稳定币不是双寡头：大公司要发自己的币

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I can tell you uh there are multi multinationals that I know for certain are launching their own stable coins.

我可以告诉你，我确定知道有跨国公司正在发行自己的稳定币。

Rob Hadick4:05

I think there's some revisionist history of people saying I never even wanted to pass in the first place. But, like, let's be honest here on this podcast. Like I think we all want it to pass or at least I did.

我觉得现在有人在修正历史，说自己从来就没想让它通过。但在这个播客上说实话，我认为我们都希望它通过，至少我是。

Santi13:18

the way I read this was the written note the a chance for the issuer to object breaks down a lot of what tokenized equities look like on chain today, which is like you'll just throw up AMC on Hyperlid.

我的读法是，书面通知和给发行人反对的机会，打破了现在链上代币化股票的大部分做法——也就是你直接把 AMC 扔上 Hyperliquid。

Santi17:23

likely what we get over the you know from the the two agencies over the next u few months is going to be more pro- innovation than even Clarity was going to be

接下来几个月这两个机构给我们的东西，可能比 CLARITY 本身还要更支持创新。

Rob Hadick20:26

then they came out and they seem to mostly promote uh memes on day one uh when it had previously been sort of talked about as a you know kind of a payments first chain. I don't know why they decided to do that frankly.

然后他们出来，第一天似乎主要在推 meme，而之前它一直被说成是一条支付优先的链。坦白说我不知道他们为什么决定这么做。

Rob Hadick38:34

I don't expect that we will have four to four and a half% rates forever and I expect that the rates will come and normalize somewhere between 2 to 3% over time which means that you know if there this is a business that is just interest income like their revenue will get hald on their current you know amount of TVL

我不预期 4% 到 4.5% 的利率会永远持续，我预期利率会正常化到 2% 到 3% 之间，这意味着如果这只是一门利息收入的生意，在现有 TVL 下他们的收入会减半。

Rob Hadick42:38

the first big reckoning of a company comes in year four. first big com reckoning for instinct will come in month four here when two of the biggest companies in the world roll out direct competitors aka Grockbot and Facebook you know Meta Muse

公司第一次大清算通常在第四年。Instinct 的第一次大清算会在第四个月到来，届时世界上最大的两家公司会推出直接竞品，也就是 Grokbot 和 Facebook 的 Meta Muse。

Rob Hadick47:41

people have to remember when they talk about the prediction markets that both Khi and Poly Market had basically zero revenue 14 months ago. They had very very little revenue 14 months ago. Right? It was dimminimous. And now we're talking about companies that are doing billions of dollars of revenue each, right? 14 months later, the growth has been absolutely tremendous.

人们谈预测市场时必须记住，14 个月前 Kalshi 和 Polymarket 基本上都是零收入，收入非常非常少，微不足道。而现在我们说的是各自做到数十亿美元收入的公司，14 个月后，增长极其惊人。

Rob Hadick52:43

数字与实体

术语

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NMS stockNMS 股票

受美国全国市场系统规则约束的上市股票。

transfer agent过户代理

负责登记证券持有人和转让记录的机构。

DAT数字资产财库公司

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CPNCircle 支付网络

Circle 推出的支付网络，Arc 生态的一部分。

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