World Liberty Financial：美國打造新金融體系的實踐

0:00紐約主場迎接全球加密盛會

0:00TOKEN2049，Eric。來紐約吧。這真的太酷了！每次我在這種活動上發言，不是在杜拜就是在新加坡。現在終於在我家門口了。我是紐約人，出生在這座城市，你知道嗎？我父親其實開發了紐約的Javits Center，就是TOKEN2049要辦的那個大型會展中心。我們等不及要歡迎大家了。我們非常興奮能在世界上最偉大的國家，美國，迎接大家。美國現在表現得非常好。父親執政時，美國擁抱加密貨幣的方式令人驚艷。三年前，加密貨幣在美國幾乎死掉了，所以把這個活動帶到紐約，帶到這個世界上最資本主義的城市，還是在我們非常熟悉的場館，這一切都串連起來了。我們真的等不及要在那裡見到大家。TOKEN2049, Eric. Come to New York. How cool is this? Every time I speak at one of these events, I'm either in Dubai or Singapore. Now it's in my own backyard. I'm a New Yorker, born in that city, and you know, my father actually developed a lot of the Javits Center in New York, which is the big convention hall where TOKEN2049 will be held. So we can't wait to host you. We're so excited to welcome you all to one of the greatest countries, the greatest country in the world, America. And America is doing really well right now. The way it embraced crypto under my father's administration was amazing. Crypto was dead in the United States until about three years ago, so bringing this to New York, to kind of, you know, the most capitalist city anywhere in the world. And bringing it to a building we know well, it brings all these roots together, and we can't wait to see you all there.

0:54謝謝你，Eric。我也很期待明年能回到我的家鄉辦活動，我們會在那裡見面。不過其實，這也是我們大家的家鄉，我們全都出生在紐約。沒錯。所以大家趕快訂票吧。Folkman，嗯，我只是叫你Folkman，因為台上有兩個Zak。讓我們回顧兩年前。你還記得World Liberty剛起步的時候嗎？在有爭議之前，那時只是一個想法。當時World Liberty的原始願景是什麼？Well, thank you, Eric. I'm excited too to go back to my hometown next year, and we'll do it there. But in the meantime, it's actually all of our hometowns. We were all born in New York. Yeah. Here we go. So, book your tickets as soon as possible. Folkman. Um, and I say Folkman just because there are two Zaks on stage. Let's go back two years. Do you remember when World Liberty was just starting? Before the controversy, it was just an idea. What was the original vision for World Liberty at that time?

1:25World Liberty 的起點與願景

1:25對，當時我們大家坐在Trump Doral的時候，我們討論到加密貨幣之所以沒被大規模採用，就是因為它不好用。它真的不容易。一般用戶沒辦法像用傳統支付方式那樣，直接打開App就能輕鬆支付商品和服務。我們的願景一直都是讓加密貨幣變得好用，不管是透過One USD這種全球通用的穩定幣，基本上就是數位美元，還是我們即將推出的App，都讓大家能夠輕鬆持有、賺取、消費加密貨幣，無論是用卡片還是點擊支付，徹底消除那些讓人無法體驗加密貨幣好處的障礙。Yeah, I think when we all sat down at Trump Doral, I think, we were talking about how crypto hadn't seen widespread adoption simply because it's not easy to use. It's not easy. It's not something that regular users can just pick up an app and pay for goods and services the way they're used to with traditional payment methods. So our whole vision was always about making crypto easy to use, whether that's through One USD, a globally accepted stablecoin that's basically just a digital dollar, or the app we're about to launch very soon, which makes it super simple for people to hold, earn, and spend their crypto through a card or tap-to-pay, removing the difficulties that have kept people from experiencing the benefits of crypto.

2:28大家都知道，加密貨幣其實更快、更便宜、更簡單，還有更好的收益機會。這一直是我們所有產品的核心，不管是穩定幣、借貸市場，還是我們的消費者App和金融卡。我們一直堅持這個使命。現在大家都在討論One USD，因為它真的很成功，我們目前是市值和交易量第二大的合規穩定幣。但我們也在World Liberty生態系上建構更多東西。最近我們剛啟動了World Liberty Financial（WLFI）代幣的質押，質押180天就能領到One USD的收益。這很特別，因為一般質押都是領同一種代幣，我們則是直接發穩定幣獎勵，這些獎勵來自World Liberty協議本身的收入。現在持有人開始看到持有代幣的好處，未來我們會帶來更多價值，隨著生態系成長，World Liberty Financial的效益和價值也會持續提升。Everyone in this room knows, of course, it's faster, cheaper, easier, and offers better yield opportunities. So that was always the foundation of everything we built, whether it was a stablecoin, a lending marketplace, or our consumer app and debit card. So we've stuck to the mission, and I'll say this: there's a lot of talk about One USD because it's been an extremely successful product. We're currently the second largest compliant stablecoin by market cap and trading volume. But we're also building a lot on top of the World Liberty ecosystem. We just activated staking for the World Liberty Financial token, WLFI, and you actually receive your rewards in One USD by staking WLFI for 180 days. And that's a huge opportunity, because usually with staking, as you all know, you get your rewards in the same token you staked. We wanted to do something a little different and provide more value to people, so instead of paying WLFI rewards, we pay them in a USD-pegged stablecoin. And interestingly, David, these rewards are funded from protocol revenue from World Liberty itself. So now token holders are starting to see the benefit of holding these tokens, and we're excited to bring them even more value in the future as the ecosystem continues to grow. The utility and value of World Liberty Financial will keep growing.

4:18傳統金融的問題與加密的突破

4:18我們一開始只是種下了一顆種子，現在這已經發展成一個非常成熟的生態系。不過Eric，最初的核心想法其實很簡單，就是銀行做得不夠好。你也看到現在華爾街有很多轉變，但沒有人比你看得更清楚。你當初是怎麼發現這個問題的？你覺得傳統金融的問題是什麼？又怎麼看待現在的變化？I mean, we saw the beginning as a seed, and as you pointed out, this has become a very developed ecosystem. But Eric, the core idea was simply that banks weren't doing a good job. And you know, we see a lot of change on Wall Street now, but no one had a better view of this than you. How did you see it first? What was the problem you saw in traditional finance before, and how do you see it changing?

4:39老實說，沒有人比我更批評大銀行了。當我父親從政時，我們的銀行帳戶被所有大銀行關掉，他們討厭加密貨幣，也討厭這裡的人。他們不相信我們看到的未來，不相信金融可以更有效率、更快、更便宜、用戶體驗更好。但這裡的每個人都看到了，大家都在努力推動。美國和全球的大銀行其實一直在阻撓金融創新，甚至直接關掉很多人的銀行帳戶。我們自己也被關過帳戶。我永遠不會忘記那時遇到這些夥伴，大家都在經歷同樣的困難，這讓我們變成了最好的朋友。我們決定要改變這一切，最後我們贏了。我們打敗了大銀行。現在你每天都看到像J.P. Morgan這樣的銀行開始擁抱加密貨幣，BlackRock、Charles Schwab、Fidelity也都在行動。全球最大的銀行現在都在瘋狂投入加密貨幣，這在18個月前根本無法想像。Honestly, there's no bigger critic of the big banks than me. When my father went into politics, our bank accounts were closed by every major bank, and they hated crypto. They hated the people in this room. They didn't believe in what we saw. They didn't believe in making finance more efficient, faster, cheaper, and providing a better user experience. But everyone in this hall saw it, and everyone started pushing toward it. The big banks around the world, certainly in the US, did everything they could to block progress in the financial sectors, right? I mean, they did everything, including closing the bank accounts of many people in this room. We definitely had our accounts closed at that time. I'll never forget meeting these guys then, and the hell they were going through was the same hell I was going through, and it made us almost best friends. We took it upon ourselves to change that, and we won. We beat the big banks. Around the world, guys, we all here beat the big banks, because every day you see another one of these banks, like J.P. Morgan, embracing crypto. You see what BlackRock is doing, you see what Charles Schwab is doing, you see what Fidelity is doing. You see the biggest banks on the planet racing toward crypto in ways you couldn't have imagined eighteen months ago.

5:54加密貨幣的基礎其實是個人投資者的力量，是那些有想法、相信可以做得更好的人建立起來的。現在突然間，全球最大的機構都在搶進，投入數十億美元，讓這些技術變得人人可及。三年前你絕對想不到數位資產的採用會這麼快。現在你們在做tokenization，把各種產品都代幣化。我們等下可以細談，但你們已經在做房地產、好萊塢、商品、音樂、藝術品、收藏品的代幣化。加密貨幣正滲透到我們生活的每個層面，讓生活變得更好。回頭看18個月前，沒人會想到這種加速。說真的，這都要歸功於你們，歸功於這個大會，歸功於大家敢於面對強大阻力。我們真的經歷了很大的逆風。坦白說，我覺得我們今天可以宣布勝利，這也是我們World Liberty的使命之一。Crypto was built on the backs of individuals, people who had an idea and thought it could be done better, and now suddenly you have the biggest institutions in the world racing toward it and pouring billions of dollars in, making it accessible to everyone. I don't think if you went back three years, you would have imagined digital asset adoption would go this way and at the speed we're seeing. And now suddenly, look at what you're doing with tokenization, right? You're tokenizing everything and all kinds of different products. We can get into that in a bit. But you're tokenizing real estate, Hollywood, commodities, you can tokenize music, art, valuable collectibles. What crypto is doing and the way it's permeating every aspect of our lives and making our lifestyles better is really amazing. And again, go back eighteen months, you never would have imagined this acceleration. And honestly, the credit goes to all of you. The credit goes to this conference. It's all about the people in this hall, because people dared to face strong headwinds. We faced incredible headwinds. And honestly, I think we can all declare victory today, and that's a big part of our mission at World Liberty.

7:04資產代幣化與全民參與的未來

7:04順帶一提，我們現在正在做一件事，就是把杜拜的Trump Tower在Sheikh Zayed Road進行代幣化，讓在場每個人都有機會擁有杜拜Trump Tower的一部分。誰能想到這會發生？這是在宣布馬爾地夫Trump International Fund之後的事。這些事五年前沒人相信可能發生。如果你五年前告訴這裡的人，他們可以擁有全球頂級飯店的一股或一個代幣，而且是由Trump家族經營、最成功的房地產團隊，大家一定說不可能。你覺得這是未來趨勢的開始，還是只是個案？By the way, we're doing this today, so we're tokenizing Trump Tower in Dubai on Sheikh Zayed Road, and everyone in this hall will have a chance to own a piece of Trump Tower in Dubai. Who would have thought this would happen? And this comes after the announcement of the Trump International Fund in the Maldives. These are things, David, that no one thought were possible five years ago. If you told anyone in this hall five years ago that they could own a share or a token of one of the best hotels in the world, run by the Trump family, some of the most successful people in real estate, they would have said that's impossible. So do you think this is a sign of what's coming or just an exception?

7:53老實說，能投資這麼獨特的房產真的很棒，但這絕對是趨勢的開始。Zak和我一直都在房地產業，如果你環遊世界，能夠融資紐約Trump Tower（在57街和第五大道）的銀行大概只有五、六、七家吧。為什麼？為什麼這裡的人不能像德意志銀行那樣有錢，但卻能擁有自己相信的公司或資產？現在透過代幣化，大家都能參與。某種程度上，這其實是一種公益，因為它讓更多人有機會投資自己相信、以前根本沒機會參與的東西。一般投資人根本不可能想像自己能擁有第五大道的房產，或杜拜、馬爾地夫的Trump飯店。但如果我們把這個模式擴大，為什麼不能擁有一幅Manet的畫？你可能買不起四千萬美元的Picasso，但你可以擁有千分之一。你是藝術收藏家，你熱愛這些東西。你也許很喜歡Taylor Swift，為什麼不賣出她下一張專輯的一百萬股收益，讓全世界的粉絲都能買一份？這會讓社群更緊密，讓你更投入，特別是飯店這種產業，因為你擁有一部分，你會更想去住、去用。這種模式會快速發生在每個產業。接下來你會看到股票和資產的代幣化，讓更多人透過手機就能實現財務自由。這就是數位資產現在正在做的事，看到這個列車這麼快前進真的很震撼。Honestly, it's amazing to have the opportunity to invest in such a unique property run by great people, but this has to be the start of a trend, right? Zak and I have always been in real estate, and if you travel the world, how many banks can finance Trump Tower in New York on 57th Street and Fifth Avenue? Maybe five, six, seven, right? Why is that? Why can't people in this hall, who may not have the huge sums of the big banks like Deutsche Bank, own a piece of a company or asset they believe in? Now suddenly you can do that through tokenization, so in a way, it's actually charitable. It's charitable in the sense of giving people the opportunity to invest in things they believe in that they couldn't have invested in otherwise. Again, the average investor would never have a chance to even think about owning a property on Fifth Avenue, or Trump International Hotel and Tower in Dubai, or a Trump property in the Maldives. But if you look at this trend and expand it, why can't you own a piece of a Manet painting? You might not be able to buy a Picasso for $40 million, but maybe you can own a thousandth of it, right? You're an art collector, you love that. Maybe you love Taylor Swift, right? You like her music, right? So why not sell a million shares of the revenue from her next album so every fan in the world can buy a piece? And you know what that does? It brings the community together. It makes you more engaged, especially with a hotel. It makes you more likely to stay there and use it because you own something you couldn't have owned otherwise, and that's happening in every sector and every industry, and it's going to happen at an amazing speed. Then you'll see tokenization of stocks and assets, allowing more people to access financial freedom through their smartphones. That's what digital assets are doing now, and it's amazing to see this train moving on its tracks at this speed.

10:00借貸市場的民主化與機構參與

10:00我補充一下，David。你現在看到的，其實也是借貸市場的民主化。Eric剛才提到像J.P. Morgan、Bank of America這些傳統壟斷借貸的大型機構。現在在場每個人都可以成為這些優質資產的借款人或放款人。你可以把辛苦賺來的錢放進World Liberty Markets，馬上就能成為一級房產或比特幣的放款人。我認為這絕對是巨大趨勢的開始，不只是曇花一現。I'll just add, sorry David. What you're also seeing is democratization in lending markets. Eric mentioned groups like J.P. Morgan and Bank of America, which traditionally monopolized lending. Now, everyone in this room can be a borrower or lender for these premium assets, right? I can take my hard-earned money, put it into World Liberty Markets, and suddenly I'm a lender against prime real estate or a lender against Bitcoin. I think this is definitely the start of something very big, not just a passing event.

10:41有趣的是，根據Eric和Zak的觀點，現在個人投資者已經意識到像World Liberty Markets這類平台的價值，但我們也看到機構開始進來，因為他們發現這些平台更好。例如，在World Liberty Markets，持有資產在合格託管機構的人可以把資產放到市場上，並以這些資產作為抵押借款。這讓像基金、持有比特幣等資產的機構也能參與，現在他們可以用去中心化平台來借款。The funny thing, sorry, I was going to say, the funny thing is that based on Eric and Zak's perspective, individual investors now realize the value of platforms like World Liberty Markets, but we're also seeing institutions starting to come in and use these platforms because they realize they're better. For example, in World Liberty Markets, people who hold their assets with qualified custodians can now supply them to the markets and borrow against those assets, and this opens the door for entities like funds and institutions holding Bitcoin and other assets with those qualified custodians. They can now borrow against them using a decentralized platform.

11:28這只是個可能性，還是大家真的在做？你們有看到機構真的用和個人一樣的平台嗎？沒錯，這完全正確。我們World Liberty Markets還不到一年，總鎖倉價值已經達到十億美元，成為全產業前十大借貸市場之一。我們有三億美元的One USD被提供到市場，市場上有五億美元的穩定幣。現在已經有很多人把資產放在合格託管機構，並在市場上借款，而且這個數字還在快速成長，越來越多人想要這種選擇。Is this just a possibility, or are people actually doing it? Are you seeing institutions use the same platforms as individuals? Yes, that's absolutely right. We haven't even completed a year on World Liberty Markets, and we've already reached a billion dollars in total value locked, making it one of the top ten lending markets in the entire sector. We have $300 million of One USD being supplied, and half a billion dollars of stablecoins in the markets currently. Today, we have people holding assets in qualified custody and borrowing against them in the markets, and that number is growing as more people want this option.

12:09年輕世代與DeFi的普及

12:09Witko，你覺得你們用戶的年齡結構是不是偏年輕？這會不會成為他們資產配置的一部分，比如當放款人當作收入來源？這完全是新現象，以前根本做不到。沒錯，我們的用戶結構確實偏年輕，這就是數位資產的本質。但隨著產業成熟，像Zak剛才說的，透過合格託管機構的借貸，這個世界正在擴大。機構想要什麼？他們想要DeFi的所有好處，但又想避開所有風險，而這正是我們這個產品能提供的。所以我們同時服務年輕用戶和機構，只要有人用美元，這些工具就能用。現在大家都能接觸到非常先進的金融工具，這在以前根本不可能。如果我沒記錯，這在我們的白皮書裡就有寫。Witko, do you see that the demographic makeup of some of your users might be younger, and that this is part of their portfolio, like being a lender as a source of income? This is totally new; people couldn't do this before. Yes, definitely. Our demographic, I think, probably skews younger. That's just the nature of digital assets. But as the sector matures, as Zak was talking about lending via qualified custodians, this world is starting to expand. What do institutions want or need? They want all the benefits of DeFi while avoiding all the risks, and that's exactly what this product provides. So yes, we're serving younger clients, and we're serving institutions anywhere someone uses the dollar, you know. But it's become available to everyone, right? I mean, you're seeing access to very sophisticated tools that weren't accessible before, and if I'm not mistaken, that's mentioned in the gold paper.

13:14沒錯，這就是我們兩年前創業時的精確願景。坦白說，因為我們的身份，遇到很多批評和質疑，但我們會完全照著白皮書執行，持續專注，為用戶和團隊創造價值。現在我們One USD的流通量已經接近45億美元，每天交易量都在10到30億美元之間，這讓我們成為全球第三大穩定幣，僅次於USDT和USDC。我們會繼續專注執行，One USD還不到兩年，我相信未來兩年會更大。Yes, absolutely. That was the exact vision for the company when we set it up two years ago. I mean, I think we've faced a lot of critics and haters because of our identity. We're going to execute exactly what we planned in the gold paper, and we'll keep working with focus. We'll keep executing for our clients and our team. So now we've surpassed $4.5 billion in circulating supply of One USD, and we routinely trade between $1 billion and $3 billion in daily volume. That makes us, I think, actually the third largest stablecoin globally, only after USDT and USDC. Again, we're going to keep working with focus, keep executing. We haven't even completed two years in the One USD journey, and I think the next two years will be much bigger.

14:15策略選擇與產品聚焦

14:15我想問一下，因為我們在媒體上常看到這個話題。大家都說World Liberty發行了One USD這個穩定幣，Zak Folkman你剛才也提到App即將上線，這是大家期待已久的產品。你能不能多談一下，為什麼World Liberty會做出這些策略選擇，先專注在某些事情，而不是其他？I'd like to ask, because we see this in the press. They say World Liberty has launched this One USD stablecoin, and you mentioned earlier, Zak Folkman, that the app is coming. This is an eagerly awaited app. Maybe you can expand a bit on why World Liberty made certain strategic decisions and focused on specific things first instead of others.

14:37數位美元與新金融基礎

14:37是的，我認為我們執行事情的方式非常有邏輯，呼應Zak剛剛說的。建立新金融體系的第一層，就是擁有數位美元。全球所有支付最終都會流向美元。因此，確保USD1有良好的流通性和流動性，對我們的目標至關重要。Yes, I think the way we executed things was very logical, referring to what Zak said. The first foundational layer to having a new financial system is getting a digital dollar. Everything around the world, all global payments, ultimately flow through the dollar. So making sure that USD1 has distribution and liquidity was absolutely critical to achieving our goals.

15:02大家都看到我們有許多合作夥伴，並且已經在全球主要交易所上市。你可以在加密貨幣平台上用它交易、作為抵押品，甚至借貸，應用非常廣泛。建立市場這個組件非常關鍵，因為它讓大家能夠像Zak說的那樣，提供資產、借款並賺取收益。Everyone in this room has seen that we have partnerships, that we're listed on all the major exchanges around the world. You can use it on crypto platforms for trading, collateral, whatever you can think of, even borrowing and lending in markets. Building this market component was critical because it allows people, as Zak was saying, to supply assets, borrow against them, and earn yields.

15:26下一層就是打造主流消費者應用，讓用戶可以儲存、賺取和花費這些數位美元。回到Eric剛剛說的，我們真的想重新想像整個生態系統的運作方式。重點是要消除日常交易中使用加密貨幣的障礙。The next layer is building the mainstream consumer application that allows users to save, earn, and spend those digital dollars. And going back to what Eric said, when we sat down and really wanted to reimagine how this whole ecosystem works, it was about removing the friction of using crypto in everyday transactions.

15:51大概在場每個人都是加密圈的專業人士，習慣用像MetaMask這樣的錢包或其他非託管錢包。但如果我們真的想吸引下一代用戶進入加密世界，流程必須簡單到像我媽、你媽都能輕鬆上手，就像她們用Venmo或Cash App一樣。Most likely, everyone in this room is a crypto professional, used to using wallets like MetaMask or other non-custodial wallets. But if we really want to bring the next generation of users into crypto, the process has to be so easy that my mom and your mom can do it seamlessly, just like they're used to using apps like Venmo and Cash App.

16:20所以我們遲遲沒有提前推出App，主要是想確保能達到我們設定的體驗標準。現在，幸好有Mesh和Visa等夥伴，我們終於打造出我們認為能真正改變市場的產品，也就是我們現在準備好要推出的App。So one of the biggest reasons we didn't launch the app prematurely is we wanted to make sure we achieved the experience we set as our standard. And now, fortunately, through partnerships with companies like Mesh and Visa, we've been able to build what we think will really change the landscape, which means we're now ready to launch the app.

16:46World Liberty Financial這個產品，我們大約一年前就宣布了，大家都在等它正式上線。現在終於準備好了。就像Apple只有在產品完全準備好才會發表一樣，我覺得這是很棒的哲學，Eric。World Liberty Financial, which we announced about a year ago, and everyone has been waiting for its release. It's now ready to launch. Well, I know Apple only launches products when they're fully ready, and I think that's a great philosophy, Eric.

17:01美元穩定幣的全球主導地位

17:01另一個我想討論的重點是USD1的成長。最重要的是，USD1是一個與美元掛鉤的穩定幣。Eric，現在大約98%的穩定幣流通量都是美元計價。你認為為什麼會這樣？這對美元來說是好事嗎？這代表什麼？Another thing I wanted to bring up is we've seen real growth for USD1, but the important thing is it's a stablecoin pegged to the US dollar. And Eric, about 98% of all stablecoins in circulation are US dollar denominated. First, why do you think that's the case? Is that good for the US dollar? What does it mean?

17:21是的，這對美元來說非常好。美元是全球儲備貨幣，不管你喜不喜歡，大家都想要美元。即使推出歐元穩定幣，只有不到0.5%的歐洲人想要歐元穩定幣，大家還是想要美元。你去南美洲、亞洲、中東，大家都想把錢放在美元裡。美元就是全球主導貨幣，這也是為什麼這件事會成功。Yes, listen, it's very good for the US dollar. The US dollar is the reserve currency of the world, whether we like it or not, everyone wants it. They launched a euro-denominated stablecoin, and literally only half a percent of Europeans wanted a euro stablecoin. Everyone wanted the dollar. You go to South America, guess what they want? The US dollar. Even countries with different currencies in South and Central America, they're still trading in dollars. Look at many Asian countries, where do they want to put their money? In dollars. Look at the Middle East, they want to put it in dollars. So the dollar is the dominant currency in the world, and that's why this works.

18:07你擁有美國的安全保障，全球最強大的國家安全，還有世界最強的金融體系。美國現在的金融體系是一年35兆美元的經濟體，人口3.5億。對比中國，經濟規模約23兆美元，人口卻是美國的4到5倍。美國的實力非常驚人，現在的成長也是前所未見。每年大約有20兆美元的投資流入美國，所以用穩定幣把數兆美元帶進美國經濟，對美元儲備地位和全球穩定性都很有利。You have the security of the United States of America, the security of the world's superpower. You have the security of the greatest financial system in the world. Right now, if you look at the US financial system, we have a $35 trillion a year economy, right? That's from a population of 350 million. Compare that to China for a moment, they have about $23 trillion, and that's from a population four to five times larger. So the power of the United States is astronomical. The growth of the US right now is something I don't think we've seen before. We have about $20 trillion of investment coming into the US, so using stablecoins and bringing trillions of dollars into the US economy is great. It's great for the reserve currency, and probably great for stability around the world.

18:59這進一步強化了我們所有投資的安全性，我認為這對全球來說都是正面的。這也是為什麼大家都選擇美元。Zak Witkoff，你們為了遵守Genius法案，必須確保每一顆USD1都百分百由美元現金或等值資產、存放於受美國監管的銀行中全額支持。It further enhances the safety of all our investments, and I think that's very positive for everyone globally. That's why they're all going toward the dollar. Zak Witkoff, I've seen that to comply with the Genius Act, you have to make sure every single USD1 is fully backed by US dollars or cash equivalents deposited in a US regulated bank.

19:24取得美國銀行牌照與合規挑戰

19:24我覺得有件事要跟大家說明，這是去年發生的大事。我們申請並據我所知獲得了美國貨幣監理署（OCC）核發的全國性銀行牌照的有條件批准。你可以先說說為什麼要走這條路？這代表什麼？So I think there's something we should talk about for the audience, something that happened since last year. You applied for and, as I understand, received conditional approval for a national banking license from the Office of the Comptroller of the Currency, OCC. Can you first tell us why you decided to go this route, and second, what does it mean?

19:43沒錯，我們在8月14日拿到有條件牌照。那天剛好也是我第二個兒子出生的日子，對我來說是很特別的一天，像是雙重生日。這是一個非常漫長的過程，我們回答了OCC所有的問題和政策要求，最終獲得了有條件牌照。Yes, absolutely. We received our conditional license on August 14th. It was actually the same day my second son was born, so it was a big day for me, like a double birthday. It was a very long process. We answered all the questions and policies the OCC required, and in the end, we were granted our conditional license.

20:14為什麼要這麼做？首先，我們要掌握自己的命運。目前我們是透過BitGo發行，未來很快就會自己發行，這樣才能真正掌控自己的命運。其次，這代表美國金融的最高標準。畢竟我們是在處理大家的錢。我之前在發布會上說過，有『相信我』和『證明給我看』兩種方式。我們就是要用行動證明給大家看，遵循所有政策和流程，包括AML、KYC、一對一資產覆蓋，還有數十項內部政策，全部都依照監管要求執行。Why did we do this? First, we need to control our own destiny. Right now, we issue through BitGo. In the near future, we'll issue ourselves, and that lets us take our destiny into our own hands. But second, this represents the highest standard in American finance. Ultimately, we're dealing with people's money here. I said earlier during our announcement: there's 'trust me' and there's 'prove it to me.' That's what we're doing to prove it to people, that we're following all the policies and procedures, whether it's anti-money laundering, AML, or know your customer, KYC, or one-to-one coverage, or dozens of internal policies we implement according to regulatory guidance.

21:02這一切都大大提升了我們機構的信任度，但我要強調，我們是在面對各種攻擊下做到這一點。我們大概是全球最常被攻擊的公司之一，不只是加密產業，還有主流媒體、帶有惡意動機的政治人物。不過我們還是做到了，建立了一個大家真的可以信賴、依賴的機構。最終我們是為了客戶而做這一切。So in the end, this builds a lot of trust in our institution, but I want to be absolutely clear. We did this despite all the attacks against our company. We're probably one of the most attacked companies anywhere in the world, not just in crypto, whether it's from mainstream media or some of these maliciously motivated politicians. But we did it anyway, and we're building an institution people can really trust and rely on. In the end, we're doing it for our customers.

21:40即使外界有很多爭議，我們還是選擇接受監管，盡最大努力讓自己遵循Zak剛剛提到的所有政策和指引。未來任何想發行美元穩定幣的人都必須遵守這些標準。我們走過所有正式管道，主動要求接受監管，這讓USD1的標準大幅提升，也展現我們真正想打造的東西。Despite all the controversy around this, we did it because we want to be regulated. We've done everything we can to subject ourselves to all the different policies and guidelines Zak mentioned. Anyone else who wants to issue a US dollar stablecoin will have to comply with these standards. We've gone through all the official channels and asked to be regulated, which sets a much higher standard for USD1 and shows what we're really trying to build here.

22:13我可能有點偏頗，但如果是我辛苦賺來的錢，我絕對不會放在一個沒有監管、沒有這些制衡機制的穩定幣裡。當你把錢放進一個產品，你應該有權得到透明度、信任、每月報告、年度審計等等。我們就是站在客戶的角度思考，如果我是客戶，我只會選擇受監管的穩定幣。I may be biased here, but if it's my hard-earned money, there's no way I'd put it in a stablecoin that's unregulated and doesn't have any of these checks and balances. It's my hard-earned money, and when you put your money in a product, you deserve transparency, you deserve trust, you deserve to see monthly attestations and annual audits and things like that. So we're trying to put ourselves in our customers' shoes, right? If I were in their position with my hard-earned money, I'd only want to put it in a regulated stablecoin.

22:53美國監管與信任機制

22:53有幾點值得注意。首先，這是由美國貨幣監理署的專業人員審核通過的。其次，這些監管和控管會延續到未來多屆政府。Zak Folkman，這題我想請你回應。It's worth noting a few things. First, this was approved by professional staff at the Office of the Comptroller of the Currency. Second, these controls and oversight will continue beyond the current administration and many administrations to come. Zak Folkman, I think this question is for you.

23:12沒錯，這確實是由OCC的專業人員審查的，他們不是政治任命，而是有些人在那裡工作了二三十年，甚至四十年。正如剛剛Zak說的，這會延續到任何一屆政府之後。我們其實不太在意哪個黨執政，我們關心的是把事業做好，最終贏得客戶的信任。這個事業一開始就是為長遠而建，這個願景遠超過一兩年，是以加密貨幣規模為目標的願景。Yes, I mean, this was reviewed by professional staff at the OCC. These are not political appointees, right? Some of these people have worked there for twenty, thirty, even forty years in some cases. As Zak said, this will continue after any administration. We really don't look at which party is in power or not. We're focused on building a business here, that's what we're concerned with. We're focused on ultimately earning our customers' trust. This is a business built from the start to be long-term. This vision is much bigger than a year or two. It's a vision on the scale of crypto.

24:03傳統銀行與加密金融的對比

24:03沒錯，銀行其實一直以來都對人們很差。如果你想想看，傳統銀行給的利息只有0.1%，你把錢放在普通儲蓄帳戶，銀行根本在坑你。他們利用你的錢，然後你有沒有想過為什麼紐約Park Avenue和Madison Avenue上會有那些幾十億美元的大樓？那些錢就是來自存戶，銀行卻沒給他們什麼回報。Yes, no doubt about it, guys. Banks have treated people terribly if you think about it. There were only ten basis points of returns. You put your money in a regular savings account, and banks were totally screwing you. They were taking advantage of you, and you know what? Do you ever wonder why they're building billion-dollar buildings on Park Avenue and Madison Avenue in New York? Where do you think they get that money from? They get it from depositors who aren't paid any returns.

24:33然後突然間，有一個產業和一群人出現，說我們可以做得更好、更便宜、更透明，還能回饋那些長期沒從銀行體系得到任何好處的人。結果銀行就開始反擊，說怎麼可以這樣，大家都要在同一個規則下競爭，但其實他們已經坑了大家好多年。Then suddenly, a sector and people come along and say, we can do this better, cheaper, more transparently, and we can give back to those people who haven't gotten anything from the banking system for a long time. Then the banks come to fight that and say, how dare you suggest something like this? We all have to play on a level playing field, even though they've been screwing people for years and years and years.

24:55看看SWIFT國際匯款系統，我常常講這個，因為真的讓我很火大。每週在我的本業（飯店、房地產）都要等國際匯款，蓋了很多頂級飯店、高爾夫球場、住宅和商辦大樓。每週五下午都在等匯款，常常都收不到。通常收款人要等到下週一下午才拿到錢。這段時間的利息你拿不到，都是J.P. Morgan和其他銀行賺走了。這公平嗎？為什麼不能即時結算？國際匯款更麻煩。I mean, look at the SWIFT wire transfer system. I talk about this all the time because it drives me crazy. Every week in my hospitality business, we're building a lot of these things, right? Lots and lots of the greatest hotels, golf courses, or residential and commercial buildings in the world. But every week, we're waiting for a wire transfer on a Friday afternoon or sending one. Most of the time, those wires don't arrive. The intended recipient doesn't get that wire until Monday afternoon. Do you get the interest on that money over the three- or four-day weekend? No. Who gets their money? J.P. Morgan and the rest of the banks. Is that fair? Why not settle instantly? It's even worse if it's international.

25:37你說現在可以跨境匯款，沒錯。但你想想看，現在要從新加坡匯錢到紐約買手錶，你要去哪家銀行？流程怎麼跑？匯率怎麼算？銀行會收多少手續費？錢到底會不會到？但如果用我們的方式，我和David只要把手機靠在一起，兩秒就能完成交易，錢馬上進錢包。為什麼還需要中間人？中間人到底提供了什麼價值？這就是為什麼銀行這麼拼命抵抗我們，因為他們知道自己站在輸家那邊，所以才會每天都在打壓我們。You can say you can send money across borders. Yes, of course. But think about it, how do you send money from Singapore to New York now? If you want to buy a watch in New York, which bank do you go to? How do you do it? What are the conversion rates? How much will the bank take in FX fees? How do you know if the money will even arrive? Compared to David and me, we can just put our phones together and complete the transaction in two seconds. The money can go to the wallet instantly. Why do you need that intermediary? What value does that intermediary provide? That's why banks fight so hard against all of us, because they realize they're on the losing side of this equation, and that's why they keep fighting us every day.

26:26穩定幣普及與未來展望

26:26但正如我剛剛說的，我們正在贏，因為穩定幣正在被主流採用，信用卡公司也開始用。剛剛Zak才提到Visa，你也看到PayPal、其他公司都在做，交易速度超快，手續費超低。這對社會、全球化、跨境商業都很棒，對人類來說也是好事，最後銀行會是最大輸家，這讓我很開心。And yet, as I said earlier, we're winning because stablecoins are being adopted, they're being adopted by credit card companies. Zak was just talking about Visa a moment ago. You see what PayPal is doing, you see what all these companies are doing, you see how fast transactions are, you see how low transaction costs are. That's great for society, great for globalization, great for cross-border business. It's great for humanity, and fortunately, the banks will be the biggest losers from all this. That really warms my heart.

27:03這確實是個很溫暖的想法，但你剛剛談到穩定幣對人類的好處。我想聊聊另一種『生物』的好處，也就是所謂的超級智慧。今天OpenAI又有重大突破，解決了超過三百道數學題。Zak Folkman，你之前在Mar-a-Lago的World Liberty Forum有談過agentic trading。我有兩個問題：第一，我個人還沒用過agentic trading，是不是已經落伍？第二，如果這趨勢真的要來，會有多快？That's a really heartwarming idea, but you were talking about the benefits for humanity. I want to talk about the benefits for another kind of being, which is what they call superintelligence. Today, I think OpenAI achieved another huge milestone by solving more than three hundred math problems. Zak Folkman, you went on stage at the World Liberty Forum in Mar-a-Lago and talked a bit about agentic trading. I have two questions: first, I personally don't use any agentic trading. Am I behind the curve or is this coming? And if it's coming, how fast is it going to happen?

27:41這是個很棒的問題。在World Liberty Forum，我們宣布了我們的agent開發工具包，讓任何AI平台的用戶都能用。它完全中立，不管你用ChatGPT、Grok還是Claude，都可以一鍵把USD1錢包加到你的agent上，然後讓這些agent可以跟其他用戶、賣家，甚至其他agent進行交易。所以你不用擔心落伍，事實上未來agent之間的交易量會遠遠超過人與人之間的交易，不管是薪資還是供應商付款。That's a great question. At the World Liberty Forum, we announced our agent developer toolkit, which basically allows any user of any AI platform to do this. It's totally neutral. Whether you're using ChatGPT or Grok or Claude, it doesn't matter, it lets users with one command load a USD1 wallet onto their agent, and then enable those agents to transact with other users, vendors, or even other agents. So you're not behind the curve, don't worry. The reality is we're going to see a world where the volume of transactions between agents vastly exceeds the transactions between individuals, whether that's payroll or paying vendors.

28:39即時支付與消費體驗革新

28:39你甚至可以考慮那些無法用實體美元結算的微型交易。你沒辦法發送小數點後的美分，但你可以發送部分穩定幣。現在，代理交易的規模還很小，但一兩年內，我們會看到這個規模超越人與人之間的交易，而One Dollar USD已經準備好承接這些交易流量。Or even consider microtransactions that can't be settled with actual dollars. You can't send fractions of a cent, but you can send fractions of a stablecoin. So right now, the volume is very small in agentic commerce, but in a year or two, we'll see this volume surpass transactions that happen between actual humans, and One Dollar USD is already positioned to capture those transaction flows.

29:09是的，我們正在見證AI領域的巨大成長，這很合理。超級智慧，沒錯，別忘了這點。對了，Folkman先生，你們很快也要發卡了吧？能不能分享一下World Liberty Debit Card的最新進展？Yes, we're seeing tremendous growth in AI, and it makes sense. Superintelligence, that's right, let's not forget that. Okay. Mr. Folkman, you're supposed to be launching a card soon, right? Can you give us some updates on the World Liberty debit card?

29:28當然可以。這張卡會綁定我們的消費者App，大家可以把錢儲值進去，也能在App裡賺收益，然後直接用這些美元在實體店消費。不管是刷卡還是綁定Apple Pay用感應支付都可以。但我覺得我們的卡最酷的地方是，市面上雖然有其他加密貨幣卡，但當你把錢存進World Liberty App並選擇收益功能時，你可以一直賺到你消費的那一刻。Yes, absolutely. So the debit card will be linked to our consumer app. People can load funds onto it. They can earn yield in the app and then spend those same dollars at the point of sale. Whether that's using the card or linking it to Apple Pay for tap-to-pay, but what I find really exciting about our card—because there are other crypto cards out there—is that when you deposit funds into the World Liberty app and choose the earn option, you can keep earning right up until the moment you make a purchase.

30:08所以我可以把所有錢都放在收益帳戶，然後去星巴克買咖啡時直接支付。這就像用有利息的儲蓄帳戶直接消費。這在現在是做不到的。你得先從儲蓄帳戶轉到活期帳戶，傳統加密卡也是這樣。大多數用戶只能先儲值再消費，像預付卡。我們其實已經改變這個模式了，現在用戶可以邊賺邊花，收益率很驚人。So I can keep all my money in my earn account and then go pay for coffee at Starbucks. So it's like paying from a savings account with real interest. Exactly, and that's something you can't do right now. You have to transfer funds from savings to checking, usually with crypto cards. What we see is that users can load funds onto those cards and then spend them. It's like a prepaid card. What we've done is we've actually changed that model, so now users can earn, and the rates are incredible.

30:39正如Eric剛才提到的，我們不是在談十個基點的收益，當然，年化會隨市場波動，但我們談的是多個百分點、數百個基點的即時收益，直到你消費的那一刻。我們認為這會徹底改變遊戲規則。隨著我們在One Dollar USD上繼續疊加這些功能，WLA持有者會看到真正的價值累積，現在已經可以透過staking看到這點，這些都是由不同協議推動的，並且是用One Dollar USD發放的，不是WFA。我相信很快會有更多價值累積的應用出現，持幣者會有很多收穫。As Eric mentioned earlier, we're not talking about ten basis points, I mean, obviously, the APY fluctuates based on rates at any time, but we're talking about multiple percentage points, hundreds of basis points that you earn in real time up to the exact moment you want to spend those funds. We think that's a huge game changer, and as we keep building these layers, David, on top of One Dollar USD, as I said before, you'll see real value accrual if you're a WLA token holder—you can already see that today in the form of staking, right? That's funded through different protocol initiatives, and as Zak said, that's actually paid in One Dollar USD, not WFA, I think. I think you'll see more things soon on the value accrual front, but as we keep building these layers, there will be a lot of value accrued for token holders.

31:32薪資、金融包容與全球美元化

31:32Eric，我想問你，你覺得人們會開始直接領穩定幣薪水嗎？因為現在的痛點之一是大家還得先拿到美元或新加坡元，再換成穩定幣。這種情況會結束嗎？還是大家會直接領穩定幣？聽著，我們是很大的雇主，全球飯店有數萬名員工，這議題我們確實在研究。其實很多人已經這麼做了。舉個簡單例子，很多運動員這幾年都要求用比特幣支付合約。你知道他們從這些合約賺了多少錢嗎？其實很多時候，運動員拿到的錢還比不上資產本身的漲幅。這其實是他們能做過最棒的財務決策之一。所以這種現象會在全球蔓延，說實話，這讓很多人的生活更輕鬆。Eric, I wanted to ask you, do you think people will start getting paid in stablecoins? Because right now, one of the friction points is that people have to take US dollars or Singapore dollars and then convert them into stablecoins. Will that end, or will people go straight to that? Listen, we're a very large employer. We have tens of thousands of employees around the world in all our hotel properties, and we're definitely looking at this. I mean, people are already doing it, right? I mean, take many athletes as a simple example. Look at how many athletes have asked or required their contracts to be paid in Bitcoin over the years, right? And by the way, do you know how much money they made from those contracts? In many cases, the amount the athlete made was much less than the actual growth of the underlying asset itself. That was the greatest financial deal they could have ever made, right? So you'll see this happening all over the world, and honestly, it makes life a lot easier for a lot of people.

32:26大家其實不想再去兌現支票了，很多人還是拿著紙本薪資，要去銀行背書、兌現，然後等24或36小時金融機構才清算。大家想要錢直接進帳戶。我認為如果你放眼全球，很多國家其實沒有發達的金融體系，很多國家貨幣很爛，甚至一文不值，通膨嚴重。想像你領薪水是這種貨幣，但你可以立刻換成美元。這樣一來，你的資產就能用美元計價，不用再面對60%、70%、80%的通膨。你甚至可以轉成比特幣，價值可能大幅上升。這對全世界來說是很棒的事。我們常以為自己代表全世界，其實不是。很多人身處沒機會成功的經濟體，經濟破碎、腐敗、貨幣不值錢。我相信穩定幣會改變這一切。People don't want to have to cash a check anymore. People don't want to sit with a piece of paper that they still get from many employers, have to go to the bank, endorse the back, cash it, and wait twenty-four or thirty-six hours for the financial institution to clear that check. They want their money in their accounts instantly, and I think if you look beyond borders, right? I mean, we often think about things from the perspective of the most developed financial markets in the world, like Singapore, New York, and Miami. But there are many countries that don't have a developed system. There are many countries with bad currency. I hate to say it, but it's a currency that's worth nothing, right? And it suffers from massive inflation. Now suddenly, imagine you're getting paid in that currency, but you can instantly convert it to US dollars. Now suddenly, your assets can be in US dollars instead of facing 60 or 70 or 80 percent inflation. You can even convert it to Bitcoin, which could go up massively in value. That's amazing for the world, right? I mean, again, we often think we represent the whole world, but we really don't. There are a lot of people in economies that have no chance of success, broken and corrupt economies relying on bad currency. And I think stablecoins will change a lot of that.

33:47未來會更快、更便宜、更透明。有時你拿到的薪水反而對你不利，穩定幣可以改變這點。以運動員為例，現在已經有真實案例了。像UFC在白宮花園舉辦的比賽，World Liberty是贊助商，我們實際上用One Dollar USD給Justin Gaethje和Ciryl Gane各15萬美元獎金，他們大約半秒就收到錢了，還特地跟我們說太神奇了。以前這種獎金要等一週，還得找私人銀行確認錢到沒。這次他們兩秒內就拿到錢。這些故事正在發生，未來兩年會比過去兩年更強，這會改變很多事。你錢進來快，花得也快，經濟速度就起來了。It'll be faster, it'll be cheaper, it'll be more transparent. Again, sometimes the very product you're paid in works almost against your actual interest. Speaking of athletes, by the way, we're already seeing real-world examples of this today. So, you know, the UFC event hosted at the White House garden—yes, that's right. UFC, World Liberty was a proud sponsor of the event, and we actually paid Fight of the Night bonuses to both Justin Gaethje and Ciryl Gane, $150,000 each in One Dollar USD. They received their money in about half a second, and both reached out to us saying, 'Oh my God, this is amazing.' Usually, Fight of the Night bonuses take a week, and they have to call their private banker to see if the money hit their account. In this case, they got their money in about two seconds. So we're seeing this story play out in reality. And as I said, I think the next two years will be stronger than the last two, and this changes a lot of things. If you get your money faster, you can spend it faster, and that creates economic velocity.

35:01網路時代的貨幣與AI驅動成長

35:01沒錯，實時賺利息，像你剛才說的，花錢也更快。我之前說過，網路的速度就是聲音的速度。穩定幣很快就成為網路的貨幣層，甚至已經是了。我們相信穩定幣、甚至最終的貨幣，都應該以聲音的速度流動，就像網路一樣。網路持續成長，尤其AI帶動下，穩定幣成為主流貨幣，這產業很快會爆發成長，現實數據也顯示如此，大家應該都看過那些圖表。現在每年有數兆美元透過穩定幣交易，這數字只會越來越大。Yes, to earn interest in real time, right? Like you said, you can spend it faster. I've said it before, but the internet moves at the speed of sound. Stablecoins are quickly becoming the money layer of the internet, if they aren't already, and we believe that stablecoins, and ultimately money, should move at the speed of sound, just like the internet does. The internet is constantly growing, especially with AI, and with stablecoins as the preferred currency, we'll soon see if this grows, because the current reality points to that, and I think most of us here have seen the charts. Trillions of dollars are now traded annually via stablecoins, and that number is only expected to grow.

35:48Eric，你覺得像World Liberty這樣的穩定幣發行商，未來會成為美國國債的主要買家嗎？這樣會不會變成美國國債需求的新來源，彌補一些不太友善國家減持美債的缺口？當然，這是肯定的。我想補充剛才Folkman提到的AI話題。去年很多人對AI資金流向很不滿，甚至我自己也是。但我們看到加密貨幣的資金流出，轉向AI交易，這可能也是比特幣價格一度下跌的原因之一。大家都在問：為什麼錢從加密流到AI？我一直跟大家說，這其實是最棒的事，因為AI成長越快，數位資產也會成長越快。Eric, do you think stablecoin issuers like World Liberty will become major buyers of US Treasuries, so they contribute demand for US debt that some foreign countries, not necessarily friendly to America, might be trying to offload? Or, absolutely, I mean, there's no question about it. I want to add a point that Folkman was referring to about AI. With the rise of AI, a lot of people in this room were upset, and to some extent, maybe I was too. But we kept seeing this kind of money flowing out of crypto over the past year and into this kind of AI trading, right? That was one of the things that maybe led to Bitcoin prices dropping for a while. But you saw it across the industry, and everyone was mad, asking: How does money leave crypto? How does it go to AI? And I kept telling people: No, this is the greatest thing that could ever happen, because the faster AI grows, the faster digital assets grow.

36:35其實，AI交易會推動數位資產成長最快。大家會問怎麼做到？未來你要帶家人去倫敦，只要叫你的AI代理人幫你訂Ritz Carlton或Sands的房間，你不會用現金，也不會用法幣。你會用你的數位錢包。AI和這些科技越快融入生活，這產業成長就越快。我們要樂見這一切，雖然資金會在AI和加密間流動。現在資金又開始回流加密，價格也漲了。AI領域的朋友越快達成目標，這產業表現就越好。未來會有數兆美元從全球流向美元，這對經濟和美國財政赤字都是好事，因為貨幣供給基數指數成長，經濟實力也會更強。In fact, the thing that will drive digital asset growth the fastest is AI trading, and people wonder how you'll do that. If you want to take your spouse or your sibling to London, you'll use your AI agent and ask it to book a great room at the Ritz Carlton or Sands or wherever you're going, and you won't use cash, you won't use fiat. You'll use your digital wallet. The faster people adopt AI and that technology, the faster this industry grows, and we should welcome that, even though you'll see money constantly flowing between both sides. So now money is starting to flow back into crypto, and we're seeing prices go up, but the faster our friends on the AI side can get to their goal, the better this industry performs. So I think that's a big part of it. And then, for sure, I think trillions of dollars will flow from every country in the world into US dollars. Is that good for the economy? Of course it is. Is it good for the US budget deficit? Of course it is. It just means your money supply, your denominator, is exponentially bigger than it was before, giving you more economic power than you had before.

37:57RWA、資產民主化與全球金融基礎建設

37:57這對美元來說是好事。我們剛才聊到資產代幣化，Eric我也答應要深入談這個。過去一年，股票代幣化真的起飛了，這很驚人。以前只是個想法，現在連未上市公司都能很快被買賣，需求非常大。你覺得現實資產（RWA）會不會超越純數位資產的交易量或關注度？我認為這還在觀察中，但RWA的交易量已經很大了。One Dollar USD現在可以和Micron、SanDisk、Nvidia、SpaceX等股票配對，你今天就能在Astri平台交易，很多也在Binance等交易所上架，交易量很大。這讓全球更多人能民主化參與這些資產，大家都很興奮。我們認為未來幾乎每個資產都會和One Dollar USD配對，這就是目標。That's great for the dollar. We were talking a bit about tokenization, Eric, and I promised you we'd go deeper. We've really seen tokenized equities take off. It's actually incredible. A year ago, it was just an idea, and now we see companies, including pre-IPO companies, being bought and sold very quickly. There's huge demand for them. Do you think real-world assets, RWAs, will surpass purely digital assets in trading volume or attention? I think it's still being evaluated, but you're already seeing huge volumes on the RWA front. So, One Dollar USD paired with things like Micron, SanDisk, Nvidia, SpaceX for their shares and pairs. You can trade them on Astri today. A lot of them are listed on Binance and other exchanges, but we're seeing huge volumes there, right? Because you're democratizing access to these assets globally, and people are really excited about them. We think ultimately almost every asset in the world will be paired with One Dollar USD. That's the goal here.

39:16是的，Zak和Eric剛才提到的民主化很重要。像越南鄉村或奈及利亞這種地方，很多人沒辦法在Robinhood開戶，也沒法用傳統券商買SpaceX股票，但現在只要有加密錢包就能交易SpaceX，享有第一世界國家才有的機會。不管是股票、房地產還是對沖基金代幣化，這就是現在的趨勢。像NASDAQ這些公司也開始投入資產代幣化，推出24/7交易平台，這領域一定會繼續成長，甚至可能超越傳統加密資產的交易量。Yes, I think for Zak's point and even what Eric was saying about democratizing this, the ability for someone in a village in Vietnam or a country like Nigeria, who may not be able to get a traditional account on Robinhood or a brokerage account to access companies like SpaceX, can now go with their crypto wallet and trade SpaceX, and get the same access that people in first-world countries have had for some time, whether it's securities, real estate, or tokenized hedge funds. That's literally the path things are on right now, and it's clear with all the investments that companies like NASDAQ are starting to make in tokenization and launching their own 24/7 trading platforms. There's no doubt this space will keep growing, and it may even surpass traditional digital assets traded on-chain.

40:16進一步說，這也是為什麼全球成長最快、受戰亂衝擊最嚴重的國家，往往是最早採用加密貨幣的地方。你知道為什麼嗎？因為這成為他們的支付方式。你在這飯店或Trump飯店裡，雖然有高級POS機和刷卡系統，但很多國家根本沒有這種基礎建設。你知道什麼變成基礎建設了嗎？你的手機就是基礎建設。你只要用手機碰一下朋友的手機，這就是你的支付基礎建設。這是你連接現代世界的門票。沒有加密貨幣，你永遠不會有這種機會。過去你只能用現金或原始貨幣交易，現在大多數人唯一擁有的東西——手機，成為你邁向現代金融自由的入口。And to expand on that, that's why, right, some of the fastest-growing countries in the world, and some of the countries most affected by war and instability, are almost always the ones adopting crypto the fastest. Do you know why? Because it becomes their means of payment. You're walking around this hotel or a Trump hotel, you have expensive payment devices and great POS systems, you can run cards in the back, but in many countries, you don't have the infrastructure to do that. Do you know what becomes the infrastructure? Your phone becomes the infrastructure, right? The ability to tap your phone to your friend's phone—that's your infrastructure for making a payment. That's your gateway to the entire modern world. Without crypto, you'd never have that. You'd be trading in shekels, you'd be trading, I mean, you'd be using raw currency. Now suddenly, the one thing that connects most humans right now, the one thing most people have in their pocket, becomes your gateway to a kind of modern financial freedom.

41:19展望未來與TOKEN2049紐約站

41:19這真的很美好，我很期待看到這個發展，也期待SA和穩定幣一起起飛，也許明年紐約會有重大更新。你們怎麼看？我們對紐約很期待。Alex和Rafael，這場大會的主辦人，我一直說他們辦的活動是金融界最棒的。看看這個會場、這個活動。TOKEN2049背後的團隊真的很有才華，我們參加過全球各地的會議，沒有人能像TOKEN2049這樣辦活動。That's really beautiful, yes, okay, I'm excited to hear more about this development and to see SA take off, and stablecoins with it, and maybe we'll get a big update next year in New York. What do you guys think? We're excited for New York. Alex and Rafael, the men behind this conference, I always say they put on the greatest show in all of finance. I mean, look at this hall, look at the event they've put on. The team behind TOKEN2049 is really talented, and you know, we've attended conferences all over the world, I mean, nobody does it like TOKEN2049.

41:54所以當他們把這個活動帶到美國紐約，我相信會非常盛大。我鼓勵大家現在就買票，因為我很確定很快就會賣光。我沒有和TOKEN2049或World Liberty有分潤協議，但我真的覺得票會很快賣完。那我們就這樣吧。謝謝大家。So when they take this event to the US in New York City, I think it's going to be huge. So I encourage everyone to buy their tickets now because I'm pretty sure this event will sell out very quickly. And no, I don't have any profit-sharing agreement with TOKEN2049 or World Liberty, but I really think the tickets will sell out fast. Let's go. Okay, okay, thank you all.