind of flattening the payment
system too, because we still use the dollar is the
(06:15):
reserve currency for most worldwide transactions, not all when you're
talking about China and Russia, but for the purposes of
this conversation. So is it just about streamlining that system.
Speaker 2 (06:29):
Yeah, Let's let's use a couple of examples. So as
an example, if you're if you're going to buy a house,
to get a mortgage, it takes a long time, and uh,
closing out a house is usually a month month and
a half away. Uh, that could be reduced down to
just uh minutes with stable coin because it's so much
(06:54):
easier to track where everything's at at any given moment.
Speaker 3 (06:58):
Got it.
Speaker 2 (06:59):
Uh, you want to pay your kits and an allowance,
but you only want them to spend the money.
Speaker 3 (07:06):
On certain things. You can program that money.
Speaker 1 (07:09):
So that's ah, so no junk food for you with
programming money.
Speaker 3 (07:14):
No junk food or no porn magazines or whatever.
Speaker 1 (07:17):
Okay, Ah, So it's allowing you or whoever to exert
a measure of control over where the money goes. Now,
on a practical level, we talk about things like you
can't use welfare benefits for junk food. So ostensibly, if
the government started distributing food benefits with stable coin, they
could exclude certain categories. They could exclude the ability to
(07:40):
transfer it to anybody else. There are ways to therefore
make that money less fungible in a.
Speaker 2 (07:47):
Way, right right, Yeah, So you can build inner restrictions,
like you can have a Starbucks coin that's a stable coin,
and they can make it so that it's just usable
in Starbucks, and Uber could have their own stable coin
(08:09):
that's just usable in Uber, and then you run into
the issues. So what if somebody tries to use a
Starbucks coin in their uber when they're trying to pay
for it, So then they have to have certain built
in restrictions and accommodations or whatever they want, but that
they'll run into issues like that. So I think we're
(08:32):
going to have lots of like Amazon coins, We're going
to have uber coins, We're going to have Tesla coins.
Speaker 1 (08:39):
I mean, you could kind of replace gift certificates like this, right, right,
you know, I mean you just make them specific to
one industry that they have to use their here's a
good text message, Mandy. One of the reasons, the whole
reason for bitcoin is to keep the government out of
my business.
Speaker 4 (08:54):
Why would I want them to be able to monitor me?
Speaker 3 (08:56):
Now, Yeah, the.
Speaker 2 (09:00):
Government doesn't really monitor stable coin, although it's probably possible.
Speaker 3 (09:11):
Yeah, the world.
Speaker 2 (09:11):
Gets much more complicated when you have stable coin that's
very fluid and very flexible and able to do all
these different things.
Speaker 1 (09:20):
So was there anything that would prevent someone from creating
a stable coin that is pegged to gold.
Speaker 2 (09:29):
No, that's that would be that would that's what's going
to be coming now with the Genius Act. We'll have
stable coins pigd to go, We'll have them peg to
real estate, We'll have them peg to oil gas reserves
and things like that. So that opens the door for
(09:50):
lots more different kinds of stable coins, and we've had
in the past.
Speaker 1 (09:55):
I'm still not sure what what advantage there is to
stable coin over other forms of payment, other than it
might be a little bit easier. Like, what problem are
they solving with this?
Speaker 3 (10:13):
I think it's just the fluidity of money.
Speaker 1 (10:16):
Okay, so it's just another way to pay.
Speaker 2 (10:20):
It's another way to pay, but it's another way to accumulate,
another form of wealth to accumulate.
Speaker 1 (10:30):
Okay, I see this is and I know I'm so
old fashioned with this, but the same way, I will
not invest in a company whose product I don't understand.
I don't understand any of this in the grand scheme
of things. I don't understand how it works. I still
don't understand crypto mining. And if I told you how
much I have read on this subject to still not
(10:52):
understand it, you would think I was the dumbest person
on the planet. But then I talk to other people
that I think are smart, and a vast majority of
them are like, oh yeah, own bitcoin I'm like, Okay,
can you explain to me what it is.
Speaker 4 (11:02):
None of them have any idea.
Speaker 1 (11:04):
They just bought it because everybody else did. I'm reluctant
because I truly don't understand, because it's so different than
everything we've done up to this point the way I
see it.
Speaker 4 (11:14):
Do you know what I mean?
Speaker 3 (11:18):
Right?
Speaker 2 (11:20):
Well, some of the advantages of stable coin is the
price stability. So i'mlike Bitcoin and ethereum, it's going to
stay piked to the dollar or pake to the Japanese yen.
If you get a Japanese stable coin, you can make
faster transactions. It's lower cost in the transactions.
Speaker 3 (11:42):
Yeah. One of my.
Speaker 2 (11:43):
Predictions was that stable coins are going to run MasterCard
and Visa out of business in the next five to
six years somewhere around there.
Speaker 1 (11:53):
Not as long as there are people like me Thomas,
who are like, I understand how MasterCard and Visa work.
Speaker 4 (11:58):
I get it. We have made a deal. I get
that whole contract.
Speaker 1 (12:01):
I am not ready to make this leap, but then again,
I wasn't ready to make the leap to driverless cars,
and now I'm like, I can't buy one fast enough.
So we'll see how quickly people like me can adapt
to this. How widespread is this going to be? I mean,
will companies adopt it to the point where you were
making early You could have Starbucks stable coin, you could
have Uber stable coin, you could have all of these
(12:22):
different kinds of stable coin. Do you think every business
is going to create their own stable coin or is
it going to be stable coins that will be able
to be personalized without creating a separate entity altogether.
Speaker 2 (12:36):
There's going to be some barriers, so it'll have to
be a very wealthy corporation that could actually create their
own stable coin. So it won't be like the Mom
and pops shop down the street has their own stable coin.
Speaker 3 (12:51):
That's not going to happen.
Speaker 4 (12:52):
But Amazon or Meta, yeah, Meta.
Speaker 3 (12:56):
Could have their own stable coin. Yeah.
Speaker 1 (12:59):
So does the process work that if I am Uber
or I'm Starbucks, I go to an existing tether form
like Tether, I go to this tether platform and I say, look,
I want to be able to designate for people that
I'm giving you these dollars for Uber, so you can
use them for Uber every single day, but that's all
you can use them for. How does that process work?
How does a company go to some other stable coin
(13:22):
and say we want to be able to kind of
piggyback onto.
Speaker 4 (13:24):
What you're doing. That seems really complicated to me.
Speaker 2 (13:29):
Yeah, I'm not sure I could explain that to you
right now. Not because I don't want to, it's because
I don't know how to well.
Speaker 1 (13:37):
And see that's the problem. This is one of those
times where I feel like I have not been able
to get to the person that can make me understand this.
And I think maybe that's going to be the winning proposition.
Whoever can figure out how to dumb this down for
the masses in an easily digestible, consumable way is going
to win the cryptocurrency race.
Speaker 3 (14:00):
I think you're I think you're right that once, once
it's actually.
Speaker 2 (14:06):
Simple enough for first time users, I think that's when
it catches on a massive, huge way. I mean, right now,
there's huge volumes of money that are being shifted around
the world using tether.
Speaker 3 (14:20):
That has created.
Speaker 2 (14:23):
A huge, massive business for the people that are managing
the tea bills in the background, because there's a lot
of a lot of purchasing of tea bills and managing
that whole operation in the background to keep that stable.
So that's that's a lot trickier than you could initially imagine.
Speaker 4 (14:46):
Well, my fear is this.
Speaker 1 (14:48):
My fear is that this is another way for government
to keep overspending by promoting the use of stable coin,
buying treasury bills, and therefore allowing the government to keep
spending at.
Speaker 4 (15:00):
Record rates of deficit.
Speaker 1 (15:01):
We saw what happened when the FED lowered rates significantly
during COVID and the government went on a spending spree,
and it led to high inflation.
Speaker 4 (15:09):
I mean, I just the part that concerns me is
that it's backed by treasury bills.
Speaker 1 (15:15):
That's the part that actually concerns me the most. Like
I would rather be pegged to something that I consider
to be politically neutral, which is why I asked about gold.
Speaker 2 (15:24):
Yeah, and see, that's what the Genius Act does is
that opens the door for other things to be backing
the stable coin, Like you'll be able to back it
with real.
Speaker 3 (15:35):
Estate, back.
Speaker 1 (15:38):
Other hard assets, other hard assets. But when we say
back it with that, what does that actually mean. That's
the other thing I don't understand. It's backed with this,
but what does that mean If I default on a debt,
do I have to come up with real estate do
I have to come up with I don't understand this
is see, this is just I never want to talk
about this again, Thomas. It makes my head hurt. It
(16:00):
makes my brain hurt. I'm just it makes me feel
like I'm one hundred years old, honestly, because I just,
for whatever reason, my brain will not rapid heat around this.
And I'm trying, and I'm trying, but it just doesn't
make any sense to me. And I realized that this
is like the wave of the future. But at the
same time, I feel like, you know, can I write
(16:21):
a check? That's where I am right now. I want
to write a check.
Speaker 4 (16:24):
And you're talking about stable coin.
Speaker 3 (16:27):
Yeah.
Speaker 2 (16:28):
Do you remember back when you were writing a check
at a kmart and all of a sudden you had
to come up with four forms of ideas.
Speaker 3 (16:36):
To get through the cashier.
Speaker 1 (16:38):
That never slowed my late Nana down. That woman would
write a check anywhere. She didn't care how many people
were in line behind her. She was writing a check.
Do stable coins make it easier to avoid government sanctions
I e.
Speaker 4 (16:50):
Russia?
Speaker 1 (16:51):
That's a question on the text line. But the other
thing I thought of is does this allow criminals to
move money around with ease.
Speaker 3 (17:01):
Actually I don't.
Speaker 2 (17:01):
I think it's set up so that it's harder for
criminals to actually do business with this. But but they're
very ingenious. The criminals have a way of actually figuring
things out there.
Speaker 1 (17:15):
I think, Yeah, Thomas, I'm dead serious. I never want
to talk about this again because I I just I
can't do it.
Speaker 4 (17:24):
And I read I read the article.
Speaker 1 (17:25):
Now that I have a better understanding of what Stable
Point actually is, I'm going to go back and read
the article again and see if I can get more understanding,
because I obviously this is a thing that isn't going away, right,
you know, it's it's it's going to be a part
of the future. I just wish there was like basically
bitcoin for idiots or whatever we need to do, because
(17:47):
if we don't dumb this down, I don't see how.
I don't trust the government enough. My skepticism of the
government is far too high to say, oh no, I'm
sure this is going to be fine if you guys
came up with it.
Speaker 2 (17:59):
So so if you had you're able to get yourself
a tether card that replaced your visa card and it
only had a half a percent transaction fee.
Speaker 3 (18:11):
Uh, would you use that?
Speaker 4 (18:14):
Yeah?
Speaker 1 (18:15):
Yeah, that Now you're talking. Now you're talking. You're cooking
with gas here. But I still don't know what that means. Like,
if I don't pay my credit card bill, they're gonna
come after me. I get it right, They're gonna they're
gonna sue me for the money or whatever. They're gonna
kill my credit So I understand that aspect of it.
Speaker 4 (18:34):
But what if I use my tether card? Do I
get a tether bill?
Speaker 3 (18:38):
What? Yeah?
Speaker 2 (18:42):
Uh? Probably uh, but it would be coming electronically, not
in the mail.
Speaker 3 (18:49):
Oh God. See.
Speaker 1 (18:50):
Okay, Thomas, we're gonna pretend this conversation ever happened. We're
never gonna speak of this again. And I'm gonna go
to my grave not understanding what stable coin is. But
next time, and let's talk about something more interesting. Okay,
it's something I can actually understand. Thomas is our futurist.
You can find him at my futurest speaker dot or
just futures speaker dot com. You can read this article.
(19:12):
I'll put a link on it. I'm gonna read it
again and try one more time. We'll see Thomas.
Speaker 3 (19:18):
I appreciate you, man
Speaker 4 (19:19):
I'll talk to you later Thanks Brandy, Bye,
The Mandy Connell Podcast News
Popular Podcasts
NFL Daily with Gregg Rosenthal
Gregg Rosenthal and a rotating crew of elite NFL Media co-hosts, including Patrick Claybon, Colleen Wolfe, Steve Wyche, Nick Shook and Jourdan Rodrigue of The Athletic get you caught up daily on all the NFL news and analysis you need to be smarter and funnier than your friends.
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com