Welcome welcome. We're just gonna give us just one or two minutes to set everything up.
Guys can you hear me properly? We can, my track, my track, it does work. Perfect, I always get so stressed when I only do two different spaces.
Hey guys, do you hear me? Yes, we can. Hi Bob, welcome. Hello. Hello, can everybody hear me? Yes, we can hear you very well. That's great. That's great. Fantastic. Okay. I think we have a full
house and we're ready to go. I'm sure more people will trickle in as we continue but thank you everyone for joining across all time zones. I know we have people from the west coast so good morning right through to sinkable time zones so good evening to you there. Welcome to this or
So a defy innovation talk about the state of stablecoins or future of stablecoins. It's definitely in a topic that's been in the news on defy or crypto twitter and also just on the minds of many users given many of the events and
recent months. So we figured it would be great to have a dedicated session on this today. But also for many reasons because we are seeing a wave of innovation in the stable coin space which perhaps isn't being reported as much as some of the big typical news
events that you might have come across. So with us today, we have three thought leaders from three different kinds of stablecoin protocols, all of whom have been building great products in the space and all of whom will have really unique insights into stablecoins. You know, what the situation means right
right now, full stable coins and what we can look towards in the future. So without further ado, I would love to welcome our three guests onto the Twitter stage. We have Chris. Hey Chris. Hey, okay. How's it going? Thank you. Thank you so much for inviting us.
Thank you for joining. Chris, do you want to kick off with an introduction to yourself and to USD? Of course, of course, I am happy to do that. So of course, me myself, I'm the Community Manager at USD. I joined the company Haierz and Alfa Go more or less. So I kind of wiggle up together. Of course,
is going to be like TrisD like grow a lot especially in market cup and like in volume like we are over to BVN market cup right now and I basically take care of everything that is connected to the community like so discord like Telegram as well like I focus a lot
lot of content creation, especially on Twitter. So that's pretty much what they do. And for 2SD of course, I think many people knows, like is a fully collateralized stable coin, collateralized with the US dollar, want to win ratio. And we are of course back on a well established global
network of financial institution and robust blockchain infrastructure. And I can say that USD is the first stable coin to utilize smart contracts from minting and redemption. We are real time on chain verification of underlying reserve coverage. This is supported from off chain.
data and from the network field, which is basically a crypto native USD auto firm and of course for the part regarding the own chain data, we do that with the POR that is provided by Chainlink. Currently, USD as I mentioned is over to be an immarkable
So like we are in the top five of stable coins and we are available of many cryptocurrency exchanges over 100 and we are on a wide range of the flight platforms and of course we are deployed on over 10 chains like Ethereum, B&B smart chain, Tron, our bitroom, Abalange and so on.
So that's pretty much. - Brilliant, thank you for that overview and welcome. Rommie, hey, how's it going? - Hey guys, how you doing? - Good, good. - Good, good. - This is probably me. - So Rommie, Abergadabra money, a lot of us, well many people in the community will know very well. But yes, we're loving intro to yourself and obviously what you're building#
Yeah, for sure, for sure. So my name is Romi. I've been working with Vabraka-Rabra money since its inception. Nearly two years ago, a little bit more than two years ago now. I started doing stuff as a community manager and then I kind of moved on to more to other roles such as quality
insurance and then I've been focusing a lot on the BD and growth side of things. A couple of things about Abercadabra, Abercadabra is a DAO. We've been live for a couple of years, we're currently, we are issuing a stable coin called MIM. MIM is a
will over collateralized a USD-denominated CDP stablecoin, meaning that it's one meme should be the value of one meme should be close to $1. We use CDPs and users can come on and provide collateral, it means the stablecoin meme. Meme is currently live on more than six chains.
lending markets are available on Ethereum, Avalanche, Phantomar, Bitroom, Binance, BNB Chain, sorry, and Optimism currently. Yeah, so we've been, we have one of the deepest liquidity pool for decentralized stablecoins on Ethereum, Mainnet, our current
pool on on on curve finances around a hundred million dollars right now where we pair meme against 3C RV tokens so you as the CEO is the TMI and yeah they're excited to be here and I think it's what you guys are doing putting together stable coins is a very smart thing to do and something that is definitely helpful for the community. Thank you. Thanks for joining.
And last but not least Bob from Helio money. Hey Hey everybody. Welcome super super glad for being present here for Your audience I am Robert Fyodor's but I also go by Bob Fyodor's I'm the product
that helioprotocol. Helioprotocol is a defy protocol that is all about crafting hay, which is a top notch CDB stablecoin, born and raised on Binance Smart Chain.
And we're bringing stability and financial freedom to the DeFi space. And yeah, I believe that we share some similarities with the other speakers protocol, such as
we are focusing on being decentralized and following a collateralization model. Hei specifically is an over collateralized where people can mint Hatochans throughout a borrowing mechanism against the US.
and B&B. And yeah, I hope to bring some exciting news and happy to discuss with you guys. Brilliant. Thank you. Thank you for joining. And I'm your host, Kay. Others call me Marwan. And I will be hosting today's session on the state of stablecoins.
In terms of why we're talking about this, of course we mentioned, for those who are just tuning in, stablecoins have obviously been at the forefront of some of crypto news in recent weeks and recent months. So it is very current and very relevant to many people's minds, developers and users of course.
And also, we do see it as a key Lego, a key factor in what we have very deep conviction here at B&B Training, which is the potential of decentralized technology to empower people with the freedom of transparency, ownership, and control of the assets.
and stablecoins play an integral part in that future. But to kick things off, let's start with first principles, maybe starting with Eucharist. What is the actual role of stablecoins? They seem to have evolved quite a bit. And how does your protocol try to best fulfill that function, that role?
Okay, okay. So basically, let me say that if we have to discuss about the principle of the basic, it's obvious that a stable coin must import a role is inside the name itself, is being basically a no-bola-lateral medium of exchange, so it needs to be stable. Of course, if we talk about
the most traded crypto currencies out there, like we know it's Bitcoin. Even if as a medium of exchange is basically the risk volatility, so the price of Bitcoin can go down how it happened last year, and so it can kind of lose the purchase power of Bitcoin.
So what does this means is that the stable coin is good and it comes to play when it needs to be an idiom of exchange. So for example, 3ds keeps the peg to the dollar and as of course, min does as well as of course, hey from the area
project does. TSD itself does, we do this at TSD by being since our creation, since the launch of TSD that was in 2018, by being one of the most secure and reliable stable coin out there. In our case, as I mentioned before, we are
fully collateralized stablecoin, fully collateralized to the US dollar. That means that every time a user wants to mint USD, there's going to be one dollar in reserve of that USD that has been minted. Furthermore, recently, the USD partnered with Changwing PUR through the proof of reserve of Changwing. We are able to take transparent
stability to the next level by bringing off chain attestation data on chain and securing the meaning. So every time after a user initiate a mint request for 2SD, basically the proof of reserve will check if the reserve is enough before the
real mint. If there's yourself won't be enough, the minting will stop automatically and this basically adds a great trust between the new minting user and USD. So I would say that this is basically more or less how USD will fulfill this role.
Thank you, thank you. And Bob, what do you think I know? Helio or Hayes, they can decide a different approach, but obviously it still has that same vision. So, can you get your thoughts? Yeah, when it comes to the rule of stablecoins, I believe it's...
pretty much sticks to the basics that is being the backbone of stability value and users have a safe space where they can transition in real time from volatile values to stable values. So not much rambles
around this and I believe this is the core of this concept. However, for example, taking Helio Protocol as Helio Protocol's point of view, our stable coin, hey, it
requires a more robust collateral backing, and it's issued throughout a basket of possible collateral assets. And this is also is ruled under certain conditions such as collateral ratios, eventual
all meaning fees and that will fluctuate according to the protocol's governance as well as certain market conditions. I think another interesting point, another interesting
to discuss is what stablecoins are not that are in the, let's say, the outside of the crypto world, currencies are frequently eroded by non-transparent monetary expansion and this is
see, you know, come on ground among stable coins where we can prevent this, as I mentioned throughout, clear open contracts, open code, and decentralized governance. Turning back to the
The hay stablecoin, as mentioned, it has a robust collateral back. And this is, let's say, the main mechanism we use to ensure that it stays true to its back. Of course, as it is decentralized, we have minimal fluctuations, you know,
very, very small fluctuations that go across the different waves of purchase and selling pressures, which is expected in the market. And in fact, any currency in the world behaves like that.
And also, it's built over Binance Marching that empowers it with lower transaction fees and, you know, zp processing times, making it more user-friendly. And also,
We are eager to say a little more regarding the next steps toward cross chain compatibility and how to expand the capacities of stablecoins in a general manner to seamlessly interact with other deflite
platform services and networks. And yeah, this is how we contribute to building this world of the value of currencies, remain steady and the price of goods and services, then the test of time. Thank you. And I think you kind of hit the nail on the head on some of the
There's like a philosophical difference, right? And if you think about DeFi, or if you think about just general users in general, they are holding value in a in some form of stable assets, being in the traffic, you know, whether it's the traffic world or the DeFi world. And I think all of you here have gone, clearly, and everyone DeFi going through this through does
stablecoins that are built by very transparent, very public, and a lot of, whereas you would like to try to find the governing principles of stablecoins kind of conflux-based, or based on market conditions. So there is a very paramount difference
of course, Nick to add the stable cards exactly because they need to be stable. I think there's other things interesting that we can cover. One talking about name, for example, one of the coolest thing that we can do is that on top of our CDPC system that allows for stability, different back clean backing, transparency and all these other
We actually managed to build a leverage system directly on top of our smart contract that allow our stablecoin to be used to leverage up on some interest barring tokens and yield derivatives. As an example, let me think about something cool. We recently launched a Magic GOP call run that allows users to use
users stablecoin to leverage up as much as they want on the yield produced by GLP. I don't know if you guys are familiar but GLP is basically the LP tokens by GMX which is focusing on allowing users to trade in their perp decks and therefore producing yield and Aberkhara allows people to leverage up on that. And I think this is also
something very cool that we tend to forget sometimes. Overall, yeah, I would totally agree with what you guys have been saying about the transparency, the real utility, and I think that in this space decentralized stablecoins are very, very important to improve how
the current situation works right now, right? I think that's kind of like, like, Abra has, Abra allows both for for stable, stable and safe hardware usage of NIM and a leverage engine. So we get the best of both words, I guess. Thank you. Thank you. Well, it sounds like you agree on the vision, but
Clearly there are some differences, right? So, Kinsa get different takes on how you actually build a differentiated proposition in the stable corner economy, right? Maybe Bob, we can start with you, how you think about building that differentiation, and ultimately why people would use Helio or hey, versus any other protocol.
Well, in addition to any other protocol. Yeah, there are some remarkable points I think we could state before answering that. First is the fact that stablecoins are adoption is growing in a super fast-paced
and it's, you know, multiplying by 10th of times every year. And also, this is interesting that stablequence are the major liquidity reserves in DeFi application.
like decentralized exchanges, the landy protocols, and so on. However, stablecoins do not state for the largest TVL among all these protocols. So that means stablecoins have a good
clear role within the crypto ecosystem and it is its place. And as we've been noticing recently, we are on the verge, we are amid the, let's say the settlement
of the more mature market in that sense. Because in the early days, when the smart contracts technology wasn't something so well developed, we only had
A couple of options to switch from volatile to stable assets. For example, the feedback model was one of the most proven instances then, where you had basically a bank account with $1 per each stable dollar minted.
Nowadays, we are very fine that there are other different ways to see this. And the option that Hilo protocol understands as the best, I wouldn't say the best, but I would say that best fits our
strategy while providing a remarkable opportunity for the users is this one that has a collateralized depth position with robust collateralization. And this makes sure that stablecoin is backed by a solid foundation and we keep that value nice and steady.
Outside of that, we add the layer of decentralized governance in which the community itself, and we will count with the support of people to choose what are the best opportunities in terms of how
shape this collateral basket and how it should interact with the protocol while providing rewards for the users to interact with the protocol itself. I think a step beyond that
would be focusing on cross-chain compatibility and scaling into other networks. I believe the future is pretty much more horizontal in that sense where interoperability will be. Won't be something
so complicated and we will be less demanding in terms of user experience for the end user and we believe that in a lot. However, even though we have our preferred model, we agree that other stablecoins model can be beneficial for the end users
And as I've mentioned earlier, we are getting maturity in that sense. So there are other models like algorithmic real world assets or purely feedback. And at the end of the day, we're more concerned about being part of an optimal mix.
For most of the users rather than being the union option because it's nearly impossible. No, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no#
a diverse bucket of baskets of tables. So I think at the end of the day for many protocols such as Helio for example, it's proposal for differentiation touches on collaboration with other protocols at certain times.
So, Rami, you're gonna add or... Yeah, for sure. I mean, I agree again with everything you said. I actually, I would add something on one topic though. I think right now it's no longer enough to just be an other stable card. You have to find your own niche.
and find your own user base and then amplify and build on top of it. That's what we have done with Avra. We started as a stablecoin and then as I mentioned before, we figured out that our core business more than actually only being a stablecoin is also allowing leverage for people. And the cool thing about it is that as more and more people use leverage,
the more differentiated the amount of collateral back in the stablecoin becomes. Right now, average current accepting more than I think it's around 45, 46 collateral across six networks, as I mentioned before. And most of the back is actually done in now pitocons of Bitcoin, Ethereum and other stablecoin.
We also have a quite a large CRD backing for Kirk Fidenz governance tokens. And another cool thing is that we are actually, every time somebody opens a position on a Bacadabra, it manages to, it pays an interest on top of it. And this interest is shared with the Dow, with the Dow Treasury, and with the same spellholders that
actually as for hill you decide on all the major part of the of the of the protocols or interests or to the new collateral being added and all this kind of stuff. So yeah, I guess the main thing that I would say related to them and how we differentiate for the other from the other other other provides table can provide us is basically that we vote
is looked at having a very diverse basket of back in tokens. As I mentioned, the more than 40 collateral, we also focus a lot on security, but I guess everybody here does. And yeah, our collateral is more contract than being able to secure billions of dollars during the last bull run.
I think it's something very important as well. I guess, firstly, I would like to say that, differently from some other decentralized stablecoin, meme doesn't have any kind of PSM or flexibility mechanism. All of our collatras are fully liquidatable if needs be and having isolated and immoral
basically allow also for users opening the position to fully take advantage of the price action of only one token. So that's mostly what we do. You're saying there is no PSM, right? There is no PSM. No, we don't explain that to the audience on what that and why that is. Yeah, sure. So
So a PSM is basically a contract that allows you to hard code the price of MIM. Let's call it this way. Or over another stablecoin. In this case MIM doesn't have one, so it's not the correct example. This is something that for example, MakerDow has, and that has allowed them to grow them to grow a lot during periods where other stablecoins were not growing.
Because if you have a contract that always ensures that one die equals one USDC, you have to pay a lot less for your liquidity. And users are feeling more secure holding something that can always be redeemed for you. What they show in that, they show that
when something happens to the centralized party, which in this case is USDC, your whole system starts collapsing and people no longer trust you and you cannot collaterally, you cannot liquidate the USDC back in die. And this is something that is worrying and I think no real decentralized tablecoin should have a PSM. I think PSMs are
extremely are a very powerful tool but are extremely difficult to deal with. So yeah I just I'm not a big fan of that as you can imagine. I'd rather believe that a stablecoin should allow market participants to to price it and price it through arbitrage opportunities and that's that's a good way of doing it in my opinion. I hate you. I
Chris, USD is thick and it has a very different kind of beast in the stablecoin landscape and it has had a different go-to market, perhaps compared to say, Mim or really, a good deal of course. On that story and of course the differentiation as well.
Yeah, well let me say of course like we are a different project compared to me and also compared to you I mean like We are not at the centralize table coin of course, and we were I mean like I think Bob was discussing about this and I think it's important to and I totally agree that it's important to mention it again how like the business itself is
becoming more mature, like more and more people are using stable coins. And actually today myself I checked on CoinMarketCup and I realized there are over 200 stable coins out there which I was surprised because I didn't know about that, like they exact number. And if we see like the for example the
The market cap is over 130 billion today and over 95% of this market cap is shared by the major 5-6 stablecoins. What I mean for this is that there are many possibilities actually out there because of course that 3SD, our goal is to keep stability as it is.
to give and the river transparency to our elders, but as well as Bob mentioned, it's important to have a mix to cooperate also with other projects and is not about being the only one and being the one to have all the stable coins, all there's out there. SIDO even would like to use the word
competition, but it's important to cooperate actually. And of course, it's also important, I believe, to understand the differences that there are among all the stable coins. I mean, like we can go by via taxable coin, like in our case, like crypto back, stable coin, soft back, stable coin,
Albury, Mr. Bokkoins. I mean, when someone wants to hold a stable coin out there, I think it's pretty important also to, since, as I said, the businesses become more mature and more people are holding stable coin. It's very important to understand actually the differences between those stable
I can say that in our case we try to differentiate ourselves with simplicity. What I mean for simplicity is providing users with a stable coin is really born for and dimension it before being stable stability. And it can be like during a bird market it can be during
a book market, it must be always stable. We also try to be accessible as a stable coin on many protocols like if I protocols on many chains we are native on many chains for example Ethereum, Tron, Alonge and last but not least be a mismarked chain.
And we are deploying on over 10 chains in total in total. We are also working with the many defy ecosystem and bridge in order to give the possibility to all our users to stay and farm on different protocols. So the I think Bob also mentioned the scalability and the interoperability.
probability that it's a must among many projects. And I believe this is also where the DeFi is going to go like in 2023 in this year. It is also very important the Pag Rebusiness as I mentioned before. And if we take a look at the USD Pag Rebusiness
We can realize how even under birth market and eye redemption moments to SDPAC was being stable all the time and so we never depec. So I would say that this is pretty much how we differentiate
ourselves and of course again we are not the centralised we have many differences between with MIM and with the Helio protocol and again anyway as Bob said it's important I think to cooperate and it's important for
or the business itself to don't see ourself as competitors and to don't say, ah, you must solve this table coin, but actually the user out there should study by himself, understand the difference and then decide to solve that the stable coin. - Yeah, great. - You guys might look for other
a real quick thing on that side. I think this was an extremely correct analysis and just wanted to add one little detail on the fact that I completely agree on the fact, go and watch a said that we are not really competitors. In my opinion, for a system to be truly resilient and
And the more the less single point of failure there are, the better it is. The floor as soon as the more stable coin both centralized and decentralized are being used in defy the better it is for the whole ecosystem, right? And I totally agree on this fact that the best thing to do
do actually to work together rather than see each other as competitors. And also we've all the other major decentralized or centralized stablecoins on a huge fund of tether for example I think they are one of the largest and well they are the largest but they're also one of the best teams in our industry and I really believe that working all together will be
the best thing to empower as many users as possible to take care of our decentralized financial instruments and ecosystems. So totally agree on your side on all of that. And I'm glad to see that there are more people out there that don't see stable coins as competitor but rather working together towards how can we go. Agreed. Agreed. I think
collaboration is very much one of the matches of DeFi. But obviously, this is all the good stuff, right? But we've seen a lot of headwinds, especially recent months for DeFi, and stablecoins have kind of been a focal point of that, right?
whether it's concerns around USDC during the SBB turmoil, of course, we're all aware of the relatively recent pressure on Paxos regarding the USD and the regulatory landscape, we're not sure if
other stablecoins could be affected by this. But as all of you thinking about building world-class stablecoin products for a large audience across geography, how do you respond to this? How do you make sense of this? How do you adapt?
So I think I think this is this is very good that we have someone that is that is working on a centralized stablecoin because this is this answer is very different from from our two business perspective, right? And I believe that from the centralized point of view, the solution for what you were saying is leaving
on chain and being as transparent and as decentralized as possible. I am very much against decentralized stablecoins that have off-chain assets as backing because it involves another layer of complexity and of risks without getting all the upside of being a centralized institutional
like for example, through USD or or tether of circle, right? So in my personal view, the from decentralized point of view, and I don't know if the guy from from Hill you would would would would would agree, but I personally think the solution is decentralization transparency and despite having to
So, I think that the graph is a bit more accurate than the graph. So, I think that the graph is a bit more accurate than the graph. So, I think that the graph is a bit more accurate than the graph. So, I think that the graph is a bit more accurate than the graph. So, I think that the graph is a bit more accurate than the graph. So, I think that the graph is a bit more accurate than the graph.#
Chris, what's your take? I mean, it's here in the set. Oh, yeah, of course, of course, of course, I got it, I got it. Well, let me say that like recently we don't regulation probably was as being a good moment, just as you mentioned, ESDC and BSD even if the cases are
different. I truly believe that anyway, this is my personal opinion that regulators and projects, all the simple corn projects out there, decentralized, centralized, should work together to avoid misunderstanding and to avoid to bring this in a bad way. And this needs to be in the interest
not of the project itself, but it needs to be in the interest of the users of the owners, because that's what actually matters to us. The 2SD has always been mindful to stay abreast of and compliant with regulatory requirements. For example, I will show you as operator in Caviformer, in Caviformer,
which is registered, money service business, and provide a reduced set of KOSC compliance. Meanwhile, to SD reminds the only USD stable coin to provide real-time on chain attestation on each reserve coverage.
that we were mentioning the fact of having assets on chain. In this case, we bring data on chain. There is, of course, an auditing firm, which is the network firm, which provided the data. This data are brought on chain through the POR of chain link.
as I mentioned before. So again, we provide real time on chain-out-the-station on the reserve coverage supported by the independent US auditor, which is Chai Ling. And I think, again, like the hazard to itself, how we bring this is true to
transparency. I believe again, like the most important point for all the stable coins out there, it needs to be transparency and stability. And this must be not for the project itself, but it needs to be for all others. I mean, if the orders feel safe,
field that the stable coin is reliable and actually the stable coin is providing transparency and is providing real stability. I think that's it. That's basically the point of it. Yeah. By the first principle, sorry, Bob, you're going to say.
No, no, please go ahead. No, I'm keen to get your thoughts as well, right? In terms of how Helio is an active player. As a decent, as a destable coin player, maybe I don't know if you do think it's that immune or you is just very much on the forefront of your minds as well. That the sort of recent pressure on stable coins.
Yeah, since USDC and USD have faced their share of these turbulence, I believe we as stablecoin protocols, we all noticed a growth peak in those days because you know people were migrating
for other services so it kind of diluted the transactions and values locked into stablecoin protocols. It was interesting to see that happening. However, in Haze,
approach is it has some distinct advantages. And this is pretty much related as my peers have mentioned regarding the decentralized nature that creates a sense of transparency and trust, which is for me the main point
on the real value of an asset. And of course, fostering a strong community, so you have people that share of the same beliefs as you do. For example, in Hayes,
case, it directly, let's say, affected us or it touched base with us regarding the sunset of BUSD. So BUSD is part of our current collateral basket and
The way we are responding to this is that we are soon to announce further news about our collateralization options. Unfortunately, I can reveal much for the moment, but the beauty of all of this is that we can adapt and thrive
sometimes in real time. And in addition, we have all the stability mechanism that doesn't hinge on any single point of failure when it comes to centralize authority, but rather on the combined strength of the users and the underlying collateral.
Thank you. In interest of time, I do want to open it up to questions from the floor. I see there are a few requests. But if you do have a question, this is a great time to raise your hand and ask. We've got a diverse panel
of experts really building the forefront of this vertical. So this is a great opportunity to ask. And so as a reminder, if you do have a question, please keep it short. Please don't show your projects. And please do end with a question mark. Sorry, go ahead.
How did you call me an expert? Makes me feel really, really well. We hate this the whole each other. Alright, I think we crypto on the school be in crypto b so I will invite you to ask a question.
There we go. Crypto B is as you're connecting. You can ask a question once, once it is. Hey.
Hey, my question to true USD. Sorry, I joined this business late, but my question to to USD. How to USD is different from Tether? So, that's the question.
Sorry again the question is how to is these different from US DT I think for that the question
Yes, that's the question. Okay, so basically let me say that if we go from a simple point of view like usdt and just the they are both like usd collateralized table coins or from this point of view we could say that they are pretty similar they are pretty the same thing like how we are different from
is the first of all is bringing like of chain data on chain. So again, as I mentioned before, we are the first stable coin in the market to bring this and to partner up with which I link ProvoRser. So I mean that basically the audit firm, in this case the network firm that shows you the results.
In our banks, basically, those data are all brought on chain with the POR and plus every time that our reserves is smaller, if happens, that our reserve is smaller of the supply chain of USD, so of the USD out there.
The mint will be stopped, so it won't be possible to mint USD if the reserve is smaller. If of course it's equal or higher it will be possible to mint. So this actually is something that USDT does have a POR and does have a
So I could say that firstly we differentiate in this way and of course I believe again as I said before from the point of view of co-authorization of course we are basically both collateralized from the US dollar but how we differentiate ourselves again with of course
the POR and by being the first stable coin, the first centralized stable coin to bring these secure minting and I believe this is one more layer to transparency and this pretty good thing. Yeah, I think transparency is very much a competitive advantage, right, especially within the
So thank you for that. Just an interesting time. We have another question. I believe it's from Ren again. Polygyz is right if I mispronounced the name. But as long as you're collecting, feel free to ask your question.
You have to unmute yourself. I can see your speak in there. Renegan.
And also Q one of the next questions as well.
And again, if you don't have the question, it's okay. We'll move to the next one from Neonio. If you want to ask your question.
Yes, hello nice to meet you all thanks for giving me a chance to speak so I was a user of to use the before good integrated to finance and I had noticed that you were offering a project that
would kind of flint to USD from users to other parties to offer a yield. And that included, unfortunately, a 10 million loan to some Berkman-Fried's Hall of Mater Research. And this made me wonder.
you are publishing your books for the stablecoin. Shouldn't you also be publishing the books for the company because if it goes under, what happens to user funds? And what happens to that particular loan?
So, no, there's a question for... It's for two years, the years.
I could not hear all the questions very well. I think it was questioning about where the funds goes and I think you also mentioned finance in it but I didn't get it all. If eventually you
can sum it up. Well, yes, basically, true USD had given out a loan to Almeida Research, which probably is never going to get paid back. And I wonder what happens in the event of a bankruptcy of their organization hosting to USD. And what happened to that loan also?
Okay, so first of all, let me say that I don't know where did you when you see this, what I can tell you again from my point of view and of course of the point of view of the of the team itself is that we try again
to bring transparency and if you talk about where those money are, if you talk about the reserves and how actually you can check that the user is safe and can stay safe by holding to SD. I mean, again, we do that with a US auditing framework.
which is totally registered and so that means that we are compliant and we are actually bringing like numbers we are showing numbers and this is done 24 hours a day I mean like if you go on our website for example you can you can just scroll down and you can see yourself so you can see the superchaining
you can see the reserve itself and you can even download the live at the station which is done every day and pretty much this is it and I think that I cannot add anything else to this because there is nothing else to add on this and what I mean is
If you question the transpire at this year, if you question the reserves, like we cannot do anything more than being compliant, having a live at the station, and bring also this data on chain, plus as I mentioned before, adding a layer
to this of chain data on chain by secure the meaning. So by avoiding that actually the supply chain passes the actual reserves that are held by to SD. So basically this is what I can tell you and this is it.
Thank you. Thank you. I believe that's probably all we have time for because we are running up at the hour soon. But before we close, I would love to invite the panel just to share some closing thoughts, kind of a way of things stand
And maybe the what to look forward to within the stablecoin landscape in the future. We can start with you, Roy. Yeah, sure. I guess I guess I'm very excited overall about what the future will bring us. I think what we
seen in the past couple of months as we mentioned before in the panel has really shown that there's a big need for decentralized stablecoin and differentiated stablecoins in general. For a Macadabra, one thing that I can tell you guys because I think it's also very interesting for the audience is that in the upcoming weeks of Macadabra we'll have a big push towards
increasing the number of markets on BNB chain as well as working with some of the BNB chain protocols. Just a little alpha for you guys, we're working with level finance to allow people to leverage up on their transfer system that will allow to leverage up on their liquidity.
We're really pretty token and at the same time increase our TVL and improve the fees made by the Dow, which right now are probably at the IS level, per minute since its inception. We are one of the very typical in defy that can actually problem ourselves all
I think real yield and just a couple of weeks ago we reached profitability for the overall protocol, which is something that we're very excited about. It was a six, seven, eight months long struggle from the changing management all the way to where we currently are and we are super excited to see where we can go and
to bring our product to be and be changes. Congratulations, I mean, that's a big milestone. Appreciate it a lot. That's big. That's also part of the path sustainability for any protocol, right? So it's great. It's very difficult. And it's also very difficult to do. Like we've been struggling a lot with making sure that our
missions were less than what the Dow is currently earning and what the program is currently producing for both the world's end-of-dowl treasury. We're super excited about it and I'm happy to see where we're going and partnering up with many new, different, interesting protocols. Amazing. Thank you. Bob, any final thoughts from your side?
Yeah, first of all, I'd like to say that was a pleasure and it was very interesting discussion and love it to hear all that you've brought to this talk. Hula Protocol is
As I mentioned earlier, it is born and raised in BNB chain and we are aiming to expand our presence even more in the BNB chain's ecosystem.
can expect some news in the upcoming days and several new opportunities in terms of utility and yield. I personally am very confident in the trends
regarding stablecoin, I think we are reaching out to a very, very mature point and the adoption is increasing over time and that's undeniable and we are loving to make part of all of this.
And yeah, I invite everybody to visit our protocol and to know a little more about Hey and feel free to engage with our networks. We would love to have a chat. Thanks everybody.
Yeah, I guess I'll also say thank you everyone for inviting us. Sorry, the next day to close. It's a collaboration in the future. I just wanted to.
Sorry, can you repeat the question? Because I think I had some problem with the connection.
Can you hear me? Yes, I can. Yes. Yes. Yes. So guys, basically, I think I lost like last minutes and a half of the of the space because they are the connection.
Hey, can you hear me? So yeah, it was just yeah, I was having my my Twitter spaces mic was bugging No, just just as we close would love any final thoughts from T was decide to show the community Just just any final remarks you might have more broadly on what people
Yeah, of course, so basically what I can say for some of that was a pleasure and yeah, like I think someone like at the beginning of the space mentioned that when there are spaces to either spaces there is always a lot of pressure. I'm just like that because I always have problems with the connection. I've
I think I did like probably hundreds of spaces but I think probably all we want the connection was good. So I mean I'm happy that this one ended and just has more problem at the end. Yes, yes, some people I hope even we work on this, it must need to work
and he has to kind of deploy this also on the desktop because every time we defon it's not helpful. Anyway, it was a pleasure guys, it was a pleasure and I believe that was a really nice talk. First of all because we were not here alone.
So, to SD was not discussing just about itself, but it was important also to share opinions and to have opinions and ideas from different projects and for different projects, of course, MIM and the HIVIO, which are different. So, it's also important to understand the differences and
And I hope that people here that we're just joined the space, understood the differences that there are among our projects. And as I mentioned before, I hope that cooperation among all the projects out there will solve most of the problems. And again, thank you so much to B&B Chain.
for like having us and yeah, as I mentioned also before like last week I need all I believe two weeks ago we launched net we on B&B smart chain so like of course we are also proud and we want to thanks the team for that and yeah was pretty nice
Nice and was a very nice dog guys Thank you. Thank you Chris. Thank you everyone for joining From across the world we really appreciate it and thank you again for your questions And of course a very big thank you to Hideo Protocol, Abercudabra money and to SD all all playing a critical role
and building the step-up coin ecosystem on BNB Train and generally in DFI overall. So thank you all and see you all next time for one of our DFI innovation talks. Have a great day. Take care. Take care. Take care guys. Take care guys. Thank you guys. Thank you so much.