# Trovata, backed by roughly $80 million largely from banks, lets agents settle intercompany cash with stablecoins Incline, a Stabledash show. Aug 25, 2026. Brett Turner. https://live.stabledash.com/shows/incline/episodes/trovata-lets-an-agent-settle-intercompany-cash-inside-OqwCD5NHhw8 Brett Turner says corporate treasurers want liquidity and controls, not yield, and Trovata now lets public companies use agents to settle intercompany balances on chain. Trovata, the corporate cash and treasury platform founded by Brett Turner, has raised roughly $80 million, largely from banks including Wells Fargo Strategic Capital, JPMorgan, State Street and PNC. Public companies onboarding now can set up an agent to move a stablecoin between wallets and settle intercompany receivables and payables. ## Replacing old treasury systems Brett Turner started Trovata in 2016 on the view that nobody had built a new treasury management system in nearly three decades. He points to Quantum, once part of SunGuard and FIS, which he says has been around maybe 45 years. Turner says Trovata was the first company to build APIs in corporate banking and has become a de facto standard for normalizing data across banks. The platform is cloud native and serverless on AWS. Block is one of its earliest customers, using it to manage data at scale. ## Banks as investors Turner lists JPMorgan, Wells Fargo, Capital One, NAB, State Street and Mastercard among the backers of Trovata, calling them a consortium of investors. He says enterprise customers give less forgiveness than consumers do, so a startup has to get things right. ## Liquidity over yield While banks and crypto argue over stablecoin yield, Brett Turner says treasurers are not trying to optimize interest income on operating cash. Their concern is liquidity and access to cash. ## Agents and stablecoins After a deeper look at whether stablecoins were ready, Brett Turner says the market is starting to hit an inflection point. Trovata announced an early partnership with Paxos and now has a stablecoin on the platform, which public companies can use through agents to settle intercompany balances. The company has been in market a little over seven years and fully remote for six, with staff in Australia and Europe. Turner moved from San Diego to Sarasota, Florida about two months ago. Brett Turner sees stablecoins as a driver of change in finance, with AI as a tailwind working alongside them. He says the two together are creating a flywheel of change that is only speeding up, and Trovata is building its agent and stablecoin tools around that view. ## Key takeaways 1. Trovata has raised roughly $80 million, largely from banks including Wells Fargo Strategic Capital, J.P. Morgan, State Street and PNC. 2. Public companies onboarding to Trovata can now set up an agent to move a stablecoin between wallets and settle intercompany receivables and payables. 3. Brett Turner says yield is not the main concern for corporate treasury: it is liquidity and access to cash. ## Chapters - 0:00 Corporate treasury meets stablecoins as a new mainstream story - 3:29 Legacy treasury systems are sticky and complex to replace - 6:51 Trovata built corporate banking APIs on cloud-native infrastructure - 9:01 Bank partnerships drive distribution for an enterprise startup - 11:27 World-class treasury means AI and faster feature delivery - 15:19 Stablecoins are the compelling event for financial system change - 20:09 Corporates care about liquidity and controls, not yield - 22:42 Enterprise adoption starts with visibility inside one system - 26:16 Agents settle intercompany balances with stablecoins on Trovata - 30:01 A fully remote team and the AI and stablecoin flywheel ## Transcript **Host** (0:06) Uncharted territory. Where road maps are useless. Conditions don't negotiate. The terrain doesn't wait. Where opportunity abounds, but so does death. The builders who understand what's coming aren't mapping it. They're already **Drew Rogers** (0:46) And we have Brett Turner joining us. Brett, **Brett Turner** (0:50) how are you doing today? Thanks for joining. Doing good. Yeah. Thanks for having me. All I heard on on the way in was last guest and curiosity hat on. So I I don't know where Handmade is. But I'm I'm trying to **Zach Fowler** (1:00) Oh god. I gotta bring up. See the hats. The hats are on right now. The hats are on. Are you... Curiosity hat. That's right. I was I was looking up, and I was seeing what? We're getting away from spreadsheets and fragmentation. I mean, not so exciting to me. Despite my cutting my teeth early in my career at Deloitte, I do not have an intimate loving relationship with spreadsheets or with fragmentation of data. When I hear the word spreadsheet, I just wake up. I get so excited. **Drew Rogers** (1:28) You know what I mean? It's just that you hear this word, and you're like, oh, here we go. Here we go. I mean So **Brett Turner** (1:36) Also, what you're building? Yeah. We wanna know. Yeah. So... Well, I started my career at Deloitte too. So it's a good place to start as a CPA. So I've been in startups for most of my career. You know, plenty plenty of gray hair, plenty of good startup stories, but most of where my startup experience is more on the enterprise side. Enterprise startups are very different than consumer startups. So the the... You know, start off with spreadsheets. The topic, du jour, I guess, you know, for us is is more on the corporate finance, corporate treasury. So, not the sexiest of start ups or topics because, yeah, you're dealing with a lot of, you know, you know, older kind of workflows, more complex workflows. Not a lot of people understand, you know, the corporate finance or what what actually happened. So as that's intersecting with stablecoins now, it's... There's really sort of a new story. Whenever you're kinda looking for mainstream use cases, it's very different from probably anything you've, you know, heard or experienced **Drew Rogers** (2:34) and maybe wondering, like, what is it gonna take for a a big company to actually use stablecoins? So we'd... You know, happy to talk a bit about that. Yeah. Yeah. Yeah. A lot of companies are taking different approaches on what they think will be the kind of the first step in the journey. I think that's the big question. Right? It's like, how do you create something that is the first step in a big company or a big enterprise's journey? Is it creating a wallet? Is it buying some Bitcoin, which was, like, the first thing everyone thought people would do, which some did. But, like, it turned out not to be the big moment. Stablecoins really seem to be the big moment, and like how we actually get these companies convinced to get on chain, do things, and and actually get exposed to the wonderful wonderful world of what's possible once you start thinking that way as a financial institution. So what does that first step look like? You know, cash and liquidity management, like why this? **Brett Turner** (3:29) Why are you starting with this type of thing? Yeah, maybe just a quick context to what, you know, is. So Travata trove of data, that's where that comes from. And it's... We're we're... We've built... Focused on data and infrastructure and then automating all of the cash workflows that sit on top. So if you think of how most companies... When we say kind of... When I say small business, I'm I'm talking not coffee shop small business, but companies that are maybe 10 to 20,000,000 in annual revenue. So they have, you know, maybe a a small, maybe one or two people finance department. And then all the way up to some of the, you know, the most complex, you know, companies, largest companies in the world, how they manage that. That's sort of the the corporate use case. And so if you think of just getting your data, it's either, you know, getting... Logging into a bank portal or many bank portals because most companies of that size, they start to have multiple banks, and then it's spreadsheets. And then if not, if you're a company that is maybe doing a billion, 2,000,000,000 in annual revenue and above, so you have a full blown treasury department, even if it's one, two, three people, treasury departments typically don't even get formed until it's about 3 to 400,000,000 in annual revenue and then above. And so those companies... About half of those companies in the world use a a treasury management system. And there's just a few of these either that are even left, but it's all, like, monolithic Are some of the ones that you use acquire letter. Legacy. Yes. So FIS has two. Some of the biggest companies in the world use a TMS called Quantum. That's been around for... It used to be SunGuard and and part of FIS. It's been maybe 45 years old. So legacy software. Really, really robust. It's sort of like an SAP except, you know you know, corporate treasury focusing on the cash side, connecting to banks. Lots of really complex. So when you're doing a company's cash type **Drew Rogers** (5:26) of software you can build. Like, you know, everyone says that word about sticky. Like, this just is draining with stickiness. It's like once you use this, it's like you are you are there. So I'm interested to hear how you, like, unstick some of these, but that sounds very sticky. **Brett Turner** (5:42) That's part of the problem because you get these these legacy incumbents that have been around forever, and it's it's just hard to displace them because the the switching cost is so high. The pain is so high to switch. And a lot of these companies will have, you know, 30 banks, 70 banks, a 100 banks. We have some large customers that are... They they have... You know, one customer has 14,000 DDAs. DDAs, you know, just like a a checking account, an operating account. And so that's a lot of accounts. One customer, a 100 banks, 80 banks. So it's managing... You know, they might have hundreds or even thousands of of subsidiaries. And each of those companies or subsidiaries will have... You know, they have their own bank account, their own board of directors, their own set of books operating in different foreign currencies around the world. So the complexity goes up exponentially, and so that's why it's a... But even if you're a company that's 50,000,000 in annual revenue, usually, you might have two or three banks. You have to have some, you know, discipline around forecasting. What... Where is your cash? Having good visibility, where is it going? Those are common questions whether you're that size or the largest company in the world. **Zach Fowler** (6:51) It sounds like you're taking on this challenge of fragmentation and coordination costs across all these institutions. Obviously, there's difficulty to displace those incumbents. But getting a sense of that problem, I know there's also sort of an AI angle with building this trove of data. What does that look like for Travata? **Brett Turner** (7:11) Yeah. So we we were the first company to build APIs in corporate banking. So if you think about, like, there's no plan of corporate banking. So it starts with data. So how are you gonna get the data? And so we ended up pioneering APIs with a lot of the banks. Now even today, there's still no standards. So we've kinda become a de facto standard and really is the first company to sort of normalize across that data and then transform all that data across APIs with a lot of the the big banks. A lot of SFTP host to host connections, hundreds of those. And then an a p y... API was Swift as well, and that has access. But, again, all the old school, new school, just all all common, and then being able to build an application layer on top. So companies that are, you know, again, that that would be more mid market, and then all the way up to large enterprise companies with with very complex workflows from FX hedging and debt management, capital markets, on and on. So those... So that whole range, but what we've done is we... It's all modern. So it's all kinda cloud native, serverless. You know, we use Bedrock, Async Core. We're all kinda fully native in a... AWS, and AWS is suite of services. And so the... Kind of the only way or the only company that's deployed in that way in this kind of legacy space. And so we're really driving this whole modernization aspect with, you know, with AI, with APIs, leveraging your data in new ways, and then that that whole way to to transform, but kind of quickly move through and be nimble with that high speed performance, adding a lot of features and functionality. Now with AI, especially adding agents, chat, all these are new, and it's just it's just moving people into new territory and new capabilities. **Zach Fowler** (8:59) Love it. Very exciting. So Drew mentioned this a little bit, talking about the stickiness of this, and you sort of talked about the difficulty and it actually being an issue to displace some of the maybe less solution oriented incumbents, or less sort of ready ready to do this. That said, looking at all these logos, we've got lots of household names. You've managed to wedge in there. What does that journey look like with with you? I know you... You've guys have been operating this for about a decade, so you had a little bit of time. But how have you gotten in with both these sort of big institutional banking names, but also some of these customers? It's like Gibson, Krispy Kreme, you know, lots of different long edge, well known companies that we've... That it seems like you're partnering with here too. **Brett Turner** (9:48) Yeah. You know, on the enterprise startup, it just takes a lot longer. And go to market strategy has gotta be important. Partnering with the right folks, distribution is really key. So, So, again, since our our journey started that data on the data side, it also... Where do you get the data from? You get it from banks. And so it became a natural path to partner with banks. A lot of banks like JPMorgan, Wells Fargo, Capital One, NAB, they've all invested in Travata, State Street, Mastercard. And so we've got that consortium of players as investors. And because everybody acknowledges that there needs to be a new experience to manage cash, The bank portal is legacy. TMS is legacy software. And so we got really close to banks, and banks have been a part of how we distribute our products. So we get referrals, We white label. And now we're even launching, you know, much... You know, even more significantly with a lot of our bank partners. So when you when you kinda build it in that way, and then on the enterprise side, you just... You you have to maniacally focus on details. Because on the enterprise side, the stakes are higher. So if you if you mess up, it's... If you can't do the... You don't get the same level of forgiveness like in a consumer start up or what... Maybe things aren't right. You know, you could... Oh, just we'll just do it right tomorrow. It's like, might not have it tomorrow. And so you gotta have... You have that that that kind of cultural and that kind of mindset from the beginning. And when you focus on that kind of rigor and resiliency, things start to fix, things start to stack. It takes a little longer, but once you get going, it really starts to stack and build. So **Zach Fowler** (11:27) seeing that you guys, I'm sure, are innovating constantly about how we do this better, how we manage this data better, and how we help people manage treasury. What is truly world class 2026 **Brett Turner** (11:39) or even you could say, like, 2028, if we wanna view forward, look like in terms of treasury management, how companies are managing their cash, tracking this data? What does the best in the world look like? That's a good question. Because probably it's... When you kinda look at the the corporate side, it just isn't as, you know, sexy as consumers. So some... When you have something, you know, new and state of the art, usually, on the consumer side, it's sort of a proxy for what happens on the enterprise side when it's ready. And so there's a lot of kind of warming up to this. But I would say, you know, the big things right now is just AI. You know, being able to... And and then even a cloud native. Just being able to have your infrastructure fully serverless or that... You know, high performant, or it shows up to customers when they see that they can get features a lot more frequently and things don't... You know, are... You know, if you need to add a new feature or you have a request, it doesn't cost a lot of money, or it doesn't take a year to get. And so when you start to see that kind of nimbleness and things start to build in that way, and then also just now you're able to use AI, kind of like you you get to experience maybe for other things outside of your your core job of treasury, when that starts to to happen, you're like, yeah, it's a very noticeable difference using something a more modern experience versus, you know, something that's legacy that, you know, feels like the UI is from the eighties. **Drew Rogers** (13:05) And and then you speak a little bit to the... Just the specific use case with with Block. It looks like they're at least noted here in the kind of AI related part of this. Block was the first employer of mine when I started my career, and I love that company. I wonder... I'm wondering how this takes shape maybe within just that business specifically with as high level as you can share just as we think about the use case of a payments company like that? Yeah. Block is one of our earliest customers, **Brett Turner** (13:39) and it's big on the data side, because again, we help you manage data at massive scale kind of better than anybody. So I think that's a key too, because when you're dealing with a lot of data, things really start to, you know, can trip up. And so being able to... If you think of all the data that Block has, it's, you know, from Cash App to Square, it's massive. And so... And also, even if they're originating, you know, a lot of that data, their originations internal systems, it still has to settle at banks. And so all of that typically is still settling batches at various banks, and they have a lot of banks around the world. So being able to then reconcile from all of that batch base within your traditional banks to all of the detail that they have in their originating systems, that is a massive reconciliate... Real... Reconciliation nightmare. So being able to connect to all those banks, we we get companies up and running really fast because of, you know, APIs and other means of just, you know, connectivity. So standing up really quickly, getting all your bank data, adding that value really fast for customers, making one API so all that data is aggregated, transformed, consumable through the API, then all their internal systems or internal folks, IT, etcetera, can now consume that data and then, you know, build apps off of that to do all their, you know, reconciliation in house. So that's a... It's it's gotten to be a a a really sizable massive amount of data daily, and I then even on the system. We never archives any data on our system, so that just speaks to kind of a modern high performing architecture. So it's a big data use case, and so we've been pioneering those kind of things with Block and **Drew Rogers** (15:19) others. I was looking yesterday at Block's investor relations bot. I don't know if you saw this, but I was looking at this release where they pretty much gave access to anyone to ask questions about their financials, their strategy. You know, it's it's... I've never seen a public company do something like this. Is anything related to what you're building powering this type of intel, or would this be like a totally separate separate thing? Or may... Perhaps they're referencing some stuff with what you guys have. **Brett Turner** (15:50) Yeah. Not not not aware of kinda what they're doing downstream in terms of kinda what we're tied into. But, yeah, if you think of... We're focused on on their core bank data as opposed to a lot of their... You know, if you think of the two environments, you've got, you know, ERP systems, you know, the... You know, NetSuite, Oracle, SAP, and then you've got, you know, all of your bank data. And that's kinda why, you know, really on two different planets because you got... Reconciliation is such a nightmare. So we're kind of closing that gap for sure. But, yeah, there's... It's a it's a pretty big ocean in the world of finance and what AI is being able to unlock and do. And we're excited to be a part of it, but, yeah, there's there's there's there's there's many things, obviously, on what we do. Yeah. I mean, I was just watching your kind of AI readiness play, and I'm thinking about Dravada seems to be bridging the gap. You know? The frontier of finance and some of this agentic **Zach Fowler** (16:44) data plays. But, also, you're serving a lot of people who are not they're... Like you said, they're still getting caught up to cloud. They're still... You know, it's not like the early adopters, enterprise adoption needs to be more risk averse. It will be slower. It's more moving in the behemoth. But I I was thinking as I was watching. You referenced working at Deloitte. I was thinking about the era of outsourcing in the last few decades of, oh, have people do things overseas. People will be working on something while you're sleeping. Your team in India is working. Your team in California or New York kinda wakes up to the work done. Your positioning with this... With the agentic place was reminding me of outsourcing. It's like, oh, see the India is gonna handle it overnight. Now you're getting companies ready. It seems like from a data way where it's like, oh, your agents can handle this overnight because you were ready for those agents to interact with your data in a new way on the Travato platform. It it it was just kind of reminding me of sort of that next wave and how some of these technologies... They're almost not as novel as we sort of think. Sounds really crazy. Oh, agents. It's like, it's not so different. **Brett Turner** (17:57) Yeah. And there's there's a lot of there's a lot of talk about stuff, announcements we've seen, even with stable coins and stuff, and it's like, what's real? I think what what what... If you think of even the global financial system, why has most of fintech... It's, you know, mostly about point solutions? Because at the heart of it, systemically, everything goes through the core system ultimately. Banks are the global financial system. So now you have... That really hasn't... Has never really adopted cloud. A lot of the core systems use... You know, banks have to, you know, have COBOL programmers work on the core systems. Right? So now when you look at everything kind of moving on chain, and you have stablecoins as sort of the killer app to kind of help folks get there, you've got really two planets. And so, yeah, you know, some of the stuff you'd think, well, cloud isn't that sexy anymore. That's... It's... That's so, you know, yesteryear. That's... And that was my last startup. It was... That was fifteen years ago or twelve, thirteen years ago. So, yeah, everything... That's changed everything, but it hasn't really hit. This digital transformation had never really hit the financial system, and it kinda needed more of a compelling event. And I think that's where blockchain, that's where stablecoins, you know, tokenized deposits and maybe the lingo and the way the banks have to consume those, like, that's driving massive change. That is the compelling event, and that's speeding up everything. And that's why it's exciting for us because as a modern platform, we've we've kinda done everything better from, you know, the traditional side. So we kinda have to earn our key and do it do it that way first. But now where everything is going, we can hit those all things as tried. And I think, honestly, that's where it's gonna expose a lot of the folks that are saying, oh, yeah. We're, you know, just, you know, attaching an LLM to their database and saying, we're an AI company. And it's like Mhmm. Yeah. That's that's gonna get exposed really, really quick, and we're starting to see it. And our customers are seeing the difference. And I think that's that's getting really exciting, and it's it's fun to kinda look forward of... Because everything is moving so fast, and change is finally here in the financial sector in a big way that we've all been waiting for. How would you know if that's happening? Like, you know, the difference of what a customer would see of **Drew Rogers** (20:09) that approach versus what what you all are doing. What would be some tells that would indicate, like, you know, Travata's done it this way versus maybe some other approaches that might look similar on the outside if you're looking at a website or something? **Brett Turner** (20:23) Yeah. I think what... Maybe an example would be even with banks now, because it's all... This whole rush to having a a, you know, tokenized money. And so what does that mean for the the banking business model? Because if you think of, a demand deposit, your your checking account essentially, that's a liability on the the bank side. And then the bank is is loaning against that, and then they have reserves, of course. So the whole the the whole regulatory model focuses on all that on all those different sides. And now when you have the, you know, the crypto lobby and the bank lobby fighting for clarity, which the whole battle is around yield, you know, and worry about flight of deposits. On the corporate side, though, it isn't really a yield thing at all because it's... Yield isn't your number one thing when it comes to the corporate side. It's it's liquidity. Access to cash is not... You know, you're not focusing on optimizing, you know, interest income on some of your ex... You know, on on your operating cash. And so there's two different kind of divides, and that's why it's different. So when you see now the banks that are moving toward, you know, they have to have, you know, a, you know, a tokenized deposit or a deposit token, that has to fit in into the bank's world of how they function and how they... How that how that works from a lending perspective to, you know, again, deposits, how to, you know, control, have, you know, yield control, custody of those reserves. Those are things that are differently maybe than in the in in the new world of stablecoins outside the bank. So there... There's there's kind of a different way of how to... What... How do stablecoins kinda land in the banking world? Well, it's it's gonna be a little different. But I think at the end of the day, as... Because we're having a lot of these conversations with our banking partners. Even if you get a tokenized deposit or a to... Deposit token, what are you gonna do with it? How do your corporate customers consume it? And at the end of the day, that's very different than a consumer story. On the corporate side, it has to be in your corporate governance, your security, internal controls. All of the things that that matter to corporates has to have utility within all... Where where you manage all your current workflows currently. You can't just, you know, set up a, you know, a Coinbase wallet and start moving money in in a single account out there. It needs to be in the context of all your other corporate cash. Right? **Drew Rogers** (22:42) Yeah. Yeah. It's interesting. I think we spend a lot of time with the startup, maybe mid market community around folks who are, you know, able to move quickly. They're not getting regularly audited quite yet. The the risk is high, and the downsides are low of potentially doing something. Like like startups who are raising capital, like, it is... It does sometimes feel like a growth at all costs mindset versus a, you know, let's make sure we're here for the next twenty years mindset and keep our brand, you know, really really strong. The the idea of the alternative side of that spectrum, the com... The companies and people you're talking to, like, because of how... It it sounds like the use case is, like, we're not gonna be speaking with these types of small companies. We're really only working with big brands, lots of volume, companies who use treasury management systems already. The the idea of, like, a group like that inherently is probably gonna move slower. They're gonna be very intentional with these moves. Like, how do you... When you're looking at positioning this product and getting things like stablecoins utilized to a group like that, what are some key ways that you drive real adoption, get people off zero, especially for folks who might be more in the the seat of an enterprise? What are some ways you've been able to achieve that? Make things safe. A **Brett Turner** (24:13) lot of it is just, again, it's gotta be kinda within within a system, at the end of the day. When you... Any company, as you start to get a little bit bigger too, if you start to manage... It's all about repeatability, right, in process. If you start to manage all these separate workflows here and there, pretty soon it's just... It's kind of a nightmare to operate. And then what happens is is there's too many things to kind of keep track of or manage, and your your risk register kind of grows massively. Right? So... And then things slip, and then mistakes happen and all that. So I think part of especially when it comes to cash, because it's so crucial in terms of especially a startup when you're growing, a lot of times it's just even understanding how much runway do I have before I'm going to run out, or need to raise capital? When do I kick off my process? All those kind of things. So capital utilization is really key. And so just getting good insights. So if it's just getting good visibility, good insights, the common questions that, you know, oftentimes, you know, I think, you know, startups and founders will look at, they'll say, Well, it feels like we're crushing it, but I just looked at how much cash we have in the bank. It does reflect that at all. I've been with our investors. I know that feeling. Yeah. Our investors are kinda, you know, getting after us. It's like, I'm trying to tell them, but I... And they're... All of a sudden now, it feels like you're you're you're speaking different languages. Right? So I think that's kinda a a big part of this, having good visibility of your cash, seeing where that's going, having a good way to forecast it, it... But it's but it's in a system. And what... You know, even if you have not a lot of complexity, that visibility and those analytics are really powerful. And that's that's a big part of, you know, kind of my experience of... And then sort of discovering even large corporate treasury and, you know, even when I was at Amazon and, you know, seeing how they did things, the complexities stack. But still, there's there's there's similar kinds of pain points. They just grow and get more exponential. **Drew Rogers** (26:16) Do you... Are you familiar with the business p pro, the payments No. P pro? The... This was like my first use case. Yeah. Ppro.com. First use case of really seeing stablecoins in like a treasury context where where it really started making sense for me. This company was service... I was at Coinbase at the time. This company services Adobe, and they were essentially trying to manage Adobe's treasury for them in the... In, like, a local market like Argentina. And it was the first time that Stablecoins, USDC specifically, was kind of the light bulb moment for me went off was like, hey. Could we open a Coinbase Prime account for Adobe? And could we open, like, a handful of these for their different corporate accounts or corporate, you know, entities around the world. And then we can actually use stablecoins to balance the books, move money really quickly, and essentially manage their treasury and get dollar access and avoid hyperinflation and all these different use cases. It was, like, such an moment for me, especially, like, seeing stablecoins used in that context. Like, how do you personally see stablecoins unlocking value for... You know, stablecoins have not always been a part of the commercial pitch, I'm assuming, for you guys. Like, what **Brett Turner** (27:36) unique role are they playing in the business, and where do you... How do you see them fitting in? Yeah. Absolutely. I think the... On the corporate side, it's it's it's really a perfect use case for stablecoins. And that was going back a year ago when we started... You know, I started doing more of a deeper dive on are we ready? Are we... And is the state of the market ready? Are stablecoins ready? And I think we're starting to hit that inflection point. So we ended up... And we announced, you know, early partnership with Paxos, and we we we have a stablecoin on Travata now. It's interoperable with with with others, that's a key thing. It's gotta have interoperability. And we kind of deployed it in a way that I've... You know, we think that the way banks will need to deploy their deposit tokens. So if you think of an experience like Travata to manage cash for, you know, customers that the bank has, the bank now, can they, you know, can they use Travata for their customers and then maybe plug in their deposit token, you know, instead of a stablecoin that we're using with our direct customers? So they can coexist. Of course, we're doing that, you know, with our direct customers. Banks can use Travata to manage it with their deposit tokens or tokenized deposits and still have that same level of interoperability. And I think that was really key. So when we launched this, now we have public companies that are onboarding or you you can set up an agent and move a stablecoin between wallets to settle intercompany accounts receivable or payables, which is big. When you have a lot of subsidiaries... And what typically will happen, you may be the accounting, right, you know, a day before month end because it's not top of mind for them, They'll come in maybe with a spreadsheet to the treasury department and say, hey. You know, we need you to settle all of these intercompany balances for, you know, these... And send out these 80 wires to do all the settlement. And then treasury department is then like, okay. They're going out to bank portals, and they might be processing all those manually, which is a nightmare. So when you think of now using stablecoins to do that and doing it agentically, seeding that back in to automate the entries is seeding in, or you can... Whether you upload it into, you know, AI or you just kind of feed it, you know, directly in using agents to pick that pick that up, you still have the control because it's still in your management control layer. I mean, that's the important thing of what you need, and that's what Terada does. So now when you can do these things that are innovative within that context, it just becomes really powerful. **Drew Rogers** (30:00) Yeah. Is really powerful. And the programmatic nature of this just gets more and more interesting, I'd imagine. Travis Truvada, it looks like you guys are based in San Diego. Are you, Brett, also in San Diego? **Brett Turner** (30:13) I I was until about two months ago. So now now we're in in in Sarasota, Florida. So made the move West Coast to East Coast, so now on this side of The states. **Drew Rogers** (30:25) Okay. What's the main thing you love most, and then the thing that you miss most right now? I feel like San Diego is one of the most delightful **Brett Turner** (30:33) parts of The US in terms of... I've never lived there It's since I've been just like such a perfect place. Yeah. And then moved... And last three years... Because we're down there for twelve years. So I I moved down, moved my family down prior to starting Truvada. San Diego for nine years. Was in Newport Beach for, you know, last two, three years. So it's... Yeah. I'll I'll say for sure the the big thing is the weather. I mean, it's it's Yeah. There's no greater place than the weather. And Do you ever tell I'm telling people now Steve Caposa down there in this world? No. No. Haven't I haven't heard of him. I'll I'll I'll look **Drew Rogers** (31:05) Yeah. He's a San Diego... He he ran the corporate business for, like, payments at Coinbase. **Brett Turner** (31:11) But Oh, okay. Okay. Yeah. I was telling... I'm telling people now, like, I'm... I probably sweat more in the last, you know, two months here or so to the house for the last ten years. So Yes. So, anyway... So I'm I'm looking forward to getting out of the... We we moved at the probably absolute worst time to be here in Florida, but it's... We're we're getting the the hard part down the lane with. So And is the team global kind of spread out all over the place? Yeah. We're we're we're all remote. I mean, in the early going too... Because we... We've been in market for now a little over seven years. So, again, we we had, you know, you know, office space there. You know, once COVID hit too, we're we're... This probably hit the peak of our we're really starting to grow fast, and we're hiring remotely. So we've been remote, fully remote for the last, you know, since then, really, you know, now it's six years. So we're spread all over the place. We even have folks in Australia. We have, you know, folks in Europe. So it's we we... I feel like we've gotten really good at kind of managing remotely, so it's... Yeah. It's it's tough to go back. **Drew Rogers** (32:12) What's the one tip for managing remote well? I suck at managing remote well, so I'm asking for myself. **Brett Turner** (32:19) So many things. But I think when it comes to, especially on the enterprise startup side, there's... Just because of the the heightened stakes, you know, you're you're always... It's ingrained in you where you just have to overcommunicate. So I think that's always just a big, you know, **Drew Rogers** (32:36) always big part **Brett Turner** (32:38) of it. Yeah. You've got to stay on it. You've got... That's... Using a lot of the tools to stay connected is key. **Drew Rogers** (32:46) Yeah. You gotta communicate what you're going to do, do it, and then communicate what you did. I feel like that's like... The the before and after of that is something I think I need improvement on. But anyway, Brett, anything we missed as we kinda close here about the business, what you're building, specifically as it relates to what we're working on with Breeze in this segment with AgenTek, like, AgenTek commerce focused thought leadership and how you're thinking about the space? Yeah. I mean, I just think we're at a major inflection point. I think **Brett Turner** (33:17) everything is picking up. We know that AI is propelling things along. And what's cool is that now, as everything is kind of moving on chain, stablecoins is really a compelling driver to kind of drive change. But then also you have AI that is the, you know, the tailwinds that's also teaming up with stablecoins. And those two, you know, is just... Is creating this flywheel of movement and change, and it's only speeding up. So that's exciting. And I think for us, we get to work with a lot of banks. Banks kind of need to... They need to go through that change, so we we can help them with it. But we also know that even this space is ripe for innovation, and we're trying to drive a lot of that. A lot of legacy workflows, a lot of legacy solutions. We can be a part of that disruption on that end as well. So it's... Yeah. It's exciting days. Yeah, man. **Drew Rogers** (34:10) What is... What what would be the one team as it relates to what you're building at Truvada, like partners? You mentioned Paxos on the kind of the back end of this that we should talk to next, learn from specifically kind of in your world, people you've liked working with? Any, like, sponsored refer... Like, if you were to refer someone to be on? Yeah. That's a good good question. **Brett Turner** (34:35) I don't know if there... Any... I mean, there's there's a lot of companies we work with. I would say there's there's a lot of... I mean, there's a lot of banks that we work with. I think banks that are sort of, you know, pressing ahead, because not all banks are kind of in the same spot, or they're not moving at the same pace. Yeah. Think a lot of **Drew Rogers** (34:52) I've always wanted to do a banking focused, you know, part of the show. Like, just meet... I I know it's like... Sounds the, like, the most boring thing ever, but we have never done that well. Like, really highlighting people within banks who are leading the charge of helping banks adapt and evolve and and implement some of this stuff, that's definitely... That would be very, very interesting to do. **Brett Turner** (35:16) Because they're they're Yeah. Happy Yeah. You know? Happy to, you know, connect with you to to a few folks maybe that you could talk to, and and they might be interested kind of sharing a bit. Cool. Come in. **Drew Rogers** (35:28) Well, let's make it work. Thanks, Brett, for the time. This is fun. Appreciate it. Alright. Thanks for having me on, guys. Appreciate it. **Brett Turner** (35:34) Cheers.