# Dollar-backed stablecoins funded 70% of 10 million tracked card transactions in July

Neo, a Stabledash show. Sep 16, 2026. Ryan Bozarth.
https://live.stabledash.com/shows/neo/episodes/dakotas-agent-layer-explained-an-ai-system-working-directly-cCXxtKfzDJE

As crypto card spending passes $1 billion a month, Dakota is building agent tools on regulated money rails that its clients can sell under their own brands.

Dollar-backed stablecoins funded 70% of the more than 10,000,000 tracked crypto card transactions in July 2026, according to payment scan data cited by Ryan Bozarth, co-founder and CEO of Dakota. USDC accounted for 50.8% of July volume and USDT another 20%, he said, in an interview that also included a demo of Dakota's agent tools for payments.

## Card spending crosses a line

Bozarth pointed to a CoinDesk report that crypto card spending topped $1,000,000,000 in the month of July "as stablecoins move into everyday purchase." The stablecoin share of tracked transactions, he said, came mostly from two tokens: USDC with 50.8% of July volume and USDT with 20%.

## Primitives for agents

Dakota says it has spent a lot of time this year building what it describes as the primitives for performing agentic tasks with money. Many of its design partners have been building products on these APIs, and the tools include mandates that can carry explicit policies or spend limits.

In the demo, the Dakota agent was added as an MCP server inside Claude Code, where a user could ask simple questions such as "show me my balance."

## Paying invoices from chat

A second route runs through Slack. Using what Dakota calls a Slack client, a user can write "hey, Dakota, can you pay this invoice for me?" and have the agent handle the request inside the chat tool.

## Staying invisible

Bozarth says Dakota does not want its brand in front of end users. "Our goal is to make it as easy as possible for our clients to build these products," he said, adding that in Slack the aim is not to inject Dakota into the relationship between a client and its customer, but to give clients primitives that make building easy.

Taken together, Bozarth's figures show stablecoins already funding most tracked card transactions. Dakota's bet is that the next layer will be agents acting on those balances within set limits, built by its clients and sold under their names rather than Dakota's.

## Key takeaways

1. Ryan Bozarth cites payment scan data showing dollar-backed stablecoins funded 70% of more than 10,000,000 tracked transactions in July, with USDC at 50.8% and USDT at another 20%.
2. Dakota has spent this year building primitives for agentic tasks with money, including mandates with explicit policies and spend limits.
3. Dakota's agent can be reached through an MCP server in Claude Code or a client in Slack, and Bozarth says the goal is to stay out of the relationship between clients and their customers.

## Chapters

- 0:00 Crypto card spending passes $1 billion in July
- 2:23 Financial services of every size are moving onto stablecoin rails
- 4:49 Companies now build across the whole stack, not single products
- 6:58 Real estate agents show how to pick an underserved niche
- 10:23 Neobank revenue comes mainly from balance yield and card interchange
- 15:41 Dakota built primitives so agents can act on money
- 20:05 A Slack agent pays and schedules invoices within mandates
- 23:25 Clients put their own brand on the agent layer

## Transcript

**Host** (0:00)

Value transfer is nothing new. Hunt, gather, trade, expand. An exchange that's older than instant. The strongest prevail and the fastest spies. The function remains as its form continues to accelerate forward.

**Ryan Bozarth** (0:46)

Round of applause. We got Ryan back. Ryan, this has been so fun. We've loved Neo. Thanks again for get... Just believing in this and letting us do it. I don't know if you heard that last guest singing Dakota's praises, but that always makes us happy. Yeah. I appreciate you guys having me on again. It's been really fun, and this has been a great segment and always appreciate it. I would love to what...

Maybe one day get behind the scenes and look at the aperture of all the the neo banks that Dakota is supporting because that is one thing we've got to see with with neo. I mean, it feels like we're, like, in an ice cream shop. Just like pick your flavor, you know, banks. And I'll just say this. There's been some really great flavors, and then there's been some other flavors that I I don't know if I'm gonna try again. But Spice? It's a little spice.

But I think, you know, as we kinda lay the foundation here, an article just came out from CoinDesk. They're saying crypto card spending tops $1,000,000,000 in the month of July as stablecoins move into everyday purchase. I mean, one, if I'm Dakota, I'm looking at this and be like, I'm building in a really great sector right now. Bring us into, like, kind of this moment. Bring us into what have... What has your experience been like with spend, with powering these neo banks?

I mean, would you would you agree with this? Are you seeing this as well? Or you... Is there is there anything even in this spend that you might have noticed that you'd wanna call out that people might have overlooking, made of overlooked? Mean, it's saying right now dollar backed stable coins funded 70% of the more than $10,000,000 track... 10,000,000 track transactions according to payment scan data. USDC accounted for 50.8% of July volume, USDT another 20... So yeah. Bring us into this with with crypto cards,

**Host** (2:23)

spend, and even just activity and appetite for for building in the neobank sector. Yeah. Feels like right now is a very interesting time, where you effectively have all of financial services from the big to the small that are replatforming. So you see the big players, whether it is, you know, JPM and Citi, you see large consortiums, and you see, you know, the existing fintechs and brand new fintechs that are building on these rails.

And when you build on the rails, one of the things that's really interesting is that it is such a cost structure than maybe the kind of, like, way of building on directly on a bank, which allows for not just the kind of new neo bank or the new PSP to get up and running very quickly, but it changes the dynamic of, what can be built. And so we see a lot of really interesting flavors of neo banks that are very, like, market specific, some of which we talked about in the past.

A more recent example has been, like, people building things, like, for real estate agents. It's been, like, kinda one that comes up where they say there is a very large market that we know of in The US and globally, and that we have a market that is underserved. These people oftentimes are single person LLCs. They have cash flow that's very lumpy, and there's basically a set of features that are important to them and a way of reaching them that that is unique to that.

You guys see those, but you also see a lot of folks that are building that normally wouldn't have built things like neobanks into their product. That is going to be the marketplaces, the payroll companies. We've seen announcements lately around that. And from lens, you start to see like this kind of like really big movement of like effectively having the hold or like the dollar as stablecoins, and then the unlock becomes different payment methods.

And so whether it is new payment rails, whether it's old payment rails like SWIFT, cars being a very popular option. So once you see that kind of, like, base, you see that that kind of actual balance move on to stablecoins, it's a very natural extension to see that, oh, now there's a new payment method. Obviously, we all use cars every day. That becomes very logical extension

**Host** (4:15)

of that that that kind of like next use case. And therefore, see the volumes for cards kinda increase and things like that. Question as we look at this... Like these options here with Dakota. Just while you're talking about the different pieces of the stack, it looks like cards are coming soon, which is awesome.

What is the typical order or any, like, thematic relationships between these areas right now that you're seeing certain companies or certain people who are coming into the industry and they're like, you know, maybe in recent years, everybody started with the wallet? Or like, what what are you seeing now as we kind of enter more of this like AI native

**Ryan Bozarth** (4:49)

way of thinking? Yeah. Like, what's the playbook to replatform,

**Host** (4:53)

ReBin? Yeah. If I'm a payroll company. Yep. If you are a payroll or a marketplace, oftentimes, right now, it's a zero to one build for you, which means that you have an existing way of doing things, whether you're relying on other providers, whether this is not in your flow of funds at all. But you have a way of doing it, but you're now looking to bring something on the platform.

So if we continue to use data marketplace example where you have a, you know, we'll say there's a a group of drivers, hosts, freelancers on the other side that need to get paid, they're going to use a combination of those products to effectively build an embedded financial product. And so, for example, on that payout, they're going to very potentially do a kind of, like, dollar payroll into embedded wallets for all of the freelancers of that marketplace. Might happen once a week or once a day or once a once a month.

But what's gonna happen with that dollar, they convert it to a stablecoin. It'll then land as a stablecoin in that wallet. If they're using something like our issued product, they'll start earning on that balance. And so as long as it's held on their platform, they're now earning on that that flow to that balance. And then those freelancers are given the opportunity to use it. They can use it to spend it down on a, you know, a card.

They can send it to the bank account, whatever it might be, but you're effectively using several of these products all at once. What's very different was it felt a year ago, people were kind of starting with payments. They were starting with, like, orchestration or, like, a kind of single, like, leg in. I wanna have an on ramp. I wanna provide an off ramp.

And now it feels like we see a lot more, both from established companies and folks just getting out that are really building across the entire stack and, like, replatforming either a new product, so a global financial account is a popular kind of setup. We don't have an existing neobank or existing fintech. It's usually jurisdiction specific, and therefore, I can add one that is zero to one or platform's doing the same thing. That's really the...

Been the biggest change is that people are less often looking for a single kind of like point solution or a single like, I wanna be able to on ramp into USDC or USDT, but it's... I'm thinking about this from my product perspective, and I'm building zero to one either within my existing products or I'm building a brand new product. I I would love to unpack a little bit more this this real estate example,

**Ryan Bozarth** (6:58)

because obviously that has been the big trend. I think of the neobanks that we interview that we think they're doing something right. It's it's really this deep understanding for who their client is and how funds flow within either their single person business or their their small teams.

If if you were to take a, like, a 30,000 foot view, you zoom out, what problems should people be looking for within an ICP that maybe are surfaced in this one of of real estate, you know, real estate agents, but, yeah, how would you even start that evaluation process to say like, oh, they would be a good fit to to build a hyper personalized neo banking experience?

**Host** (7:35)

Yep. So just... Yeah. Let's use real estate. So real estate's a great one. And so I don't think you'd have necessarily a very, like, large TAM to build a good business here, but that's a great example of an underserved market, but is there... Is an incredibly large number of real estate agents even here in The US. The second piece is, I'll kind of start with go to market and then the product. Real estate agents are a good example of...

There's a very kind of like, you can even look at at a high view and say, what's the go to market strategy? It's like, well, go to all the brokers. Like, it's a very kind of like straight, like, one to many type of relationship, where if I go to the brokerages, I go to the Coldwell Bankers of the world, I can now then access everybody in that office. And so depending exactly on how you want to go reach your market, you kind of look for opportunities like that.

The people that I see oftentimes building in this space will have a personal connection. So it's more like kinda like founder market fit piece, whereas, say, I have a mom or a dad who was a real estate agent. Or I know this market really well because I spent my last ten years as a commercial real estate agent, and now I'm building the next bank for them. You're, like, in that world already. Yeah. Exactly. The credibility of the space, they understand the need, and they understand how to address that.

You know, they have a way in. They either have a relationship with the broker. They can... They know how to build a relationship with the brokers or brokerage house and give them that first 10, first 100, first thousand customers. And so that's the first part. You can look for markets where it can either be for your own background, or otherwise, a way to kind of reach or distribute to that customer. And the second is you can solve something that's different than what the traditional system can offer you.

And so markets that are really appealing, and I think real estate is a good example of this, is like, even though it's a large market, they're really not seen as something that a traditional bank will ever build a set of products for. Like, they're not big enough to really move the needle for a traditional institution.

And so therefore, the fact that they are single person LLCs, that they do have lumpy cash flow, that they do need to do things like marketing spend, and really effectively have their own business under the hood to be an agent. You really do need to kinda go out and get your own customers. You need to be able to do marketing. You need to be able to pay for open houses and things like this.

And so you have, in fact, it was a business kinda hidden away from most people who don't understand that market, but the right person who does can then build a product for that. So everything from I can help you with cash flow on the, like, kinda lumpy income to, oh, maybe a card that kind of makes sense because I'm spending a lot in certain marketing domains that the average person is not.

Whether they need to spend on marketing materials, and so direct mail, pieces on those lines, they need to host events, they need to think... And so you start to look at this and say, this is a really good kind of playbook for like what can be really successful here and be really, really good businesses and take really large markets. But historically, we'd be underserved by the traditional institutions, the thoughts building on them. It's almost like a hyper niche

**Host** (10:10)

go to market approach with Yeah. Software you can build, not charging for the software, and then going to build financial services under those pieces of software that are super, super... It's it's funny. A similar thing is happening in the world of media,

**Ryan Bozarth** (10:23)

like the niches of media and how deep you can go. There's so many little markets. It's like the same thing that's happening with financial services and building software for specific people, communities. Love the real estate example. This feels like a really natural transition into what we'll talk about with the AgenSix integration. But before we go down that route, I wanna ask, what does it take?

Like, if somebody wants to just bootstrap a neobank and build a, you know, a successful bootstrap business, maybe their goal is to exit to, you you know, to private equity or to get acquired by a larger neo bank in five or ten years, but say there is somebody out there that is just content with bootstrapping a successful business. What should their goals be as far as either, like, number of customers or what should those customers be processing a month?

Because I think like you said in this real estate example, maybe all they need is 10,000...

**Host** (11:10)

All they need is 10,000 real estate agents. But I think sometimes we think of millions where it's like, can you actually think in the thousands to just build a successful, you know, niche and the open Like where do the economics live? Yeah. So there's really... For a lot of these products, there's effectively two primary lines of business, or two revenue lines.

They might have a third or fourth, but I would make the case that most of them that we see comes from either some version of interest income or something something on the... All the deposits that are coming off, which is like the traditional kind of banking model, or interchange from cards. So those are the kind of two. And so you have some products that are gonna be more, you know, balance heavy, and therefore, more of their income will come from the balance side of the house.

Some businesses that are being more card heavy, therefore might be more interchange that comes from the house. And so you could think of a more card for business as one where they're really kind of like... They are effectively a card product that's like built for spending versus more of a kind of like neobank. It might be a combination of those two, but a traditional neobank would hold a balance that would likely make the kind of majority of the income and be supplemented by the card product.

But those tend to be the two. And so if I think about what someone can do these days with balances, I would say it kind of very much depends on what the market looks like. But just like broad numbers, just for kind of like context here, When you look at like the treasury rates, they're backing issued stablecoins, and you take off the management fee, I think you're looking something in the house of like around like 3% in the balance.

So you want like some quick napkin math, it'd be like, what is the balance that I can get on to this product, And what will 3% on that do for me? And then on the interchange side, you can look at a card product and say, great. I know what the standard interchange rate might be, and I'm going to collect a portion of that pen on my volume. Obviously, interchange kinda works. The more volume you have, the more of interchange you'll keep.

But this ranges anywhere from, let's say, about 25% of interchange all the way up to 90% of interchange, although to a 100% of interchange. And so those are kind of numbers that I would use if I was gonna, like, kinda napkin math the business to say, what is the balance that I can expect to have, and what will a few percentage points on that balance do for me as a business? And then what is the interchange, like, hard spend that I tend to have?

And then if I'm starting out small, can I kinda ride that wave to say I'll get more over time? And what does that look like? And from there, I can kinda, like, basically build my way into a business and say, hey. Is this market kinda big enough to kind of, like, meet what I would need? And then from there, if you're looking to do anything with it, that kinda on the back of, like, having a strong business.

So I make the case of, like, if you build a strong business, then whether you wanna keep it, grow it, sell it, that's kind of on the kinda second order. But that first order is, can I build a good business here? And those should at least get someone started. Mhmm. I'm not even gonna go deeper, but I want to. You can go deeper, and I mean... I'm even thinking, like, one of the example that came to mind is, like, again, you think people who have a lot trust.

Think about the people that have built millions of followers on social media around very very niche use cases. I mean, that seems like a prime example of somebody that would, you know, know an ICP very intimately has that trust and say, hey. I have a solution for you. Let's go that... I mean, that would be enough too. Just like person like likeness and personality alone could be enough for the right person to launch. You see this with other product lines. Like, anyway, gosh, there's so much to this.

Now let's go with more fitness app. Go ahead. MrBeast. Oh, go ahead, Ryan. I was only gonna say, because it's such a good example. I also love that one as well. It's like, we see that exact use case, which is if you have a way to access a large group of people for any reason, celebrity, influencer, whatever it might be. Stablecoin, professionals. Public professional. We think about features sometimes as being the kind of like features that someone might build. Like, we talk about cash flow and things like that.

But like, one of the features can be access. Like, one of the features can be if you use this neobank or hold a certain balance or spend down some on a card, then I, as a celebrity or influencer, where I be, can provide you certain things. It doesn't have to be necessarily a technology feature or anything like that. And that becomes really interesting where you say, great. There's, you know, a way to reward card spend based on a club membership or based on an access of some kind.

And so you start to see these different permutations take place, but it comes down to the core idea. Like, you can reach the audience and you have a differentiated feature set, but what a feature set might mean to that audience could be very different from one group to the next. I like the word access too, because dollar access is like something people throw around all the time, but it obviously doesn't mean anything of like what you just said. It's a really interesting one. Access is cool.

We're also a big fan of neobanks that just aren't leaning on cash back rewards for, like, the value proposition for for using the the app itself. So we... Think we've already talked about that twice today. Now let's go within the platform, because I think you were gonna show us some things around the agent platform. And like you said, I think for real estate agents, whatever that ICP,

**Ryan Bozarth** (15:41)

having agents that can help you manage that spend. I mean, I even know... I can think of of some few people in my life that they run small businesses, three to five employees. My brother-in-law is a construction company. I'm like, he would probably love to be able to automate some of his just, you know, spend for materials. So maybe bring us bring us under the hood to to how that piece of the Dakota stack is developing. Yeah. 100%.

**Host** (16:04)

So we have spent a lot of time this year building out what I would describe as like the primitives for performing agentic tasks with money. And so what I'll you here today is effectively a reference build. So what we'll show today is like a hosted agent doing work, but it's powered by Dakota. A lot of our design partners have been building products like this off of our APIs. And so our goal is to provide you with a set of regulated primitives that can move money, that have the right guardrails in place.

And so we have things like mandates that can have explicit policies or kind of like spend limits and certain recipients sent to to make sure we have all the controls in place, but then ultimately given the actual agent or the actual kind of product interface to the application layer.

So if you're building that next neo banker, that next financial services company, you have your own effectively like banker within the product that can go and do things, pay down the bills, that can go, you know, look at your transactions, flag anomalies, things along those lines. But we're here to kind of give folks the tools that allow them to go build that. But what I'll show today is just a new reference bill that kinda has a version that we built for ourselves.

We have a lot of really kind of enjoy working with, but is meant to be just really example of what somebody else can build with our APIs. Love that analogy of like the banker within the platform. That's really made it crystal clear at least for for me. So... Yeah. Feel free to screen... Share your screen, and then Drew will control

**Host** (17:29)

what what what comes up. Does it feel intuitive, Ryan, on your side to share your screen? Like, that feels easy just for feedback? Yeah. I I I just clicked share screen. So so far, I think we're in a good spot. So let me... We're we're building this as we go. So it's I I am not a guest, so I can't see the guest experience typically.

**Host** (17:48)

Hey. You got your screen up. Yeah. Either zoom in a bit or sometimes make your your screen wider. Yeah. That's that's helpful. Do that one more time if you can. Yep. How'd that work?

**Ryan Bozarth** (17:59)

Yeah. That's great. Yeah. That's great. Perfect. So

**Host** (18:02)

there's two ways in which you can access these APIs. Or not really access, but really about like how you can use them. And so we see people that are building via an MCP server, which allows them to kind of general purpose, be able to call these things in group places. I'm gonna call it from Cloud Code here, but you can see this on common number from surface area, anything that really kind of works with or accepts MCPs, which is a number of their products these days.

And the second will be through a kind of Slack client or through Slack. So we'll be able to call it in Slack and be able to work it up there. For this part, I'll just kinda show you that I have added, in this case, our kind of Dakota agent as an MCP right here with Claude, and then I can ask it something simple like, show me my balance. And it's gonna go off, and it's going to be able to look at the kind of APIs that you're working with and building with Dakota. In this case, it says, great.

Your balance is 65,000 and change in this account. And so when you are offering that neobank, and you have a end customer who is looking to operate with you, like, one of the things you can offer them is the flexibility of being able to call things like their balance and their transactions from just about anywhere that accepts MCP. And so, I don't know. It's like, what were my recent transactions in the few days?

So as we all know, you know, the stuff that says pending the last few days, the things that often pop in mind for us. And so not just calling a balance, but being able to say, hey, what were my recent transactions these last few days? I wanna make sure that I'm not missing anything, make sure that I have, you know, I've done all the things that I I kinda thought I did, and that there's nothing kind of in flight or that... I think that I need to take care of.

And so I can then kind of call it, and see some work behind the scenes, and it's gonna come back here with some recent transactions. And so great. We have a couple of transactions here that can pull up. These are swaps and on our app ramps going to things like myself and our QA account, and things along those lines. So a very kind of like practical use cases here is to give your end customers the ability to effectively access their account from just about any product surface area.

And so this is one maybe more technical in terms of being a little more terminal forward, but you could see a world in which you have another

**Ryan Bozarth** (20:05)

model or another agent, a a foundational model that you might be using that allows them to access their account all through an MCP server. Where's the line right now? Like, how how deep can you start to go with actually empowering your agent to to move these money move this money, process these payments? And then the other side right now, obviously, these were kinda human led deployments. How much... Where do you also see the line of this being autonomous,

**Host** (20:29)

maybe running on a routine, or running on a loop, or running with a predefined set of rules? Cost of this poll too, I'm always interested in. What is the unit cost of doing this? Yep. Yeah. It's a great question. So on the first one, what we can do next is actually just submit an invoice and start to pay a bill, and we can talk about ways in which you can automate that. Today, we have the ability to schedule payments.

And so one thing that comes up very often is that I'll get an invoice, and I'll get it on a regular basis. You know, I'm working on a law firm, and they have a retainer. Working with an accountant, and they're feeling similar. And so I'll give one, and I'll say, hey, I wanna set a limit here. I wanna make sure it's only for for this recipient, but then I can kind of like set it and forget it, and the agent will take care of it from the first payment until you tell it to stop.

And so what I might do very quickly is actually move my screen over there. So I'm gonna stop sharing this one. And I'm gonna pull up Slack this time. And that way, we can do this from Slack. I gotcha. Okay. Cool. And so, like I was saying, another way to kind of really interact with this is to have build a... Oftentimes, what's called the Slack client, but a way to kinda call it in Slack and say, hey, Dakota, can you pay this invoice for me? So I'm a go find the invoice.

Looks like I have one here for a small design task that we had. And then I'm just going to send it on over, and I'm gonna ask it to kinda pay that invoice. It is going to first make sure that it has the authority to do that through mandates. And so this is the ability for this agent to be able to pay this recipient. And so it can't just pay someone who is effectively not listed here. That is within the limits. And so you set limits. In this case, this will fit within the limits of what this agent can do.

And so similarly, it can't just send as much as it likes, but it's gonna be able to pull all the information from this invoice and say, I can understand this invoice. I understand who the recipient is. I understand what the routing account numbers are for something like an ACH or a wire payment, and then I can basically tee up that payment. And when it makes sense, I can schedule that, which means I can make sure that many use cases are, I'll pay it on the day it's due, but I'm not gonna pay it earlier than it is.

And so the money stays in your account longer, you see that interest a bit longer, things like that that are kind of small efficiencies, but nice wins. And then I'd also be able to say, okay, I can now schedule this. If we expect this to happen every single month, then I'll just make sure that every single month that I take care of this for you, that you don't need to come back and tell me. And so it'll receive a new invoice, and they'll be able to pay that. So in here, it said I got it. This is for this account.

It's for $15. I'm giving you a little more context around it, and I can schedule it. K. Great. I'll take care of that, and it's confirmed. And so you can see over here, $15 is set up, and it'll get paid on the fifth, which is the day this invoice is due as opposed to today. So a nice little efficiency win for me. And then if this were to be a reoccurring invoice, I would just say, great. Let's continue to just make this payment. And then if you flag anything, that is anomaly.

So for example, if it were to double or triple one of the months, and before it paid, it would flag back to me and say, hey, by the way,

**Host** (23:25)

this thing is a little higher than you might expect. Are you sure you want me to pay it even if it falls within my limits? Brian, question question for you on this. So like, I know Dakota now, you're going after, we've talked about this, the licensing approach, you're going deep into more of the under the hood, being on the line and being trusted for that for that type of activity. How do you imagine... But you're also selling this to folks like financial institutions potentially who are sitting on top of Dakota.

Is what you're showing in your mind like what other FIs could build with Dakota? Or do you actually want and imagine Dakota as a first party brand to be the thing that I think of when I'm in Slack? Or is this like gonna be, you know, financial institution a is in Slack? Or how do you think about that? Yeah. So our goal is to make it as easy as possible for our clients to build these products.

**Host** (24:18)

And so when you're in Slack, our goal is not to inject the code into the relationship with you and your customer. It is to give you a set of primitives that make it very easy for you to build this way to interact via Slack, for example. And so you would have your own kind of like named agent that relies on all of the kind of like hard financial infrastructure, all of the licensing work, all of the partnerships that kind of like enable this work to happen.

We wanna make it as kind of turnkey or straightforward as possible for you, but we really kind of look to you to be someone who wants to have that relationship, and that we're empowering you to build these things as quickly and as easily as possible. So if I'm building, let's just say, for example, a big Stripe competitor

**Host** (24:59)

institution for moving money, I could, you know, with with building on top of Dakota, allow my clients or the people who use my financial services business to engage with my brand in the way that you just showed in Slack. Drew's fintech is in Slack messaging you and that's possible.

**Host** (25:18)

That's exactly right. So if you think about the core premise we built today, whether it was payments, whether it's holding or earning interest with things like issuance, whether it's different payment methods on the way out, but a spend, you kind of have a a set of building blocks. Well, can you use the neobank analogy, because it's quite a good one, is that you can build a neobank. And a lot of this has the compliance built in, and much of which is like programmable.

But really, what we offer on top is effectively an agent layer sitting on top of all of those primitives that then you can now interact with as the... Let's use business banking, for example. The business bank that can say, when my customers, which might be startups or SMBs, come to my product, not only do they have the ability to kinda access what might have historically been thought of as like a banking layer or banking service, where you can do things like receive wires and send them out.

But you have a more differentiated feature set by saying, now I can offer you the way to kind of automate some of your work. Now I can offer you the way to kinda support agentic flows. So if you're the SMB that, you know, doesn't really wanna spend a bunch of their time teeing up invoices and paying them down, they can do all that by setting it up in your business banking product. But our job Yeah. Would be could

**Host** (26:27)

in Slack with their, you know, real estate use case.

**Ryan Bozarth** (26:30)

That way, as As Projest said, just, you know, distribute funds to the agent. They're, you know, they're they're a they're a transaction coordinator, and, you know, go go down the list, and also send out... And send and pay for the mailers for everybody in their local neighborhood, you know, that... I know the playbook. Afterward, the agent settles. They go down boom boom boom, and they start to pay for it, and you could just trigger that autonomously. That's exactly true. Imagine a Coldwell who

**Host** (26:55)

is, you know, like many folks, gonna take this in house and say, great. Now I have, you know, Slack with... Get all the agents in my branch or in my region, and I can offer them to say, hey. Like, you submit your invoices for things that are related to the business, and, like, we'll take care of it. Which means that you might set a limit for each of agents, say, hey, up to a certain amount. You know, you can spend up to Mhmm. You know, 500, 1,000, $2,000 on a regular basis.

And as long as it meets those criteria, as long as for, a set of vendors that we know about and potentially we approve for a lot of these large institutions, then we'll just automatically kind of, like, pay for for you. And the agent's gonna do all that work. Right? So they're not having to kinda hire someone to go do this and manage a lot of this work. There's no kinda, like, payments individual. There's really just this kinda simplicity of the agent in Slack saying, here is my invoice.

And then on the other side, there's Coldwell saying, great. It's automatic, take care of for you. So kind of piggyback on this, payments is a great use case. It's very like, we see, we can feel it, but there's so much that you can do with these APIs that are around like treasury management, that are around the ability to kind of, like, do things outside of kind of, like, historical type of AP, even though that's very, like, important and oftentimes, like, a first way in.

You think about the enterprise that wants to kind of reoptimize a a statistically sized treasury, then, like, I start to earn real interest income or real revenue that I didn't have before just because it never made sense for me to hire someone who was gonna be at the computer at midnight to make sure these things were done. Right. And we could probably go down this rabbit hole. We had to transition here to LightsFark, but we wanna have an open invitation.

**Ryan Bozarth** (28:22)

As this Gen2 platform, say, goes live with more and more customers, if you see innovative teams that are bringing this to life within Slack or or x, y, and z interface, please open open door to them. We'd love to we'd love to bring them on the show and highlight what they're doing with Dakota. 100%. We have some design partners. We'll definitely send your way. That'll be great. Alright. Good. Thanks, Ryan. Good enough.