# Morse says it has salaried users in Indonesia, Africa and Latin America after Sling Money rebrand

Research, a Stabledash show. Aug 11, 2026. Mike Hudack.
https://live.stabledash.com/shows/research/episodes/the-stablecoin-app-your-paycheck-lands-in-morse-after-the-VYhpsPrqLYM

CEO Mike Hudack says the former peer-to-peer transfer app is now a self-custodial stablecoin bank built for ordinary cross-border earners, not crypto users.

Morse, the rebranded Sling Money, has salaried users in Indonesia, Africa and Latin America, co-founder and CEO Mike Hudack said, adding that the company has "a focus particularly on Latin America." He calls the product a self-custodial stablecoin bank.

## From transfers to a bank

Hudack says Morse moved from a "monoline" peer-to-peer product to one where people around the world get their salaries deposited, and that the closest analogy is a bank. The name Sling, he says, felt very light for that. In the last six months, he says, the company shipped salary deposits, U.S. equities, card spending, bill pay and yield, so users can treat it practically as their only financial app.

Much of the Morse team previously worked at Monzo in the UK, where Hudack says they spent time converting users from treating it as a travel card to using it as a bank. He says the company also built deep infrastructure early, including how key management and transactions should work.

## Normal people, not crypto people

Hudack says Morse targets people who work cross border or have family in another country, not crypto or stablecoin people. Its users do not want on-chain perps, he says: "that's just not who they are."

## Pricing for an FX-free future

Hudack believes FX as a revenue line item is going to zero or next to zero; the open question, he says, is whether that takes ten, twenty or thirty years. Morse is "not in the business of short term revenue maximization," he says, and focuses on the full relationship with the user and what they want to pay for.

## A high bar for yield

Morse asks whether a product would keep working if Bitcoin dropped by 50% tomorrow, and whether people want and trust it, Hudack says. Users want yield in both dollars and local currency, he says, noting local currency can pay 8% or 10% in many places while the dollar pays three or four.

Morse offers fewer features in New York because of NYDFS rules, according to the company. Hudack says on-chain FX needs more development and liquidity, particularly for emerging market currencies.

Hudack describes Morse as a bank-like app for cross-border earners that puts scale ahead of FX revenue and screens products hard. His message to other builders is to solve real problems responsibly, because the whole industry deals with the fallout of reckless products.

## Key takeaways

1. Morse, formerly Sling Money, has salaried users in Indonesia, Africa and Latin America, with a particular focus on Latin America, according to CEO Mike Hudack.
2. Morse now offers salary deposits, U.S. equities, card spending, bill pay and yield, and Hudack says it targets normal cross-border earners rather than crypto or stablecoin people.
3. Hudack expects FX revenue to go to zero or next to zero over ten, twenty or thirty years, so Morse prices for scale and the full user relationship.

## Chapters

- 0:00 Sling Money became Morse as it grew into a bank
- 2:09 Morse aims to be users' only financial app
- 5:22 Deep early infrastructure lets Morse ship features fast
- 7:51 Morse targets mainstream cross-border earners, not crypto users
- 10:27 FX revenue heads to zero, so scale comes first
- 13:40 Every neobank needs a go-to-market wedge
- 15:39 Strict filters decide which yield products Morse offers
- 20:57 Build responsibly, and on-chain FX needs more liquidity

## Transcript

**Drew Rogers** (0:16)

We got Mike from Morse. Mike, I'm so excited to catch up with you, hear the latest and greatest on all things. I don't think you met Zach on our team, Zach Fowler, co host. There you go. Behind the content. So I got to watch it all, but I wasn't actually a part of your first conversation. But but good to meet you, Mike. You too. A pleasure. Thank you for having me on again. It's an honor. Yeah. We, yeah, we we also didn't have a show when we first met. We were just in the podcast world. So now we have a live show.

It's been fun. We're we're also growing.

**Mike Hudack** (0:47)

Bring us into bring us into your your world. What what was kind of behind this shift of the the brand, and what's what's the latest with Morse? Well, we... We've moved from what I would call, like, a monoline p two p product. So this core idea that you can just move money from anywhere in the world to anywhere in the world in a couple seconds, still very much part of the product. But now we have people all over the world who are getting their salaries deposited into Moores. Mhmm.

And we have people who are investing. We've shipped, you know, US equities globally. We've shipped a ton of things. I mean, know, the closest analogy really is to being a bank, and Sling is a name. Feels very light. You know, we picked it because it felt light and quick, and it matched this idea, you know, just like I can send money from me to you instantly right now. Yeah. Just just sling it out there. Just... You know? Like It's not the right feel when you're, you Oh, very payments. Yeah. Payments focused too.

You know? Been the saying. You don't want something light. You can get something heavy. And so that's where the name Morris comes from. And, you know, in the last six months, we've shipped a ridiculous quantity of things. I mean, the thing is basically it's a bank now, you know, but a self custodial stablecoin

**Drew Rogers** (2:01)

bank terminology. Shouldn't, you know, go us on some of these things that you've shipped in the last six months that you're most excited about?

**Mike Hudack** (2:09)

The things that as you look back and you're like, alright. Board meeting time. Where... What did Mike do? Like, what what are these big exciting things that you're you're Well, you know, I can list a ton of things for you, but I think the the single most important thing is that for a bunch of people in the world now, you can use Morse practically as your only financial app. You know, it's not just about moving money. It's about getting your salary deposited.

It's about sending money, increasingly paying bills, spending with a card, investing in The US stock market, earning yield, basically everything that you need. And we're, you know, adding more and more. We're we're adding bill pay now. We're adding all these things so that you can just you never have to leave this app if you don't want to, and you, you know, your money exists on the Internet, and and everything

**Zach Fowler** (2:56)

is here. Talk to me about, like, this moment of people starting to receive their payroll. I feel like that's, like, a big... Like, that's like the pinnacle of, like, our users trust us. Like, that we are the first app that their money touches when they get paid. What do you think you have to do to earn that trust? And now that you're in that trust, like you said, you kinda alluded to this with some of the products, what did they do with the money once, like, every every every month they're getting paid?

What do people want to do? How do they wanna pay their bills? Where do they Yeah. And I guess the other part of this question I'm curious about is where do these people live that it's like, hey. This this is now the pinnacle banking app. This is this is the top top of wallet, you know, front page of my iPhone. This is what I'm using to my I

**Mike Hudack** (3:41)

guess in in terms of trust, it's a very difficult question. I think I think that there's a there's a line you have to you have to meet. You know? People have a have a trust bar that needs to be met, and there's no single thing that you can do to meet it. The app has to feel good in your hand. The reviews have to be good. You need to be able to look at the App Store or the Play Store and see that it has a bunch of stars.

And then you go and you read all the one star reviews, and you wanna understand what happened, and you wanna understand, know, were they replied to or not. Does the thing feel good in your hand? Does it glitch? There's so much quality work that you need to put in in order to be able to earn somebody's salary. You need to be there in terms of support. You you know, it it is a very hard thing to do. Before this, I worked at a bank that people didn't realize was bank. We...

People used us for travel for a long time, and we spent... Actually, a lot of the team here at Mars spent a lot of time converting users of that bank, which could've called Monzo in The UK, to stop using us just as a travel card and start using us as a bank and get their salaries deposited. So we've done this before and, you know, have a good feel for how you do it, but there's no single thing. And then, you know, once people get their salary in, like, it's a, you know, it's a it's a very simple game.

The first thing that they do if you have no other features is they withdraw the money into local currency so that they can pay their rent, so that they can buy shit, so that they can buy groceries, so that they can, you know, send money to their cousin or whatever. You know? Yeah. There's a very long list of things that people do with money.

And and then, you know, if you want them to keep that money in your platform, you have to build all of the things that they need in order to, you know, live their financial life with you.

**Drew Rogers** (5:22)

And it has to be better. It has to be compelling. You know? And, again, that is hard work, but there's a discrete set of things that you can build in in order to give them that and to earn that, you know, to earn that spend. I have so many questions for you. I think when we when we spoke the first time, we were really in that kind of moving money around the world.

And a lot of a lot of the focus of the conversation was on your conviction around licensing and owning it and controlling it and having a strategy around that. I'm wondering in the... Like, before you have now rolled out all of these different ways to engage within the app, stay in the app, bring your financial life into the app.

What were some of the things, maybe licensing is is one of these things, but that you really focused on in the early phases of the business before you started introducing these things that really Yeah. Is helping you unlock these types of services or accelerate

**Mike Hudack** (6:17)

time to market? Well, we built a lot of really fundamental infrastructure pretty deep. And, you know, I'm really happy that we did that because it has allowed us to build all of these other things. And, you know, we have a road map now. We we have a very long road map of a bunch of features that we wanna release over the course of six months, next year.

A lot of the infrastructure for that now is is built behind the scenes, and we put a lot of thinking into, like, how key management should work, how transaction should work, you know, all all sorts of things we we built fairly deep. And that also allows us... I spent... I I was talking to the team about this the other day. A couple weeks ago, I moved, and I had to...

You know, when you move, you you kind of, like, have to hang out at home for a while, get the Internet installed, you know, wait for the, you know, TaskRabbit guy to show up to put some shit together. Like, you just have to be home. And I had a few hours to kill, and I went through a bunch of stablecoin wallets. I went through a bunch of competing products.

And I think that the work that we put in early on to, like, building this thing the right way means that when you hold it in your hand, it just feels really solid. You know? There's, like, a lot of tabs in the app with a bunch of features that, you know, the animation between screens is good. The error messages are good, the... You know, all of that stuff. And that takes a really long time to get right, but I think it's really critical if if you're gonna build something like that.

Do you think people in our category... When I say our category, like, maybe a crypt... More crypto native or stable coin native on chain neobank focused group, like, do you find that categorically

**Drew Rogers** (7:51)

speaking after going through and seeing a lot of that, that quality is underprioritized,

**Mike Hudack** (7:57)

that sort of slightly maniacal attention to detail on the product UX? Not really for me for me to say. I I think, you know, there are lots of great products out there. I think a lot of them are targeted at different markets. Like, we're targeting normal people who happen to work cross border or have family in another country or whatever. We're not targeting crypto people. We're not targeting stablecoin people.

I think that the set of features and the level of polish and the expectation in those two categories is just fundamentally different. And so I No. You know, I think that's just a choice that people make, and it is obviously harder work and, you know, maybe less rewarding in the short term sometimes to

**Zach Fowler** (8:37)

to focus on that depth and that quality along the way. Yeah. It's... I'm I'm, Drew, I'm kinda reflecting. You know, we... We're on crypto Twitter a lot, and you see the list of, okay. Here's the card volumes of all the stablecoin cards, and I haven't seen Morse on the list. And I think that's actually a good sign of, like, hey. We know which lane and which market we're serving. Like, we don't necessarily

**Mike Hudack** (8:57)

need or want to be next to these products. I saw somebody tweeting today or yesterday about some guy who, like, bought five Lamborghinis on a on a car. Exactly who you're talking about. And I was just like, I could not care less. That is not our customer.

**Zach Fowler** (9:14)

You know? And it's not relevant to us at all. Yeah. So you've talked about your customer. I'm actually looking at your site right now going through. I love the currency converter. Looks like top corridors right now, US dollars to Mexican peso, vice versa, and then Brazilian real. And then I also see you're highlighting some of the Latin American and Caribbean currencies. Would you say that that is still holding true today, or how's the landscape shifting in the demand for some of these, you know, local slash exotic?

We've

**Mike Hudack** (9:43)

got salaried users in Indonesia, in Africa, in Latin America. We definitely have a focus particularly on on Latin America, and we we care a lot about that market. There are a lot of reasons to to care about it. It's a it's a great market. We've built a global product.

A lot of the go to market ultimately is local both in terms of, you know, what kind of population, what kind of people you're talking to, and and what they do, how they earn money, how they think about money, how online they are, not online they are, and where they live. And so for sure, you have to make choices in that way. But, you know, those are all places where we have, you know, great groups of users. And how do you approach, like, pricing these products?

Because I think a pain point for some of these people is, k. You're building a global product, but is

**Zach Fowler** (10:27)

forex fees the best place to make money? Like, is that the business that you want to be in? Obviously, you have to make money as a business, but I guess how do you think through... We wanna provide the best experience. We wanna be competitive in pricing, and we need to give people access to the currencies that we... They want. For sure. Well,

**Mike Hudack** (10:47)

I still believe that FX is going to zero over some period of time. The... I guess the question is, like, how long does that take? Is it ten years or twenty years or thirty years? And, you know, I think in all things technology, people underestimate the size of the change and overestimate how quickly it will come. Effects as a revenue line item for most people is going to go to zero or next to zero.

I I have this argument a lot with our our head of operations, and he's got a great start up job that kind of does finance, ops, treasury operations, all the things. You know? And we argue about whether or not, like, FX will ever go to truly zero, or is it always gonna be a few bps? How do you... You know? And a lot of that debate that we have centers around how quickly you can get in and out of positions. But either way, like, I think that it... It's going to almost nothing.

And we're not in the business of short term revenue maximization. We wanna build a Yep. You know, a a great thing. We wanna, you know, move for hundreds of millions of people, billions of people. And for us, it's thinking about what service we provide to the user, what value we provide, and how low can we price that. And and, you know, we don't necessarily think about it as just FX or or just card interchange revenue or whatever. You know?

It's very much about, like, what is the full relationship that we have with the user? What do they expect to pay for? What do they wanna pay for? And how will competitors over time price? What is the kind of, like, natural cost of one of these services? And in a lot of cases, it's a lot lower than

**Drew Rogers** (12:17)

the market clearing price at the moment. Mike, you spoke just on this idea of scale, and I think about think about your time at at Meta, and you mentioned Monzo, like, some of these really, really successful products that have been designed extremely intentionally and have reached a sense of scale, public awareness, household name status.

Like, is is that in your mind when you think about the addressable opportunity and and the idea of, like, really what you are building for and what success looks like in terms of economics?

**Mike Hudack** (12:49)

Like, really focusing on not even not... Like, economics not even really being super top of mind until you hit that point. Is that how you mentally think about it? For sure. Because it's like, until that point, like, we're not even succeeding. Like, scale is the goal. Makes sense. Yeah. Who who cares about unit economics until you're massive? You know? And and my view of this is, like, you flip a switch at some point.

Maybe there are multiple switches along the way, you know, and we've flipped a couple switches as we've grown and as as we've built and all of that sort of thing. There are more switches over time. Some revenue line items really only work at scale at, like, massive scale. And I think, you know, you wanna behave, you wanna build, you wanna price in a way that helps you get to that scale rather than in a way that kind of, like, maximizes value way below your, you know, your your your total potential.

**Drew Rogers** (13:40)

No point. That's encouraging to hear. So if anyone who's looking at Morse, go go get it now while you're early, and that's that's amazing. I didn't know Monzo had the... It's it's not... You mentioned, like, the kind of early wedge with travel and, people who were coming to the products originally around that that idea or that space thinking of it that way. What what does that look like for Morse today?

Like, what are some of these, like, anchoring wedges or, like, really clear home runs that you're hitting and you're, like,

**Mike Hudack** (14:11)

helping... Like, the foundational building blocks for reaching scale? Who are these people? Man, I I I think that there's always a tension when you're on a show like this where almost everybody who's watching is in the industry and and probably, like That's good. Right? That's good. Actually, I wish. I I wish. No. Look. I mean, the the... There's a bunch of classic go to markets in this business, right, where it doesn't really matter that you're doing stablecoins or you're doing bank.

You know, Monzo and Revolut, for sure, it was travel. It was like, you know, we're in The UK. There are people going to Europe all the time. Your traditional bank is totally screwing you on FX on the card. You know, you're paying, like, an international transaction fee, and you're getting a bad FX rate. We're gonna solve that for you. And and so that that is a wonderful wedge. It's a great wedge.

And there are lots of reasons to play that game, and there are lots of people who are playing that game today with with stablecoins or other neobanks or whatever. It it... It's a great go to market. There's a crypto go to market that a lot of people are doing, which is around, like, you know, I I guess, like, the the craziest version of it is, you can spend your Bitcoin without having to worry about taxes. Like, it never has to hit the traditional, you know, the traditional financial system.

You can just, like, put it in here and sell it to us or whatever, and then you... There there it goes. And then you spend with the card. And you buy five Lamborghinis, and you're happy because, you know, you never had to tell the IRS about it or whatever. There are tons of different things that you can do, and, you know, every company and every product,

**Zach Fowler** (15:39)

know, needs to find their great wedge. Yeah. Mike, I'm curious. You know, we we... We've seen this. Like, how do you start to kinda filter out the noise with some of these trends and narratives? We've seen the rise of vaults and, like, you know, we see... Think of USDG and Morpho on on Robinhood, and we see we see all these yield products really coming out trying to power neobanks. We've seen the trend of on chain FX and kinda like you mentioned, FX fees going to zero, and then there's tokenization.

And then there's trading, and then there's the strategies with the... You know, there's a lot of noise. Lot of noise. Everything is everything is so exciting. Every everything is so groundbreaking and exciting. Like, I'd be Yeah. Finishing what what this part is. Interesting. Yeah. Where does this go to our product? You mentioned all the stuff that you've added, but I have to imagine there's more on the road map. It's like, where do you actually start to

**Mike Hudack** (16:28)

research, spend your time, develop conversations around? I try to keep on top of all of it. Our our team tries to keep on top of all of it. We have a wonderful partnerships team, which is out talking to everyone who's, you know, doing all these things all of the time. We're a pretty high bar for what we implement. You know? A lot of these things... People forget. We're we're dealing with people's money, dealing with a a complicated financial system, and, you know, things periodically go wrong in financial systems.

Things periodically... You know, bad things happen. There are tail events that happen all the time. Not all the time, but I guess it would disappoint. You know? But when they happen, they're bad. And so I think that we have a responsibility to, you know, listen to all of that and filter down to the things that we really believe in, the things that, like, you know, if I'm hauled before congress one day, I can defend. Oh, we decided to build this this way, you know, and and here's why.

**Zach Fowler** (17:23)

Yeah.

**Mike Hudack** (17:24)

You know, and to make the choices so that that never happened. So the the first filter is whether or not this thing is bullshit or not, whether or it's gonna fall apart. Who built it? How was it built? Is it going to... You know, is this single to maintain value or work properly if Bitcoin drops by 50% tomorrow? And the answer to that is sometimes yes and sometimes no, but that's the first thing. The other filter, obviously, is do people want this? Will people trust it? Does it solve a real problem for them?

Does it help them or not? You know, what's the point in building something if it doesn't create value for people? So Yeah. You know, you can kind of immediately... And a lot of this is about knowing who your customer is. You know, I I love a lot of the stuff that's out there, but, you know, our users don't want, like, you know, on chain perps and, you know, all this kind of stuff. Like, that's just not who they are, and it's not what they're looking for. What do they want as far as yield?

Do they want yield right now in dollars? They... Do they want yield in in, you know, their local currency? Do they want both? Both. And, you know, you've got a problem. You you know, the the dollar is in an interesting place, and then local currency is an interesting place. So the... You know, there's a lot of action in this market right now. And I think, you know, in local currency, in a lot of places, you can get 8%, 10%, you know, whereas the dollar is only paying, like, three or four.

If somebody's offering you 8% on a dollar, you have to ask what additional risk you... What additional principal risk you're taking in order to justify that payout. You know? So you have this kind of headline mismatch between the the yield that you can get on a dollar and the yield that you can get on a emerging market currency.

And then you have the way that those two currencies move against each other over time and people's, like, historical view of how those things move over time and how they had been moving recently, you know, both of which matter a lot. So, you know, the answer is people kinda want both and probably wanna be able to choose. You know? Maybe I'd like to be able to have the option of getting eight or 10% yield in my local currency, but we want the option of getting 3% or three and a half percent on on dollars.

And maybe give me an opportunity to get something a little bit more exotic, but, you know, tell me what it is, and I wanna make sure I can Well, and I even think, like, we see these, like, you know, yield calculators,

**Zach Fowler** (19:32)

and, obviously, you can't know how the currencies are gonna trade against each other. But, like, could we even have some some sort of calculator that's like, okay. If you do... You have a thousand dollars and you do this percent in the dollar and this percent in the real because, you know, this is your most common currency. Like, this... You know, how do those play out? It's really hard to conceptualize even as I'm saying it, so I can't even imagine it as a consumer. --. Yeah.

How do you know if it's better to get 15%

**Mike Hudack** (19:59)

in the Brazilian real or 4% in the dollar, like, in, you know, a year or two's time? I mean, these are all... You know, this is financial advice. This is in the realm of, like, I live across two currencies. I I I live in The UK. I'm an American. A lot of my finances are are in dollars. A lot of my obligations are in pounds. So I have to think about, like, how many pounds do I need, how many dollars do I need, and how are those things gonna move against each other? And, you know, fortunately, the...

From an interest rate perspective, they're quite similar. But, you know, I... As a as a... As an individual, I hedge, and and, you know, that's what Yeah. I think a lot of people in emerging markets naturally do. They're like, you know, okay. I have to pay my rent in pesos or real or, you know, whatever, shilling. I earn in dollars or euros. I can hold some amount of dollars and euros.

I can get yield on both, but I need to make sure that I have enough money in local currency to pay my rent without it getting devalued in the next two weeks. You know, that... That's incredibly important.

**Drew Rogers** (20:57)

Mike, is there anything... It's funny because you're right. Like, we do we do have a pretty, like, strong depth and density with the, like, builder industry, operator, founder folks in, like, what we call modern money. I think that we've definitely, like, found our niche in the active operators, leaders, decision makers in this lane, which has been really fun.

It's like, it's it's an interesting dynamic of, like, building a media company, which is typically kinda like what you're saying, just trying to optimize for scale, and, like, we want to hit that level of scale. But for us, it's kind of a unique, like, that's not really the goal. Like, what is scale? You know?

**Zach Fowler** (21:34)

Said

**Drew Rogers** (21:35)

It all Yeah. What does it all mean? What what what would you say... Any any sort of, like, message, invitation, requests, pain, like, anything that you would want to communicate to that audience right now around, like, stuff you're going through or open call for, like, are you hiring? Like, any any message to the kind of weird, unique, dense audience we have in this in this lane. That's a great question. I... Look.

I think people should just build great stuff that creates value and solves real problems for real people,

**Mike Hudack** (22:04)

and I think that makes us all better and advances everything, you know, really well for the whole industry, and I think that's fantastic. Please be responsible as you do it. Don't fuck it up because we're all gonna have to deal with the, you know, whatever whatever crazy cowboy shit you do, we'll all have to deal with too. So, you know, build good stuff, go go to market successfully, solve real problems for real people, and, you know, please don't do anything really stupid. Don't do anything really stupid.

Dude, don't be stupid. Yeah. Mike, it's fun to follow the journey, and thank you for taking the time to to join us. It sounds like like, Morris, we can download this right now on iOS, get a card, like, kinda start engaging with it. You would recommend we can we can do that now if we want to. Right? Yes. Sure. You work in iOS, like, drawing pretty much anywhere in the world. Features vary a little bit by market. So New York, unfortunately, with NYDFS, it features...

**Zach Fowler** (22:56)

There are future... Fewer features in New York than there are in The New Yorkers are used to it. Like, let me ask you this really really before before we wrap. Any call for builders on the partnership side? Like, hey. This is something we're talking about. We're looking, you know, to to connect. Maybe you've met with everybody

**Drew Rogers** (23:13)

you guys do you actually want in your inbox right now is the question. Reach out if I need you. Yeah. Yeah.

**Mike Hudack** (23:22)

I need to move right now. I don't know how Sometimes today with, like, different people cold calling. You know? That was crazy. No. I... Look. I think that, like, on chain FX is a thing that needs continuous development and additional liquidity and, like, particularly with a bunch of emerging market currencies. I think there's just, like, a lot that can still be done and, like, you know, markets to be made and all that kind of stuff. I think that's really important and we care about.

**Drew Rogers** (23:46)

Interesting segue. We have a Dave Taylor. What... What's what's what's one question you'd ask? We're gonna we're gonna... We've never done this before. What's one question we should ask Dave Taylor who's about join? What would you wanna ask him? Yep. Tell him to drop me an email, actually. Guys have a good to her? Yeah. Yeah. Yeah. Ask her if you could drop me an email. I'd love to chat to her. K. We will let him know. We'll introduce you.

**Zach Fowler** (24:10)

Like, Drew is fighting right now, not just putting you guys together on the screen. Is he taking up live? I know I know he has the he has the No. I actually... I I I like the stuff that he's building, and and

**Drew Rogers** (24:21)

I've been meaning to reach out for a while, actually. So let's Let's go. Yeah. Okay. Cool. We'll make that happen. Mike, thanks for the time, man. And and feel free to keep keep tuning in live. We're we're actually... Zach, what are we talking about with Dave and and Borja? What's the topic? Yeah. We're actually talking about

**Zach Fowler** (24:35)

with Brazil's central bank wanting to hold twenty four hour holds on large dollar stablecoin transfers. Dave then responded. He's like, this is what happens when stablecoin volume is overwhelmingly USD denominated through your economy, Local currency alternatives backed by sovereign debt reduce the capital flight pressure that trigger trigger these kind of rules in the first place. And then Borja from Tempo had an awesome retreat where he was really just diving into into this.

So we're gonna unpack this more, and make the day to It'll be a nice FX nerd out session. So thanks, Mike. We'll let you go, Mike. Thanks for the time, man. Good to see you.