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Chana Schoenberger (00:11):
So what's next for Solana? How are you working with banks and payment systems?
Kristin Smith (00:15):
Yeah. Well, Solana is the fastest, most used blockchain in the world. And so it's a place where any type of asset can be issued and any type of asset can be traded. And so today we see about $16 million worth of stable coins on Solana. You might think that doesn't sound like much, but that number has tripled in the past year. So a lot of growth going on there. Solana is also a very popular place for tokenized securities. And so we're seeing that is just starting to get started. There are some rules that need to be put in place around the secondary trading of securities, but any type of asset can be issued on Solana. Solana is a very decentralized blockchain. So there are validators all over the globe that help manage it. That means it's very resilient. It's very secure and a very reliable place.
(01:10):
And it's also incredibly fast. The finality on Solana transaction happens in about 200 milliseconds. So this is a new record we hit recently. And so very, very interesting place. And so I would say if any bank is looking at blockchain rails as a way to upgrade what they're doing, Solana, I think is probably the first place to start.
Chana Schoenberger (01:32):
Great. Wonderful. Anything else that you're thinking about or concerned about these days?
Kristin Smith (01:38):
Well, unfortunately, I think we have missed the window to get the Clarity Act done. We have seen the vote fail to get the critical number of votes needed on the Senate floor. And I think the White House, Congress, and those of us in the industry are now really looking towards a regulatory pathway as an alternative. Of course, there is a small chance it could come back maybe in the lame duck session, but I think at this point there's a real focus on using existing laws on the books to fill as many gaps as possible. So definitely a plan B, we're calling it, or I guess it's plan C for a lowercase C for clarity because we don't have the big clarity act anymore. But I do think that this is a technology that's being integrated with banks. 67 million Americans hold and use crypto. It's a space that does need regulations.
(02:35):
And so we're excited the regulators are stepping up and they're going to take their shot.