Stripe：穩定幣收款打開了，錢包誰來管？

1:48:41開場

1:48:41謝謝各位。這週活動很多，感謝大家特地過來。我是 Steve Vallas，Blockchain APAC 執行長；穩定幣對我們來說已是討論多年的重要主題。Thanks, everyone. I know many choices for events across this week, so we appreciate the time and effort to get to this one. My name's Steve Vallas. I'm the CEO of Blockchain APAC, and the stablecoin conversation obviously has been one for all of us that's been fertile ground for a number of years.

1:49:00在請來賓自我介紹前，先講我這幾年的脈絡，以及今天會是很不同的對話。我過去幾年主要在談監管框架、GENIUS、MiCA，以及香港、澳洲穩定幣發行方，還有大家在爭的：收益、準備金、要刺激還是抑制這個領域。Before I allow my guests here to introduce themselves, some context about where we were from my perspective, and happily, a very different conversation that we'll have today. My life for the last few years has been talking about regulatory frameworks, talking about GENIUS and talking about MiCA and talking about stablecoin issuers in Hong Kong, in Australia, and the implications that everyone has been fighting over: yield, reserves, what we're doing to stop or start interest in this space.

1:49:31不尋常的是，今天終於談客戶要什麼，這是我希望遲早會到的轉折；台上有兩位專家能談現在的客戶體驗。Unusually, and happily for me today, we're talking about what customers want, which is a shift that I was hoping we would get to in due course, and I have the benefit of two experts on stage that can speak to what the customer experience is at the moment.

1:49:47談需求端時，我們能清楚看見需求長什麼樣，以及老實說，理解不足或技術堆疊短板在哪。And so when we start talking about demand side for people, we can be very clear what demand looks like and where, in an honest sense, the shortcomings of either people's understanding or the tech stack currently lives.

1:50:00這就是場景設定。請 Coral 和 Debbie 自我介紹、各自角色，以及你們在產業裡做什麼。好，我是 Coral，在 Stripe APAC 的 crypto 與 stablecoins go-to-market 團隊，整天跟客戶談，So that's— That's the context and the scene-setting for the conversation. I'll just get Coral and Debbie to introduce yourselves and your respective roles and the role you perform across the sector. Yeah, so my name is Coral. I work at Stripe on the crypto and stablecoins go-to-market team based in APAC. So I basically spend my day speaking to customers

1:50:20聽他們要什麼，從韓國到中國、澳洲都有。我是 Debbie，Privy 行銷負責人，Privy 已被 Stripe 收購，也是 Stripe 家族一員。and hearing what they want from, you know, Korea all the way to China, Australia too. Yeah. Hi, I'm Debbie. I'm the head of marketing at Privy, which got acquired by Stripe, so also part of the Stripe family.

1:50:35Privy 提供可擴展、安全的錢包基礎設施，服務超過 2,000 個團隊，像 Ramp、Hyperliquid，從日常金融產品到交易體驗，讓人能用 crypto 與 stablecoin rails 接入。Yeah, so for those who are not aware, Privy basically provides scalable wallet— scalable and secure wallet infrastructure, powering over 2,000 teams today, like Ramp, Hyperliquid. So anywhere from kind of your everyday financial products to, you know, trading experiences, and really allowing people to access them on crypto and stablecoin rails.

1:50:59企業客戶要什麼

1:50:59好。Coral，依剛才設定問個直接的：客戶要什麼？你在第一線，大家找上門。2026 年 10 月，客戶說想要什麼、產品該長怎樣？Terrific. Coral, straightforward question based on the setup: what do customers want? I mean, you're at the coalface there; people are coming to you. Where are we in October 2026? Where are customers saying, this is what we want and this is what the product should look like?

1:51:16Stripe 有很多客戶，知道 AI、stablecoin 是熱話，也知道需要 stablecoin 策略；常找我的多是企業，不是 Privy 那種 crypto-native，但他們就是要策略，也看到價值。So at Stripe, we have all these customers and they know that, you know, AI, stablecoin, hot topic. They know they need to have a stablecoin strategy, so they often come to me, and these are more, you know, enterprises, not like the crypto-native segment that maybe, you know, Privy looks at, but they just want a stablecoin strategy, and they know the value of it.

1:51:36我們試著切分：stablecoin 有價值，但你要全球化、觸及新客戶？還是跨境更快？還是要做全球 fintech／金融服務？And so what we've tried to do is we've segmented it. Okay, so stablecoins are valuable. Do you want to go global, reach new customers? Do you want to maybe just move money faster across borders, or do you want to launch maybe like a global fintech, financial services?

1:51:52幫客戶對齊「哪個價值主張符合你的生意」，底下就有不同解法。我們帶 APAC 客戶走這段旅程；這區域很多本來就用 Stripe 是因為想全球化，不只服務 APAC，還要進美國、LATAM。And I think helping the customer categorize it into, you know, which of these value propositions do you want aligned to your business, then underneath, you know, there's different solutions. So we've kind of been taking customers across APAC on that journey. And what I've seen in this region, working with Stripe's existing customers, is they're often using Stripe because they want to go global.

1:52:16一個好 use case 是 stablecoin 能觸及以前觸及不到的客戶，因為那些地區卡組授權率較低。You know, they don't just want to serve APAC; they want to go into the US. They want to go into LATAM. And so one great use case is, you know, stablecoins allow them to reach customers that they might not have previously been able to reach because card authorization rates are much lower in those regions.

1:52:35像 X 或 Shadeform 這類 AI 公司開 stablecoin 支付，從奈及利亞、土耳其拿到以前沒看過的客戶，而且是淨新增，平均訂單金額也更大，這是我看到很有效的第一個 use case。So we've had customers like X or Shadeform, you know, AI companies, turn on stablecoins and get customers from— on stablecoins and get customers from Nigeria, Turkey that they had never seen before. And so they get net new customers often, and the AOV is also much larger. So that's like one, you know, very good, great first use case that I've been seeing, like, results.

1:53:00淨新增最抓眼球，大家都在追。Debbie，你講故事很好，語言很重要。對一般人不熟悉嗎？你談錢包，以前用過 Starbucks 類比。Nothing gets attention like net new, so everyone's chasing that. Debbie, you're a wonderful storyteller. Language is important. Does the language feel familiar to people yet? You talk about wallets, and you've used the analogy, I think, before. You talk about Starbucks.

1:53:15錢包語言與理解

1:53:15從這角度看現在在哪？crypto native 懂這套語言，傳統金融世界較少。大家對我們在談什麼，理解到哪裡？I think it's an interesting one for people. Where are we from that perspective? Because crypto natives are well equipped to understand the language because it's language they've created, whereas in a more traditional finance world, less so.

1:53:28語言一直在演變。我們每天用數位錢包，PayLah!、新加坡 PayNow、美國 Venmo 都是；但「產品裡的 wallet」仍較陌生，很多客戶把它想成 account，我們語言上較彈性。Where are we at when it comes to the understanding of what it actually is we're talking about? Yeah, yeah, that's a great question. I think the language is constantly evolving, to be honest. So yeah, I would say that wallets, for a while— which is interesting because we all have digital wallets that we use every single day, whether it's like PayLah!, like PayNow in Singapore, or like Venmo in the

1:53:48如 Coral 所說，客戶較少糾結實作細節，不是一定要 wallet 還是 on-ramp/off-ramp，而是能力與要解的問題。U.S. But I think when it comes to thinking about wallet inside your product, that feels a little more unfamiliar. And I think for a lot of customers, sometimes they just think about it as the account. And so I would say that we kind of are flexible around that language. But I think similar to what Coral said, a lot of times now I feel that customers are less concerned about the implementation details.

1:54:09拉遠看，他們要的是能更有效率、更便宜地持有、移動、放大資金，解鎖新收入。依客戶不同，實作細節深度也不同。So it's not so much about whether they need a wallet or they need an on-ramp and off-ramp provider. They're really looking at, you know, capabilities and, you know, what problems they're trying to solve. Essentially, I think if we zoom out, they're really looking for a solution that can help them hold and move and grow money in more efficient ways, cheaper ways, ways that can unlock new revenue streams.

1:54:33有道理。Coral，往下鑽堆疊。過去一年 Stripe 在 Stripe、Tempo、Bridge、Privy 之間垂直整合，話題很多，對客戶可能沒那麼重要；客戶怎麼用？模組化還是要端到端？And sort of, depending on the customer, I think the level of implementation specificity varies to different extents. Makes sense. Coral, then we'll drill down, literally, into the stack now. I think over the last year or so, what Stripe has done between Stripe and Tempo and Bridge and Privy is verticalize the stack.

1:54:54以前企業自己用 stablecoin rails 得拼各家解法。Stripe 作為支付基礎設施公司，看到可以在 stablecoin 側複製這件事。That's been a lot of the conversation. Probably matters less to clients and customers. How are you seeing customers engaging with that? Do they take an approach which is more modular in the way they're viewing things? Do they say, no, we like this from an end-to-end perspective? What's the functional way people are engaging with this tech stack that Stripe has built out?

1:55:14所以歷史上，企業要自己把 stablecoin rails 上各種解法拼起來；Stripe 作為支付基礎設施公司，認為可以在 stablecoin 這側複製同一模式。So I think historically, if businesses were trying to do things on stablecoin rails, you know, they were the ones stitching together all the different solutions. And so I think Stripe, being an infrastructure company on the payment side, they saw that we could replicate this on, like, the stablecoin side.

1:55:30Stripe 垂直整合堆疊

1:55:30先是收購 Bridge 做編排，又發現需要 wallet 持有 stablecoin，於是收購 Privy；又發現現有區塊鏈不太為企業搬錢而建，於是孵化 Tempo，還有 open standard 與自家 stablecoin。So the first is they acquired Bridge, which is the orchestration, but then they realized, you know, you need the wallets to hold the stablecoins. So then they did the acquisition with Privy. And then they realized that the blockchains that were out there were not really built for enterprises to move money.

1:55:47他們試著解決整個堆疊，客戶找上門不必再跑別家。So they incubated Tempo, and then there's also the open standard with their own stablecoin. So I think they tried to solve, you know, the whole stack so that when customers come to us, they don't have to go and go to other providers.

1:56:00現在同一個家族整合，客戶用整套有好處，不必再到處找其他供應商。They don't have to go and go to other providers. And now that we're a family and we're all coming together, the great thing is that customers come to us, and there's benefits if they use, you know, the family.

1:56:10可以有折扣、單一窗口、堆疊上可能只需一個實作窗口；客戶得到很多價值。當然也有客戶只用堆疊的一部分，其他自己握有技術；最終是他們的策略：自己雇合規團隊，還是用 Stripe 資源專注 go-to-market 與產品。And so we can provide discounts. They also have one point of contact. They maybe have, like, one implementation person across the stack. So it's nice to see that, you know, customers, you know, it's—we're doing this, you know, for them, and they're getting a lot of value out of it. That being said, you know, there are some customers that just want to use a part of our stack.

1:56:31我們看到各種選擇，但顯然用整套家族更好。Maybe they want to own another part because they have the technology. But ultimately, it's their decision, their strategy. You know, do they want to go and hire a team of compliance people, or maybe, you know, use Stripe and leverage our resources for that so that they can focus on maybe go-to-market or more the product.

1:56:49Debbie，再往下談 custody：non-custodial 傳統與現在也做 custodial，客戶端有意義轉變嗎？監管要求機構都懂，Privy 這邊怎麼演進？Yeah, we're seeing kind of customers across, but obviously we think it's better if they use the family. Yes. Stay, stay in the family. Debbie, just sort of drilling down then into the issue of custody and the non-custodial sort of legacy and sort of the shift now into custodial as well within the company, how are you seeing that develop?

1:57:08無論 Privy 獨立或 Stripe 大集團，我們仍非常專注彈性。Privy 預設 non-custodial，讓我們從 day one 就能全球，足跡超過 180 國；這架構也幫使用者全球擴張。I mean, what's the internal approach from a client side? Are you seeing a meaningful shift given that the regulatory requirements are something that are well known to institutions? How is that playing out within Privy at the moment? Yeah, I think, you know, the one thing that we are still really focused on, I think whether we're Privy as a standalone or Stripe as a, you know, larger group of products, is really the focus on flexibility.

1:57:31使用者也能建同樣架構，不必市場一個個重做。So I think a little bit of, like, historical context is that Privy by default has been non-custodial, which has allowed us to be basically global from day one. And I think we serve, you know, we have a footprint of over 180 different countries, and that non-custodial architecture has allowed us to, you know, basically expand globally from day one, but more importantly help our users do that at the same time.

1:57:53彈性託管架構

1:57:53過去一年可見大家對 custody 偏好不同；custody 不只技術上誰控鑰，還有監管與法律解釋，以及商業上風險承受度。And they can build the same kind of architecture, and they don't have to, you know, replicate that, you know, market by market. I think, you know, over the past year, we've seen obviously that people have a different appetite for custody.

1:58:07我們推出 flexible custody：custodial 與 non-custodial 錢包同一架構，客戶可決定，例如新加坡 non-custodial，另一國 custodial。And I think importantly, custody is not just—there are actually multiple aspects to it. There is the technical side in terms of who actually controls the keys. There is a regulatory side as well in terms of what is the you know, the legal interpretation of who controls the keys. And then there is also a commercial decision that comes with that in terms of how much risk appetite a business is willing to take based on the interpretation and the technical implementation.

1:58:36不必從零重建，可按 wallet、按地理配置。So I think on our side, we've been rolling out flexible custody. So we offer both custodial wallets and non-custodial wallets, essentially built on the same architecture and really allowing a customer to decide maybe in Singapore they would like to have a non-custodial setup, but, you know, in another country they might want to have a custodial setup.

1:58:55Debbie，再談 B2C 與 B2B 是否如預期推進？B2C 能見度是一回事，B2B traction 是另一回事，現在兩邊如何？And so they don't have to rebuild everything from, you know, from start to finish. They can just decide on a per-wallet, on a per-geography basis, how they want to configure it. Deb, I'm going to stay with you for a second and come back to you, Coral, about some use cases that you're seeing.

1:59:10老實說相當平均。B2C 我也看終端使用者：像 Deel 全球薪資賣給企業，但受益的是個人承包商；Klarna 這類 consumer app 要嵌入 stablecoin。From the B2C and the B2B sort of direction, are they both progressing as you would have expected? You know, where's the traction and the interest? Sometimes the visibility of B2C is one thing. The traction of B2B is another. How are you seeing the development on the B2B and the B2C side at the moment?

1:59:26跨境 remittance 在 B2C 需求很大；B2B 也很多，主要在 business banking。You know, from our side, honestly, pretty even. So, you know, and I think, like, I also view B2C maybe a little bit as who is the end user. So I look at a player like Deel, which is a global payroll. Obviously, they sell to businesses. But I would say kind of the end user that is benefiting from stablecoins are kind of individual contractors.

1:59:46Ramp 這類 business neobank 要全球擴張，服務新創與企業做 expense management，也覺得 stablecoin 很有吸引力；至少從我看兩邊差不多，好奇 APAC 長怎樣。So I think we're seeing a lot of those types of use cases, similar with Klarna, which is obviously a consumer app, and, you know, looking to embed stablecoin experiences within that. And I think cross-border remittances is another great example where we're seeing you know, kind of huge demand on the B2C side. I think at the same time, also seeing a lot of demand from B2B, primarily I would say around business banking.

2:00:09B2B 與 B2C 採用

2:00:09Ramp 這類 business neobank 要全球擴張，服務新創與企業做 expense management，也視 stablecoin 很有吸引力；從我看 B2B、B2C 差不多，好奇 APAC 長怎樣。So Ramp being a business neobank, you know, looking to also expand globally to serve a lot of startups and businesses in terms of expense management, and there they also view stablecoins as being, you know, really attractive. So, yeah, kind of seeing it pretty neck-and-neck at the moment, at least from my perspective. But yeah, I'm curious as to what the APAC, what it looks like on the APAC side.

2:00:30Coral，從 APAC 客戶與 use case 看，若有人要成果例子，你指哪些？On the APAC side, Coral, from a customer perspective and sort of the use cases, what do you point to if someone says, can you give us some examples about the customer outcomes and what you're achieving?

2:00:39我最喜歡的故事是 Meta：以前 creator payout 是成本中心，很貴；我們告訴他們可以用 stablecoin 付給 creator。What are the— highlights or what things do you point to as good examples of it? Yeah, I think my favorite story, or Stripe customer that's using our infrastructure, is—I can go back to the APAC customers—but it is Meta, because they previously were seeing paying out to creators as a cost center.

2:00:57對 Meta 與 creator 雙贏：菲律賓、哥倫比亞 creator 不想持本地幣，想持 USD；stablecoin payout 對 Meta 更便宜。It was expensive. You know, they have to pay out all these creators, and then all of a sudden we shared with them that they could pay out in stablecoins to the creators. Now this is a win-win because the creators in the Philippines, Colombia, they don't want to hold their local currency.

2:01:14但不是每個 creator 都有 wallet，自己建 wallet 有時很麻煩。They would love to hold USD. So paying out in stablecoins was, you know, cheaper for, for, for Meta. And then it benefits the creators. But not every creator has wallets. Like if any of you have set up wallets, it can be, you know, complicated. It's not always easy.

2:01:31我們用 Stripe Link 幫 creator 開 wallet；未來還會賺 yield、發卡，平台突然有多種變現：賺 yield 分給 creator、creator 花 stablecoin 時賺 interchange，平台與終端客戶都贏，這就是 stablecoin 的美。And so we help them spin up wallets for the creators using Stripe Link. And then in the future, you know, they're going to be earning yield. And we're going to be issuing cards on top of this. So the platform all of a sudden gets all these new ways that they can monetize. You know, they can earn yield, share that with the creators.

2:01:51Meta 相關動向引起很大興趣，我覺得是下一波，移動速度快得驚人。They can earn on the interchange whenever the creators spend those stablecoins. But it's also a win-win for the customer. So I think that's when you see, like, the beauty of stablecoins, when it benefits the platform, but also the end customer. Yeah. Interesting seeing the takeoff of interest around the moves that Meta has done. I mean, I think it's just the next wave.

2:02:10無關但有點意思：在這些場合 crypto 還是髒字嗎？機構場合常要改用語，澳洲很保守，我談同一件事得換說法。It's incredible watching how quickly that's moving. An unrelated question, but an interesting one, I think, for the rooms that we're in: is crypto still a dirty word when you're in these rooms? I mean, the challenge for when you're in institutional rooms, it happens a lot in Australia. As I said, it's a very conservative jurisdiction. Like, I talk about the same thing, but I have to modify the language around it because people are uncomfortable.

2:02:31加密 stigma 與收益

2:02:31我不覺得 crypto 是髒字，但有些客戶不想在報表上碰 crypto，我們可以 off-ramp；當他們知道 stable、可能有收益，對話會轉向。In your engagement, given that you've got such a massive brand that you represent, do you still find that it's a difficult thing? You need to talk away from crypto and talk about some other use cases? Yeah, I think, yeah, I think, I don't think it's a dirty word, but some customers, yeah, they just don't want to touch crypto maybe on their, you know, their reporting, and so, you know, we can off-ramp it.

2:02:51APAC 各國不同：有些立法還在進行，韓國尚未定案，新加坡、香港較清楚，隨政策法規在變。But then I think when they start to learn about that it's stable and, you know, they can get benefits or yield from it, I think, you know, the conversation shifts slightly. So I think depending per country in APAC too, like in some countries, like they're still working on legislation. In Korea, it's like not finalized yet, whereas, you know, in Singapore, Hong Kong, it's much more clear.

2:03:13Debbie，下游談 yield：機構常說 treasury management。treasury 對話變多了嗎？怎麼 approach？So I think it's changing as policy and regulations are changing in the region. Related question for you, Debbie, then. Downstream from that, conversations around yield. When people talk about yield, I think it's more crypto-native and there's familiarity. The language often in institutions is treasury management and what we're doing. Again, insights from you in relation to where the business is going there, the sorts of conversations you're hearing.

2:03:35我覺得兩塊。yield 端依市場監管差很多；大家對「在餘額上賺」興趣變大，用語也刻意用 earning rewards on balances，不一定說 yield。Is the treasury conversation in particular one that you're having more conversations around, and how do you sort of approach— approach that? Yeah, I think there are two sides, I guess. I think on the yield side of things, there's definitely, I think, to Coral's point, it obviously differs a lot by market in terms of regulation.

2:03:52也關心收益來源：不只 DeFi，很多人想從 tokenized money market funds 這種較受監管、感覺較安全的來源賺。And we're seeing definitely a lot more interest in the ability to earn on balances, right? And I think even the choice of language around that is deliberate, just earning rewards on balances instead of necessarily going to the word yield.

2:04:06第二，跟 B2B 有關：更多企業用 stablecoin 服務客戶，自己也有 treasury，可能是 omnibus 或公司 central treasury，需要 programmatic 管理付款。I think what we're seeing is a lot of interest in different sources of where that yield comes from, and instead of just DeFi markets, I think a lot of people now having interest in earning from tokenized money market funds.

2:04:20Privy 這邊需求很多，我們最近做了 treasury management dashboard，管理公司 treasury，同時看 individual user wallets。So where the source of those returns are from, you know, more regulated and feels generally safer source. So I would say that's kind of one of the trends that we've been seeing. I think secondly, as we've been—this is kind of related in some ways to sort of the B2B conversation—is that as more businesses are starting to build on stablecoins and

2:04:40Privy 怎麼看 agentic workflow、標準化搬錢？2026 年 10 月的對話是什麼？serving more of their customers with stablecoins, they are now having treasuries of their own where they have kind of like an omnibus or, you know, central company treasury where they need to be able to manage these payments programmatically.

2:04:54代理支付與國庫

2:04:54Privy 在 agentic 工作流很前面，因為我們從 crypto-native、developer-native 起來，是誰想試 machine-native payments 的第一步，不管是 x402 或 Machine Payments Protocol（MPP，Tempo 與 Stripe 提出）。And so we've been seeing a lot of demand on that from the Privy front, and so actually have recently built out a whole treasury management dashboard within Privy, so they can manage their, you know, basically company treasury alongside having visibility over their individual user wallets.

2:05:10wallet 對 agent 很自然：agent 從只會推理推薦，變成 economic actor，有錢可花。And again, downstream from that, this accelerating conversation around things like, um, the AI conversation for you. You know, if we'd had the conversation three months ago, it would have been a particular one. Three months later, things are accelerating. How are you viewing that AI conversation now? Because I know that everyone's now contemplating what agentic workflows look like, what standardized payments of the movement of money looks like when it comes to agents operating.

2:05:37同一套為企業、消費者建的架構，也有 guardrails，agent 不會失控；本來為人與企業設計的 wallet，也適合 agent。What's that, again, October 2026 conversation for Privy? Yeah, I would say that Privy has probably been at the forefront of a lot of these agentic work. You know, I think part of it is because, you know, we kind of started in this very crypto-native, developer-native space.

2:05:51agent 從只會推理推薦，變成能實際花錢的 economic actor；同一套架構有 guardrails。And so, you know, we were kind of like an easy first step for anyone that wanted to start tinkering with kind of new machine-native payments, whether that's x402, the Machine Payments Protocol, MPP, that's, you know, incubated by, that's created by Tempo and Stripe.

2:06:06本來為人與企業設計的 wallet，對 agent 也很好用。And so, you know, I think wallets are a natural thing to provide to agents because, you know, agents then move from just being able to reason and recommend to now actually being economic actors and actually having money that they can spend from.

2:06:20每次都得 human in the loop，Debbie，不然大家會怕 agent 失控。And obviously, the same architecture that we have built that serve, you know, enterprises, you know, consumers, basically comes with all those controls where you can set guardrails so your agent doesn't run amok. So, you know, I think it's been, it's kind of been interesting in that we designed all of this, you know, wallet architecture for humans and businesses and, you know, realized

2:06:40Coral，OUSD 引起很大興趣，澳洲四大銀行都簽了；130 家大企業一起發聲，你怎麼看？that it's also great for agent use cases. We have to say human in the loop every time, Debbie, otherwise everyone gets very scared that the world will come to an end sooner than we'd like.

2:06:50很好，partner 加入是因為會是分銷 partner，我們要激勵分發；OUSD 是獨立公司但與 Stripe 密切合作，會嵌在堆疊裡。Just last question for you then, Coral. The OUSD announcement generated a lot of interest. A lot of partners across the world have signed up. Australia only has four big banks. We're a very concentrated market. All four of them signed up. Just some views from you about the reaction to that. We're talking about verticalized stacks. We're talking about abstracting away all sorts of technology.

2:07:10OUSD 與結語

2:07:10一兩週前上線，交易量已很大；OpenStand 今天也有人來。我期待一年後只談 use case，不用談 product-market fit。Nothing got the attention that 130 big businesses from around the world are coming together to speak. So what's the OUSD sort of internal, external sort of view from your perspective at the moment? Yeah, I think it's great. You know, so many partners joined because, you know, they're going to be distribution partners, and, you know, they're going to be able to benefit from, you know, we want to incentivize them to distribute.

2:07:34OUSD 是 Stripe 以外獨立公司，但我們密切合作，建堆疊時整套都能用到。And yeah, it is a separate company to Stripe, but, you know, we're working very closely with them, and when we're building out our stack, you know, it's going to be all, like, we'll be able to use it within the stack.

2:07:47很 exciting，上線一兩週交易量已很大，希望持續成長；OpenStand 的人今天也在。So, yeah, I think it's very exciting. They launched a week or two ago. Like, they're already seeing a lot of volume. So, yeah, hopefully it'll continue to grow. And I think we have someone from OpenStand actually here, so can say hi to him later. I look forward to fast-forwarding a year from now, and all we're talking about is use cases, and we don't have to talk about this is what's coming, and we don't have to talk about product-market fit, and we're just talking about the products.

2:08:13感謝兩位，時間到，祝今天後續愉快。謝謝。Thank you both for today. That's our time done, and enjoy the rest of the day. Thank you.