{"id":"ebLjAd67bw0","title":"NEAR Intents: The Future of Stablecoin Swaps - Kendall Cole","description":"Proximity Labs director Kendall Cole on day 1 of NEARCON dives into how NEAR Intents, StableFlow, and STP eliminate bridge risks to provide the most efficient, one-click venue for global stablecoin liquidity.\n\nNEAR is the unified commerce layer for assets and agents. \n\nWebsite: https://near.org/\nNEAR AI: https://near.ai/\nIntents: https://near.org/intents\nChain Abstraction: https://www.proximity.dev/\nSharding: https://nearone.org/\n\nFor the devs\nGitHub: https://github.com/near \nDev Docs: https://docs.near.org/\nDevhub: https://devhub.near.page/ @NEARDevHub\n\nConnect with socials\nTwitter:   / nearprotocol  \nBlog: https://near.org/blog/\nMedium:   / nearprotocol  \n#NEAR #nearprotocol #NEARAI","channel_name":"NEAR Protocol","published_at":"2026-02-26T00:00:00.000Z","thumbnail_url":"https://img.youtube.com/vi/ebLjAd67bw0/hqdefault.jpg","transcript_text":"Hey everyone, how's everyone doing? My name is Kendall. As Danny said, I'm the CEO of Proximity Labs and we are going to introduce a new concept which is stable coin swaps as a new global payment rail all powered by Near Intense, which you'll hear a lot about tomorrow as well. Uh so it's probably not news to anyone in this room, even those of you who are here for the AI kind of side of the content that stable coins are very hot. They are growing extremely quickly. There are new issuers introduced every day. Uh we've seen the market cap reach 310 billion and the amount of daily swaps is increasing quite a bit as well. Even more interestingly and I think important to the story is that we've seen a lot of financial institutions investing very seriously in issuing these stable coins. So Sofi was one of the first actual banks to issue a stable coin. We've seen experiments from JP Morgan. They have what's called a tokenized deposit that is live that's actually being used to transact about $2 billion a day. And then several other of the largest banks and acquiring banks like Fiserve City, Wells Fargo have also announced and put serious money behind these initiatives. And maybe even more interestingly is the non-banks that have announced stable coins. Uh so a lot of you especially in the AI world might have seen the announcement from Cloudflare. They're experimenting with a stable coin that's going to be used for AI to AI payments. We've also seen some of the largest remittance companies like Western Union and MoneyGram that have announced stable coins uh and is actually creating a much superior user experience because you're able to just move these dollarized assets between two accounts in seconds instead of days. And then unsurprisingly, we've seen some of the more cryptofocused companies like MetaMask and Phantom, but I think interestingly there they've actually been able to amass very large supplies in these stable coins in an extremely short period of time. Uh and so in the regulatory side, we've seen what is now being enshrined as one of the key regulators for these assets, the OC, issuing new trust charters very very frequently. This number is actually already out of date uh since I made this presentation because I think today they issued another one or two. And I would expect to see potentially even as many as a dozen this year and into next year if not more. And even on the pessimistic side, most uh different groups are expecting somewhere between five and 10x growth. The US Treasury and Scott Besson actually is predicting around a 3 trillion total supply of stable coins by 2030. So this is pretty aggressive growth. I think even surprising those of us in the industry. Um and then last but not least, we've seen this become like one of the top independent issues for Congress. Uh, as we mentioned already, the Genius Act was signed into law over the summer. And stable coins are also the one of the core issues, particularly on the yield side, for uh another bill that's moving pretty quickly through both chambers in Congress, the Clarity Act, which passed the House already this past summer and is potentially has a target of passing in the in the Senate later this year. So, stable coins are hot. Okay, people are trying to issue stable coins. Why do they matter? So, there's actually quite a few reasons. Uh, as we talked about a little bit with the hint of the remittance, stable coins are globally available by default. This is particularly true for dollarized assets. But, uh, since the passage of Genius, we've actually seen a lot of other countries that have been creating their own legal ways to issue stable coins. So, I would definitely expect to see them become more popular even for alternative assets to the dollar. Stable coins are also completely universally transferable. you can just send them to anyone regardless of which bank or financial institution they use. And as we see more and more of these apps and applications introducing uh stable coin custody into their products, that's going to become even more and more true. And then they are of course available 24/7 because the blockchain doesn't sleep. They are always available. Probably even more interesting than some of these existing reasons that people have created them is the new business models that they are going to enable for non-bank institutions. So, if you take something very popular like the Starbucks loyalty program, it's clear that there's a a desire from merchants to be able to hold customer balances very very close to their core product in order to reduce payment friction. This is one way that stable coins are able to basically enable that for just about every merchant that's out there. And then not only that, they are then able to earn interest on these reserve assets. And depending on how things shake out with the Clarity Act, they'll either be able to just keep this interest as an additional revenue stream or potentially pay some of it out to users as a way to create new behaviors and attract new users and effectively just grow their business. And if we look at loyalty card programs today, they already score billions of dollars. So by reducing the friction and increasing the utility of these uh programs for for non-banks, we expect to see this grow by multiples of that. And it's it's also very good news for banks. It's not just for the non-banks. So, what's really cool for banks is that they're going to have an even more frictionless experience with stable coins because they're both able to hold those deposits that are back in the coin and they're going to be able to issue and allow users to mint from their balance these stable coins. Uh and then they'll be able to the users will then be able to transfer these assets anywhere including they'll be able to deposit it into something like interactive brokers or Fidelity or a couch sheet 24/7 which right now these are not actually possible because they are obviously bound by uh the different bank accounts. So it's going to be a huge win for banks as well. All this leads to uh my prediction being that by sometime in 2030 or no later than 2035, we'll likely see every single financial institution issue a stable coin. And while this is very interesting and we think this is going to create a lot of value, it does create its own challenges. So we already are in a world where there are at least 12 blockchains that have a stablecoin supply of greater than $1 billion. So 12 that are already very relevant. We also are heading toward a world where there's going to be hundreds of different stable coins. And today there's really only two stable coins that can support really large swap sizes with minimal slippage. This means a lot of users and customers are basically losing money as they move between these different assets. And so if moving money between different banks is going to involve swapping stable coins and you have to pay for that, that's not really a status quo that makes a lot of sense. Fortunately, we have created a solution to this in the form of near intents. So, Near intents is already connecting together all of these different blockchains, right? And it's able to settle swaps between them in a split second. Uh it also it creates a much better user experience because the intense team has basically abstracted away the specifics of the different chains and also the specifics of needing to deal with the different gas tokens making it so that you kind of forget you're even dealing with multiple chains at all. Uh to date they already support 25 chains and have processed billions of dollars. So something you can go ahead and do right now is you can actually use near intense to swap between the two most popular stable coins USDC and this is on the 10 or 15 different chains that USDC supports and USDC which is also supported on about 10 or 15 different chains. Using near intense you're able to basically easily move between these two and it's as seamless as just doing a normal swap on a single chain. uh and soon enough you're actually going to be able to use near intense to swap between any stable coin in any chain and any other stable coin on any other chain. So the infrastructure layer is being covered by near intense. But one of the other challenges that we were encountering is that one of the core participants of near intense which are the liquidity providers or the market makers they do not want to have to hold a balance in hundreds of different stable coins. So we need a product for them as well that makes it so they can hold their balance in a single stable coin or even a different type of asset and basically get the liquidity in exactly the right stable coin that a user wants exactly when they want it and just in time. Uh so in order to solve this problem we are creating a new protocol which is called the stablecoin transport protocol and you can actually read more our one pager and read more about this on stablecoin transport.com but uh the highle version of this is that solvers are just able to basically get the liquidity they need rebalance their inventory very quickly without any friction and the end result for the user is they just forget they're dealing with different stable coins. So all of this together is going to power what we believe is a new global payment rail that will connect any bank, any non-bank and even non-banks to banks, banks to non-banks, any sort of pure mutation by this. And it's all powered by near intents. So just to walk you through basically a very straightforward example of what this is going to look like, the high level is that users completely forget that they're dealing with any of this infrastructure. They should look and feel very similar to Venmo, but with the added benefit of being able to move any amount of money, not just like a $2,000 limit, being able to get instant settlement as opposed to having to withdraw to your bank or pay an extra fee to do so. And it'll work with any financial institution globally, not just limited to a small number of US banks. So, that's the high level. That's what it's going to look like is transfer $1,000 to your friend, you're done. Now under the hood, what's going to happen is that user one who might be a customer of say SoFi bank, which means they're using like a SoFi USD, they are going to send their funds to user 2's address. This can be a very simple address like a user 2, something like that, uh, or even just like a Venmo type of name. They send funds there. As far as they're concerned, they're done. What's going to happen under the hood is that Near Intense is going to take that SoFi USD. Let's say it's issued on Ethereum just to make it hard and it's going to swap that for Revolute USD on say a Salana and then it's going to send those funds to user 2's address and on on in Revolute and so user two will just see okay I received $1,000 to my balance. User one will see $1,000 deducted from their balance. That's it. Very very simple. Uh so we're creating a lot of complex infrastructure to enable this swap but uh for any user globally the idea here is this is going to be a very simple way to move money as seamlessly as possible between all of these different institutions. All right, thanks everyone for your time. If you're interested in learning more about this, you can follow me on uh Twitter and uh yeah, we'll be talking a lot more about it. Thank you guys.","transcript_synced_at":"2026-11-03T04:40:06.507Z","segments":[{"start_seconds":9,"text":"Hey everyone, how's everyone doing? My name is Kendall. As Danny said, I'm the CEO of Proximity Labs and we are going to introduce a new concept which is","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=9s"},{"start_seconds":17,"text":"stable coin swaps as a new global payment rail all powered by Near Intense, which you'll hear a lot about","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=17s"},{"start_seconds":25,"text":"tomorrow as well. Uh so it's probably not news to anyone in this room, even those of you who are here for the AI","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=25s"},{"start_seconds":32,"text":"kind of side of the content that stable coins are very hot. They are growing extremely quickly. There are new issuers","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=32s"},{"start_seconds":39,"text":"introduced every day. Uh we've seen the market cap reach 310 billion and the amount of daily swaps is increasing quite a bit as well.","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=39s"},{"start_seconds":49,"text":"Even more interestingly and I think important to the story is that we've seen a lot of financial institutions investing very seriously in issuing","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=49s"},{"start_seconds":56,"text":"these stable coins. So Sofi was one of the first actual banks to issue a stable coin. We've seen experiments from JP Morgan. They have what's called a","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=56s"},{"start_seconds":64,"text":"tokenized deposit that is live that's actually being used to transact about $2 billion a day. And then several other of the largest banks and acquiring banks","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=64s"},{"start_seconds":73,"text":"like Fiserve City, Wells Fargo have also announced and put serious money behind these initiatives.","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=73s"},{"start_seconds":80,"text":"And maybe even more interestingly is the non-banks that have announced stable coins. Uh so a lot of you especially in the AI world might have seen the announcement from Cloudflare. They're","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=80s"},{"start_seconds":88,"text":"experimenting with a stable coin that's going to be used for AI to AI payments.","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=88s"},{"start_seconds":93,"text":"We've also seen some of the largest remittance companies like Western Union and MoneyGram that have announced stable coins uh and is actually creating a much","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=93s"},{"start_seconds":100,"text":"superior user experience because you're able to just move these dollarized assets between two accounts in seconds instead of days. And then","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=100s"},{"start_seconds":109,"text":"unsurprisingly, we've seen some of the more cryptofocused companies like MetaMask and Phantom, but I think interestingly there they've actually been able to amass very large supplies","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=109s"},{"start_seconds":117,"text":"in these stable coins in an extremely short period of time.","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=117s"},{"start_seconds":122,"text":"Uh and so in the regulatory side, we've seen what is now being enshrined as one of the key regulators for these assets,","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=122s"},{"start_seconds":128,"text":"the OC, issuing new trust charters very very frequently. This number is actually already out of date uh since I made this presentation because I think today they","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=128s"},{"start_seconds":137,"text":"issued another one or two. And I would expect to see potentially even as many as a dozen this year and into next year if not more. And even on the pessimistic","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=137s"},{"start_seconds":146,"text":"side, most uh different groups are expecting somewhere between five and 10x growth. The US Treasury and Scott Besson","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=146s"},{"start_seconds":153,"text":"actually is predicting around a 3 trillion total supply of stable coins by 2030. So this is pretty aggressive","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=153s"},{"start_seconds":160,"text":"growth. I think even surprising those of us in the industry. Um and then last but not least, we've seen this become like","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=160s"},{"start_seconds":167,"text":"one of the top independent issues for Congress. Uh, as we mentioned already, the Genius Act was signed into law over","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=167s"},{"start_seconds":175,"text":"the summer. And stable coins are also the one of the core issues, particularly on the yield side, for uh another bill","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=175s"},{"start_seconds":183,"text":"that's moving pretty quickly through both chambers in Congress, the Clarity Act, which passed the House already this past summer and is potentially has a","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=183s"},{"start_seconds":191,"text":"target of passing in the in the Senate later this year. So, stable coins are hot. Okay, people are trying to issue","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=191s"},{"start_seconds":199,"text":"stable coins. Why do they matter? So, there's actually quite a few reasons.","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=199s"},{"start_seconds":202,"text":"Uh, as we talked about a little bit with the hint of the remittance, stable coins are globally available by default. This is particularly true for dollarized","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=202s"},{"start_seconds":211,"text":"assets. But, uh, since the passage of Genius, we've actually seen a lot of other countries that have been creating their own legal ways to issue stable","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=211s"},{"start_seconds":218,"text":"coins. So, I would definitely expect to see them become more popular even for alternative assets to the dollar. Stable coins are also completely universally","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=218s"},{"start_seconds":227,"text":"transferable. you can just send them to anyone regardless of which bank or financial institution they use. And as we see more and more of these apps and","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=227s"},{"start_seconds":234,"text":"applications introducing uh stable coin custody into their products, that's going to become even more and more true.","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=234s"},{"start_seconds":240,"text":"And then they are of course available 24/7 because the blockchain doesn't sleep. They are always available.","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=240s"},{"start_seconds":246,"text":"Probably even more interesting than some of these existing reasons that people have created them is the new business models that they are going to enable for","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=246s"},{"start_seconds":253,"text":"non-bank institutions. So, if you take something very popular like the Starbucks loyalty program, it's clear that there's a a desire from merchants","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=253s"},{"start_seconds":261,"text":"to be able to hold customer balances very very close to their core product in order to reduce payment friction. This","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=261s"},{"start_seconds":268,"text":"is one way that stable coins are able to basically enable that for just about every merchant that's out there. And then not only that, they are then able to earn interest on these reserve","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=268s"},{"start_seconds":277,"text":"assets. And depending on how things shake out with the Clarity Act, they'll either be able to just keep this interest as an additional revenue stream","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=277s"},{"start_seconds":285,"text":"or potentially pay some of it out to users as a way to create new behaviors and attract new users and effectively just grow their business. And if we look","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=285s"},{"start_seconds":293,"text":"at loyalty card programs today, they already score billions of dollars. So by reducing the friction and increasing the utility of these uh programs for for","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=293s"},{"start_seconds":302,"text":"non-banks, we expect to see this grow by multiples of that. And it's it's also very good news for banks. It's not just for the non-banks. So, what's really","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=302s"},{"start_seconds":311,"text":"cool for banks is that they're going to have an even more frictionless experience with stable coins because they're both able to hold those deposits","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=311s"},{"start_seconds":318,"text":"that are back in the coin and they're going to be able to issue and allow users to mint from their balance these stable coins. Uh and then they'll be","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=318s"},{"start_seconds":326,"text":"able to the users will then be able to transfer these assets anywhere including they'll be able to deposit it into","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=326s"},{"start_seconds":333,"text":"something like interactive brokers or Fidelity or a couch sheet 24/7 which right now these are not actually possible because they are obviously bound by uh the different bank accounts.","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=333s"},{"start_seconds":344,"text":"So it's going to be a huge win for banks as well. All this leads to uh my prediction being that by sometime in","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=344s"},{"start_seconds":352,"text":"2030 or no later than 2035, we'll likely see every single financial institution issue a stable coin. And while this is","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=352s"},{"start_seconds":360,"text":"very interesting and we think this is going to create a lot of value, it does create its own challenges. So we already are in a world where there are at least","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=360s"},{"start_seconds":369,"text":"12 blockchains that have a stablecoin supply of greater than $1 billion. So 12 that are already very relevant.","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=369s"},{"start_seconds":377,"text":"We also are heading toward a world where there's going to be hundreds of different stable coins. And today there's really only two stable coins","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=377s"},{"start_seconds":384,"text":"that can support really large swap sizes with minimal slippage. This means a lot of users and customers are basically","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=384s"},{"start_seconds":392,"text":"losing money as they move between these different assets. And so if moving money between different banks is going to involve swapping stable coins and you","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=392s"},{"start_seconds":399,"text":"have to pay for that, that's not really a status quo that makes a lot of sense.","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=399s"},{"start_seconds":403,"text":"Fortunately, we have created a solution to this in the form of near intents. So, Near intents is already connecting","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=403s"},{"start_seconds":412,"text":"together all of these different blockchains, right? And it's able to settle swaps between them in a split second. Uh it also it creates a much","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=412s"},{"start_seconds":420,"text":"better user experience because the intense team has basically abstracted away the specifics of the different chains and also the specifics of needing","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=420s"},{"start_seconds":428,"text":"to deal with the different gas tokens making it so that you kind of forget you're even dealing with multiple chains at all. Uh to date they already support","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=428s"},{"start_seconds":436,"text":"25 chains and have processed billions of dollars. So something you can go ahead and do right now is you can actually use near intense to swap between the two","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=436s"},{"start_seconds":444,"text":"most popular stable coins USDC and this is on the 10 or 15 different chains that USDC supports and USDC which is also","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=444s"},{"start_seconds":453,"text":"supported on about 10 or 15 different chains. Using near intense you're able to basically easily move between these two and it's as seamless as just doing a","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=453s"},{"start_seconds":461,"text":"normal swap on a single chain. uh and soon enough you're actually going to be able to use near intense to swap between any stable coin in any chain and any","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=461s"},{"start_seconds":469,"text":"other stable coin on any other chain. So the infrastructure layer is being covered by near intense. But one of the","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=469s"},{"start_seconds":477,"text":"other challenges that we were encountering is that one of the core participants of near intense which are the liquidity providers or the market","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=477s"},{"start_seconds":484,"text":"makers they do not want to have to hold a balance in hundreds of different stable coins. So we need a product for","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=484s"},{"start_seconds":492,"text":"them as well that makes it so they can hold their balance in a single stable coin or even a different type of asset and basically get the liquidity in","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=492s"},{"start_seconds":500,"text":"exactly the right stable coin that a user wants exactly when they want it and just in time. Uh so in order to solve","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=500s"},{"start_seconds":507,"text":"this problem we are creating a new protocol which is called the stablecoin transport protocol and you can actually read more our one pager and read more","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=507s"},{"start_seconds":515,"text":"about this on stablecoin transport.com but uh the highle version of this is that solvers are just able to basically","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=515s"},{"start_seconds":522,"text":"get the liquidity they need rebalance their inventory very quickly without any friction and the end result for the user is they just forget they're dealing with","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=522s"},{"start_seconds":531,"text":"different stable coins. So all of this together is going to power what we believe is a new global payment rail","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=531s"},{"start_seconds":538,"text":"that will connect any bank, any non-bank and even non-banks to banks, banks to non-banks, any sort of pure mutation by","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=538s"},{"start_seconds":545,"text":"this. And it's all powered by near intents. So just to walk you through basically a very straightforward example","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=545s"},{"start_seconds":553,"text":"of what this is going to look like, the high level is that users completely forget that they're dealing with any of this infrastructure. They should look","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=553s"},{"start_seconds":560,"text":"and feel very similar to Venmo, but with the added benefit of being able to move any amount of money, not just like a","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=560s"},{"start_seconds":567,"text":"$2,000 limit, being able to get instant settlement as opposed to having to withdraw to your bank or pay an extra fee to do so. And it'll work with any","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=567s"},{"start_seconds":576,"text":"financial institution globally, not just limited to a small number of US banks.","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=576s"},{"start_seconds":580,"text":"So, that's the high level. That's what it's going to look like is transfer $1,000 to your friend, you're done. Now under the hood, what's going to happen","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=580s"},{"start_seconds":588,"text":"is that user one who might be a customer of say SoFi bank, which means they're using like a SoFi USD, they are going to send their funds to user 2's address.","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=588s"},{"start_seconds":599,"text":"This can be a very simple address like a user 2, something like that, uh, or even just like a Venmo type of name. They","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=599s"},{"start_seconds":607,"text":"send funds there. As far as they're concerned, they're done. What's going to happen under the hood is that Near Intense is going to take that SoFi USD.","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=607s"},{"start_seconds":615,"text":"Let's say it's issued on Ethereum just to make it hard and it's going to swap that for Revolute USD on say a Salana and then it's going to send those funds","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=615s"},{"start_seconds":624,"text":"to user 2's address and on on in Revolute and so user two will just see okay I received $1,000 to my balance.","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=624s"},{"start_seconds":632,"text":"User one will see $1,000 deducted from their balance. That's it. Very very simple. Uh so we're creating a lot of complex infrastructure to enable this","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=632s"},{"start_seconds":641,"text":"swap but uh for any user globally the idea here is this is going to be a very simple way to move money as seamlessly","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=641s"},{"start_seconds":648,"text":"as possible between all of these different institutions.","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=648s"},{"start_seconds":652,"text":"All right, thanks everyone for your time. If you're interested in learning more about this, you can follow me on uh Twitter and uh yeah, we'll be talking a lot more about it. Thank you guys.","url":"https://www.youtube.com/watch?v=ebLjAd67bw0&t=652s"}],"youtube_url":"https://youtube.com/watch?v=ebLjAd67bw0","url":"https://near-pedia.xyz/videos/ebLjAd67bw0"}