A (2:12)

Okay, so this. But this is not hyperbole. As. As I said in the introduction, we had this piece of news a few weeks ago that really just was a massive eye opener. It was actually in a week of these announcements that Sounded absolutely insane. You had Paul Atkins, the chairman of the sec, if I remember the timeline correctly, he came out and said, we're going to put the entire United Financial System on crypto Rails by next year. And I went, what, 20, 26? And then I believe it was the next day or two days later, we had this announcement from the DTCC that they had received a no action letter from the SEC saying basically all systems go for tokenization. And they said by next year that basically we will be kind of trying to tokenize everything, moving their antiquated systems onto crypto Rails. And then the real hit came Canton Network. Right. And Eth Maxis in the Solana community coped their faces off and they freaked out and they said, canton Network, what? And here we are. So, quadrillions. Like, let's talk about the volume that the DCC does so that people don't think we're just blowing smoke.

B (3:22)

Yeah. So first of all, most importantly, I think you need to go into your X account. You unfollowed Canton Network. So I think you need to.

A (3:28)

There's no way. So listen, I don't know if you know this about X, but it does that all the time. Like, I get these people tell me that all the time you unfollow me. I'm like, what? I don't even. I don't. First of all, I barely touch my account, but. And then people tell me that they were following me and they no longer are and have no idea how this has been happening for years. Do it right now, Canton.

B (3:52)

Look.

A (3:52)

Yeah, you're wrong, man. I'm going to show you. I've got it right here. I did not. This is. This is proof. We're doing this on live television right now.

B (4:00)

Amazing.

A (4:01)

But it shows me following you.

B (4:02)

Amazing. Done. So maybe just a bit of context to the word quadrillion. So, you know, and we'll talk about it. We've been at it for 11 years now. And you know, when we started, when we started the company to create Canton, we actually bought a domain name called digitalasset.com and I think it cost us $5,000 or $10,000, something like that back then. And the vision was that every asset in the world will become a digital asset, as Chairman Atkins is saying. And when you think about the DTCC, the DTCC, you know, manages over 100 or just close to $100 trillion worth of assets, and they do process quadrillions of dollars every year. So when we decide to launch a podcast to talk about tokenization, we wanted to re anchor the crypto community around the opportunity because I think we keep on talking about billions and really the opportunity is quadrillions.

A (5:16)

Yeah. I mean, and you even have Carolyn Pham of CFTC fame saying quadrillions people right here. Obviously this was, I think, I believe, a podcast you did with her and with my good friend Jason Janowitz. But we're not the only crazies throwing this around. So what does it mean to actually move quadrillions on rails through Canton Network? What are the mechanics? How do we get to that point? Is it something that takes time to scale? Could you turn it on right now? I mean, yeah, it's just such a big number. It blows my mind.

B (5:47)

Yeah. So I think that maybe the first thing is that about 10 years ago, when we started, when we started developing Canton, our thought process was that if we want to get to these type of numbers, it means that we do need to get institutional adoption. And Scott, you talk a lot about Wall street and what does it mean to have institutional players do certain things. And therefore for us, the lack of privacy on crypto rails was a huge hindrance to getting institutional adoption. And building public blockchain with privacy is not a trivial task. So that was one of the biggest moats in our opinion that helped us get these type of institutions and then scalability. Now to say can we just turn it on right now? The answer would be no. And not because of necessarily just technology. But it's also like the street actually figuring out what does it mean to move assets on chain requires legacy systems change, operational systems change. Like how do you think about risk? As you can imagine, if we're going to start moving trillions of dollars over the weekend, how do we manage collateral, margin calls, those type of things. So it's going to take time. But you know, already with some of our customers, we are moving hundreds of billions of dollars of collateral every day.

A (7:22)

Is one of those customers notorious crypto lovers JP Morgan? Because we know that Jamie Dimon deeply loves us. I know that he is not his institution. I just love making Jamie dimon jokes. But J.P. morgan. No additional comments needed super excited to see more Trad5 fully composable DTS on chain. And this is the headline, JP Morgan brings JPM coin to Canton. Second extension after launching on base. Yeah, winning.

B (7:53)

I hope that this year we will be moving a lot of value with the JP Morgan coin. But no, the one that came to mind is Broadridge who put started moving collateral for U.S. treasury repo and they are today close to almost 10% of the daily volume in the U.S. repo market. So the repo market in the U.S. today, again, big numbers, is $5 trillion of notional every day and they do over 300. I think they got close to 400 billion of daily volume last year. Haven't looked at it in the last.

A (8:32)

Few days and no problem moving that.

B (8:36)

On these rails, knock on wood. So far we didn't have any, any issues.

A (8:42)

I mean the numbers are just absurd and it just blows my mind that all this is happening when we have sentiment in the dump and people feel like we're in a bear market and nothing's happening. And talking about that there's been no meaningful level of adoption. Maybe that's just because the tokens they're holding haven't gone up. So they don't see it.

B (9:04)

Maybe. I do think that as an industry we've done more talking than doing and that, that, that is not a healthy ratio. And you know, the reason why you haven't heard about Canton is we've been, we made a decision from a go to market is let's do be able to convince large scale institutions to adopt the technology. And when we believe that, you know, there's enough, enough substance to talk about like with, you know, people like yourself, then we'll start making it more publicly available and, and you know, let the world know. And I actually think that that's a big contribution for some of the positive momentum over the last few months.

A (9:45)

Can you talk to me more about JP Morgan token coin? What it actually is seems like veiled in secrecy as to how they actually use that and what your role would be in moving that.

B (9:59)

Yeah, so I mean, listen, I think that if we put aside Jamie Dimon's opinions about crypto, I actually think that JP Morgan is an extremely commercial organization and they wouldn't be the largest bank otherwise. They definitely understand the value of blockchain rails.

A (10:23)

And he's coming around by the way. So like, I mean it used to be all negative, all rat poison. You touch it, you're out of here. And now he's on TV in the last few weeks saying blockchain is real.

B (10:35)

Yeah, well, you know, you could, you could trace back. J.P. morgan, I would say, have been doing blockchain for the last 10 years. Yeah. And like I said, I think, I think that they are extremely commercial. They are tech savvy, they understand the capabilities and they, you know, have been quietly building capabilities behind the scenes tokenized deposits. And now recently as announced JP Morgan stablecoin. And I think that what their strategy. And now I'm not saying that from knowledge, but just kind of like thinking about it from the outside is there are advantages for stable coins, there are advantages for tokenized deposits. And I think what you're seeing is that entities like JP Morgan are going to offer all of those types of options in different channels, which you could think about the chains as channels and they're going to let the best product win. So I think that there has been a massive demand for high quality cash on ledger. High demand, high demand for really high quality. And JP Morgan, whether we like them or not, I like them, but you know, others might not. They are very high quality balance sheet to transact with. And if you're thinking about all the quadrillions that you need to settle, that would be a good example of a place where you could do that.

A (12:06)

Yeah, that, that makes perfect sense. And once again, I mean they have, I don't know how many tens of thousands of employees JP Morgan have, but it's certainly not a monolith. And I don't think that his past opinions are reflective of JP Morgan's actual actions in the space. So what I want to talk about now is kind of more theoretically, let's say we start moving quadrillions, right? The DTCC fully adopts this. Do you think that this is a replacement rail or do you think that this is sort of ancillary or parallel to what already exists? Are we literally on a path to T +1 second settlement as opposed to T +2? T +1 and the evolution that we've seen in the past? I mean, is this going to be 24, 7, 365, is this a four full wholesale replacement of the current system?

B (12:50)

So first of all, I, I do think that long term it's a wholesale replacement of the system. I think it will take time. One, one thing that you said, are we on our way for T + 1 second or 10 seconds? I think we're on the way for T + best time to settle seconds. And what I mean by that is there are advantages from risk to kind of capital efficiency, not necessarily to settle every transaction. Netting is a nice thing if you can manage the risk to net. So I think that the technology gives you the capability to settle everything in real time. But what I think we're going to see is that we're going to start being able to settle assets at the most optimal time where we have to move the least amount of assets versus the least amount of cash.

A (13:41)

So let's talk about then the Future of institutional adoption of the asset class. I know that d' Agostino from Coinbase was on CNBC and made waves the other day, sort of made. The point that we've all been making forever is that every institution on the planet now has a crypto plan. Right. They may be at differing levels of the sliding scale, but now I happen to also believe that if you walk into your company as the CFO or the technology officer and say, I have no idea what I'm doing in crypto, you're probably getting fired, which is the opposite of how it was three or four years ago. And if you were the crypto guy, you probably did get fired. But.

B (14:18)

Far back, Scott, it's like.

A (14:23)

Last week. So, you know, assuming that the DCC takes the lead, that the United States government actually starts to put these things on rails, that we have the JP Morgans, what does this look like for all of the other institutions? I mean, is it a wholesale replacement for them as well?

B (14:40)

I. I think long term, yes. I think long term, absolutely. And I. I think what short term you will see is that there will be some bridges, no pun intended, from this space, but there will be some bridges that allow, you know, some of the smaller players to slowly, slowly integrate into the technology. Because, again, wholesale replacement is expensive. It's not a cheap undertaking. And those large players that have the balance sheet and the budget, they can lean in faster. So I do think that it's a wholesale replacement of the whole system in the next, I don't know, 10 to 20 years. I think that it will be gradual. I think you will see the large players adopt it first just because it means much more to them from a revenue cost minimizing point of view.

A (15:36)

So from your perspective, do you continue to try to build further partnerships with the other large institutions? How much competition is there among the different protocols and what does that actually look like? Because it seems like obviously you're not the only one who would want to be tokenizing trillions in assets.

B (15:57)

Yeah. So to be clear, for example, with respect to the dtcc, we don't really have an exclusivity there. We were fortunate enough to be the first to go, but I think it's.

A (16:08)

Actually on their site that I have it right here. DTCC tokenization service will support various public and private blockchain networks that meet the standards as described in the SEC's no Action Letter. So, yeah, obviously there will be others at some point. Yeah.

B (16:21)

So in terms of competition, I think we haven't launched Canton with a mission Statement to replace xyz, not Ethereum, not Solana. I think that for us we came at it from how do we get as much institutional flow on chain and therefore we build different technology with different requirements. That for us was critical in our opinion for those said institutions. So you know, we've had multiple conversations with other L1s about collaboration. They have different properties and different communities that could actually take advantage of assets that are on Canton. And there's, there's also things that Canton can benefit from some of those communities. So I don't, I don't view what we're doing as competitive. But of course, as we know in today's world, everybody's fighting for attention and there is a coin price associated with it. So as you said, a lot of people didn't appreciate Canton coming out of nowhere and suddenly announcing all of these partnerships.

A (17:35)

It must have been just a really good time for you behind the scenes because I saw what was happening publicly and I was laughing, laughing very hard. I want to double click on something you mentioned earlier, which is that you went right into privacy when you talked about what they would want. First of all, I think that most people would view it something like the DTC or the government of the institutions and think they wouldn't care about privacy because the knee jerk reaction of crypto people is that privacy is probably not a priority to the largest institutions. But you say obviously that it is. And I think that we've actually seen that as sort of a mainstream retail narrative of late as well. Like all of a sudden everybody is talking about privacy again.

B (18:15)

Well, I mean, when, when, I mean just put institutional adoption for a second on the side. I mean, even when you look at crypto, I mean, do we have what is the X handle? Whale watchers.

A (18:30)

Right.

B (18:31)

You know, immediately when you move your crypto assets, people front run you because if you send assets into an exchange, the assumption is that you're about to liquidate the asset. So you know, if it's MEV being able to front run transactions because you can see everything that is happening, there's just so many, in my opinion, derivatives of the lack of privacy that are not good. Not just for institution but for also for individuals. You know, a lot of times people will think that, you know, your public key means that you're anonymous. It's just not true. I mean when you look at some of the on chain intelligence companies, they know everything that you do. I mean, I know of certain offerings. If you put a cell phone number anywhere in the world, they will tell you, your wallet addresses your activity. So I actually have, you know, I actually believe that privacy is a human right. And you know, I've posted that a long time ago. I don't think that this is just a requirement for an institutional player. I think that crypto offered financial freedom and financial opportunity for people around the world at the individual level that they had no chance of getting. And as a result of that, you're saying, okay, well, I wish I had privacy, but I really care more about financial freedom and being able to take care of my family and therefore I'm willing to accept not having privacy. To us, that is not a good outcome. But when you think about an institution, that is just no right. Like, I don't see my former employer, Citadel being okay with all of their positions being broadcasted to the world or every time they change a position that is being broadcast to the world or being able to look at all the margin movements in and out of a clearinghouse by all the participants. Or you know, maybe some companies would be okay and employees or a company dispersing, you know, your monthly salary to the employees. I just don't think that at the majority of society that would be acceptable. And that's why privacy already nine years ago was like a must have feature for us.

A (20:54)

Do you think Ken Griffin is listening to us now that you said Citadel? You think you heard it?

B (20:59)

I hope so. And thank you, Ken, for being a great investor.

A (21:02)

Thank you, Ken. Thank you for all that you do for us. So leads to a natural conversation about centralization and decentralization, right? Because on these other networks, as you said, there really lacks privacy. If you send an Ethereum transaction, it wouldn't even work. But I think to have that level of privacy, does that mean giving up a certain level of decentralization? That it has to be like a company that you're sort of working with that. Or can this happen completely on decentralized Rails?

B (21:30)

No, it can happen on decentralized Rails. The nice thing about Canton is that there is no kind of this kind of binary view of the world. Everything is private, everything is public, everything is centralized, or everything is decentralized. The reason for the name Canton is from the Swiss Canton system. And if you think about Switzerland, it's a very well functioning country, you know, have done well financially in history. But when you actually, you know, double click in, they have many different cantons. They don't even spell Canton the same way across the cantons, some with a C, some with a K. You know, they even talk different languages. They have different tax, tax code, different rules, yet they all interoperate under one country called Switzerland. Right. So our view was that the world is not homogeneous. There are institutions that come with a whole set of requirements when it comes to privacy permissioning, who's allowed to access, under what condition are they allowed to access. And then there is a really good opportunities for permissionless assets that might be semi private or not private at all. We didn't want to create a crypto rail that kind of mandates to people. This is how you should behave. And I do feel that till today crypto rails were very opinionated on how the world should operate. So we took a very different approach by saying we want to give people that build applications the freedom to decide how to define their smart contracts. And therefore you could have a very wide variety of configurations on Canton.

A (23:12)

Assuming that multiple chains are used by different institutions, how does this become fully interoperable, this entire system? Because who is actually motivated to build the tools to make it interoperable? If to some level everybody's competing and probably want walled gardens?

B (23:33)

That's an awesome question, to be honest and it's a critical question. And I get asked that question from regulators a lot of times. Listen, I think that we will have multiple rails. I don't think we will have as many as people think. Mainly because you need to have such a significant return on the investment that I just don't see how having that many rails would be worth having so many different institutions connected. But I do think that you might have a handful. And therefore what you are seeing is that institutions today, when they're building their integration points, they are coming at it from a multi chain kind of approaches. As you said. The point about interoperability is a great question. I think that when people ask me will you do interoperability with with another chain? I always ask a regulator for what reason and what I mean by that, it's not that we are against it, but like if a regulator, let's say we work with a clearinghouse and we work with a few of them. They said we are willing to accept Ethereum as eligible collateral as initial margin or use it for any other thing. That's an amazing opportunity to do interoperability with Ethereum. Because if we build the system that manages the collateral for them, we would love to have kind of like this very interoperable way of being able to deliver Ethereum.

A (25:10)

But Ethereum is collateral, to be clear, is different than using the Ethereum rails to actually move everything, right? So it's kind of A different form of interoperability?

B (25:19)

Yeah, it's a different form of interoperability. So I think that generally speaking, what we will see in the next few years is that the handful of chains that have been able to attract a product market fit, I do think will, will start actually collaborating about more seamless interoperability, but mainly because now you could actually see a return on that investment.

A (25:43)

Right.

B (25:44)

I think they're doing interoperability for probably a problem that.

A (25:47)

No, that doesn't exist yet. So. Yeah, I just wonder because we've seen this so many times in the past in crypto, clearly not on the institutional level or anything, but a protocol is secure. Wonderful. But these early iterations of bridges and all these things, those get hacked, right? So because that's not under your control anymore, right? Some third party or whatever builds a bridge between two protocols and that's where the hackers are able to drain funds. I can't imagine that the regulators and such would look too favorably on something like that. So seems like, you know, from your perspective, or others would be like a one chain to rule them all type of thing would be ideal in your mind.

B (26:27)

Well, I, I, like I said, I think you will see a handful. I do actually think your point about bridges and the risk associated with them is, is very valid. I do actually think that some of the leading players on the bridging side or the, the connectivity could actually become critical players on creating that really, really tight interoperability technology. So whether it's like Layer zero or chainlink, those type of, those type of protocols, I do actually see them being some of the critical players to create, you know, the next generation, if you want to call it of a bridge, where you don't have this type of settlement risk between two chains, but that is from a technology perspective, significantly more complicated and therefore must have some kind of a real business case to make that investment.

A (27:19)

So by the way, I forgot that my daily show is a new show because all I've done is interview you about these amazing topics and I think it's great. You're excellent at this. But I do want to point at a few stories that we actually have since that's what people are used to getting here. We have this one along these lines, Morgan Stanley files for Bitcoin ETF Goldman names top 2026 crypto picks once again, these headlines that were like you couldn't have even dreamed of a year, much less, less two years ago. But since this was two days ago, Morgan Stanley has also filed for ethereum and Solana ETFs with staking, they're trusts, but they're effectively ETFs. And you have the Goldman Sachs top 20, 26 picks here. So is there an institution left that's not trying to capitalize on this at this point? I mean, how meaningful is it that you now have Morgan Stanley not only offering the ibits and other products of the world, but actually now creating them themselves, trying to capitalize on this?

B (28:16)

How big is it that one of the top three wealth managers in the world has done this? I think it's pretty big.

A (28:23)

Nothing Burger?

B (28:24)

Yeah, nothing, exactly. Listen, I think, I think that all of these things are really good for us because again, I think that we've worked on convincing the large institutional players that there's value in this technology, there's merit in Bitcoin as a store of value. So having them, having them now buy in. I do think that the previous administration was not the most helpful in the world. Even though I have to say we did launch Canton during the previous administration.

A (28:56)

A lot of the best things that you see are built are launched under the worst conditions.

B (29:03)

But I think that all of these things are just really positive signals. Now the question is, well, why is the market what it is today? And it's a question of did we actually value the technology at the right level prior to these things? And the thing that keeps me very positive is even though I don't predict prices, I can't tell you what it is. What I can say is that all of these announcements are showing that there is a real baseline of interest in the space in these tokens, in using this technology. And what I mean by that is yeah, it might go more down, I don't know. Again, I'm not predicting it, but I don't think it goes down to zero. I think that that has a zero chance. Right, like this is going to keep on going up. It's just that I think that the industry is trying to recalibrate how do you value these things? And this is really where again, I'm going to do a good job of coming back to talk about what we do, which is we need to as an industry to actually show that people are starting to adopt the technology and are using it for their real world businesses. And when we do that, I think you're going to see the, the industry size go well beyond $10 trillion in value.

A (30:30)

Yeah, I've been talking about this quite a bit. We have this bullish tilt that we're going to finally value things based on their utility and that the fundamentals are going to matter, and transaction fees and burns and all of these ways to actually assign value to these tokens. And I've kind of pointed out that that might mean a repricing down first, or maybe that's what we're seeing. But if we are intellectually honest and say that most of these things in previous cycles or for the past 10 years were probably based on speculation and hype more than fundamentals, that even a return to actually pricing them on utility and fundamentals may be much lower than where they currently are because of all that speculation and hype. That's not what people want to hear, but that's kind of what you're saying. And I've said that a few times.

B (31:21)

I, and I can't disagree with you. I don't understand how something that doesn't have any rights and covenants to the holders of an asset, that the underlying asset processes less than a million dollars a year, can be worth billions of dollars. I just don't. Physics doesn't agree with that. I mean, it's just like I believe in free markets and in free markets, arbitrages eventually close away. So if you have a company that does millions of dollars and you have rights and you get covenants as a shareholder, and then you have something that does significantly less and doesn't show the trajectory of going higher and doesn't give you those rights, that arbitrage eventually will close. That. Now, I don't know what's the timing, but eventually it will close. And that's why I totally agree with what you said.

A (32:16)

Right. So one of the other big stories was that we are likely to get a markup on the clarity act by January 15th. I don't, I don't have it to pull up. You launched during the Biden administration. Clearly you weren't particularly concerned about the regulatory or legislative environment. Right. But it's still meaningful. So do you think that Clarity passing or not passing on a certain timeframe could be a catalyst in either direction? For. I mean, I know we don't want to talk about prices or the market, but how meaningful is the passage of the Clarity Act?

B (32:49)

I think all of them are super important and not a lot of times just due to the substance of the law itself, but also, again, it's the posture and where we are. A lot of times people ask me, is the genius Act a big deal? And I said, yeah, it is, but it's actually more the posture of the administration, the regulator, the legislators that they're actually passing positive laws towards this industry. That is a much stronger signal. Right. So I think about the Clarity act very similarly. You stated that we launched, you know, during the previous administration, we build Canton to be able to comply with the law. Not again, that you can build applications that comply with the law. My view was you don't build technology in the hopes that the law will change to make it work. So I think that all of these are great. I hope that midterms is not going to be used to not pass the Clarity act because again, I do think that there's a lot of important components that the risk averse institutional players would say, yeah, we're not going to go all in unless we have more clarity.

A (34:08)

Yeah, I'm a pretty half glass full kind of guy, an optimist. But if this pushes to midterms, we're hosed. This has to get done before it's even midterm season, much less actually midterms. I think one of my sort of predictions of 2026 is that we see a massive resurgence of the anti crypto army, sadly, because that didn't have to happen. But I do think that there are people who are going to run on that platform only because of the Trump family's involvement. I mean, we have a story today, right? Trump family crypto company applies for banking charter. Elizabeth Warren is not cheering that, right?

B (34:48)

No, I thought, I thought, I thought she was going to endorse that.

A (34:53)

She loves it. But I'm just saying that clearly, you know, with the Trump family's involvement and the things have happened in the last year, we have sort of a mixed bag of, you know, political motivations. And I think that they've dropped enough of a breadcrumb trail here that the anti crypto army could come back. And if this becomes yet another issue, we need that Clarity act having already.

B (35:13)

Passed, not being in question, I think you're right. But taking the fact that it didn't pass last year, I can imagine that already that started. And again, I'm very hopeful because I think that both sides should look at the amount of money, effort and opportunity that this is to the US economy. And that's what should be the focus. And I hope that that will be the focus.

A (35:40)

Yeah, I totally agree. I mean, to be honest, I'm really glad you were here today because this was not a big news day. Nothing that I really wanted to cover. And we can have a much more deep philosophical conversation about the way that this evolves. Before I let you go, I want to know, with all this happening in the United States financial system, how much does that lead? What will happen around the world in your mind? Your big news stories, I should say for you specifically, have been very US focused. But does that become a global thing as it's seen happening here?

B (36:13)

Well, I mean, we had a huge story in the uk. We just, we just actually processed a guild purchase against a tokenized deposit on Canton as well. So that was. Yeah, that's, that's.

A (36:27)

Oh, I had that there and I.

B (36:29)

Still have an advertisement for Heslin shout out to him. But you know, I think, I think that, you know, the US is still the leading financial center of the world and having the US have such a massive momentum does. Does spill over and create momentum elsewhere. So this, this announcement, this announcement from the UK is a very big one. Very excited about what we're doing with Lloyds and Archex. But you're going to see stuff from Asia and you're going to start seeing collateral of different sovereignties start to exchange be traded against on chain in 2026.

A (37:14)

Anything else I might have missed before I let you go?

B (37:18)

No, this was awesome. We should do this again in a few months.

A (37:22)

I was going to talk about how zcash is crashing because apparently their development team resigns when we were talking about privacy. But I'm going to be honest, this was one of those things. I just saw it and giggled and moved on with my life because I don't understand it and I know nothing about it. All right, man. Well guys, you can give Yuval a follow. I do follow Canton Network, but obviously X sometimes that happens to me as well, by the way, where I'll look and it doesn't show it, but it's. Then the person's like, yeah, so it's a glitchy. Yesterday we tried to launch Twitter Spaces, which we do every day, and it just didn't work. Like, you just could not launch Twitter Twitter Spaces. So maybe they need to hire back like three of those devs from the early days or something.

B (38:05)

Awesome.

A (38:05)

Yuval, thank you so much.

B (38:07)

Thank you Team Wolf, everybody.

A (38:09)

We will see you soon. Have a good one. See you tomorrow for the Friday 5 later. Today's video is sponsored by Uphold, a unified digital asset platform that lets you buy, sell, swap, earn and even spend crypto all in one place. Uphold gives you access to over 3, 300 cryptocurrencies, plus fiat currencies and even precious metals, all with deep liquidity pulled from more than 30 exchanges. That means cleaner pricing and faster execution. A standout feature is their any to any swaps. You can instantly swap crypto to fiat, fiat to metals, or token to token without multiple conversion steps or extra fees. Every asset you see on the app is a tradable pair. You can also stake major assets like Ethereum, ada and dot com with weekly rewards. Diversify easily using pre built thematic baskets or earn interest on USD balances. If you're in the US and Uphold publishes real time proof of reserves updated every 30 seconds so you can verify they're fully backed. Sign up with my referral link in the description and explore everything Uphold has to offer.