Speaker unverified: belief

Transcript context

…I know. I read it. My sense is that Stripe strategy in the long-run is to figure out how to transcend the constraints of traditional money movement. How much do you participate in the traditional financial institutions that have been set up and how much do you transcend that and build something novel? I think a lot of what actually Stripe is doing with building its own payments network, somehow building its own deposits network, which I think you still need to partner with banking institutions on to do that, so you’re still anchored with that, but I think that’s actually where stablecoins becomes quite interesting because it’s permissionless. And so, who does Stripe need to—I think the way that I would kind of think about it is who does Stripe need to get permission from today in order to exist in the way that Stripe wants to exist? Yeah. I think the thing that we think is interesting about financial infrastructure is it’s, by its nature, multiplayer. You look at old ecommerce systems and ones that even might’ve been on-prem or just the software is very outdated, and Shopify came along and built an amazing product and said, “Here’s a much better rate to manage your ecommerce store and manage your inventory and build a nice storefront and everything.” And they were able to really clean up a significant part of that market because you could replace your old ecommerce system with Shopify. What’s interesting about what we’re doing is payments—and to a large degree financial services—are by their nature multiplayer where every payment is with some counterparty. And even if it’s not, if it’s something like where do you store your money or how do you do AP or something like that. There are lots of banks out there that people have their deposits with or people wave their hands and say, “Oh, crypto will obviate this.” But when people have money in crypto, they will store it in Coinbase, or in Binance, or what have you. And so our view is that for whatever job is being done, there will be a whole bunch of other counterparties that we are going to integrate with and work with.…

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