# Coinbase-backed Infinite, a Y Combinator Winter 2025 company, bets on compliance in stablecoin payments

Stableminded, a Stabledash show. Apr 14, 2026. Nikhil Srinivasan.
https://live.stabledash.com/shows/stableminded/episodes/the-last-unsolved-layer-in-global-stablecoin-payments-tGjIAmh4_74

Co-founder Nikhil Srinivasan argues that compliance and risk visibility, not speed or cost, will decide who wins global B2B stablecoin payments.

Infinite, a Y Combinator Winter 2025 company backed by Coinbase, describes itself as a global B2B stablecoin payment processor that can settle same-day payments to over 170 countries. Co-founder Nikhil Srinivasan says the hard part is not moving money fast. In his view, compliance is becoming the real moat in stablecoin B2B payments, not speed or cost.

## The international visibility gap

Nikhil Srinivasan says new payment rails create visibility gaps, an insight he took from Sardine. The gap, he argues, is on the international side: there are strong tools for visibility into American accounts, but less on the other leg. He also says stablecoin processors are "no different than any other fintech" and carry the same concentration and portfolio risks for banks.

He says people treat compliance as static, but requirements and controls across partners have changed over the last year. For Infinite, he says, compliance is as much program management and expectation setting with partners as it is a technical problem.

## Lessons from Sardine and Coinbase

Nikhil Srinivasan led compliance at Sardine while his co-founder led payments, and the co-founder worked on one of the first virtual account programs in the market. Infinite's first hire was their former Sardine chief compliance officer, who had moved to SoCure. Following advice from Monzo founder Tom, a YC partner, to "go bare metal," the company takes a vertically integrated approach to compliance and fraud data.

From Coinbase, he says, he learned that surviving crypto cycles and trying ideas at the right time, with market pull, matter.

## Partners, not rivals

Nikhil Srinivasan says Infinite competes with dLocal and Wise as a global B2B payments provider, while it sees local stablecoin processors such as Bitso, Trace Finance, Conduit, Yellow Card, BVNK and Bridge as allies. He says its platform is generalized to support any provider, much as Coinbase generalized its platform for different blockchains.

## Agents as customers

Infinite designed its compliance review process around AI agents from day one, Nikhil Srinivasan says. He expects digital commerce to 10x through ChatGPT and Claude, but sees agent-to-agent shopping as the bigger opportunity, and thinks foundation model companies may become payment companies.

Infinite is still early. Its V1 is used by tens of customers, with hundreds onboarding. Nikhil Srinivasan is pitching it to fintechs struggling with global payouts and FX, promising to process more transactions with fewer people.

## Key takeaways

1. Infinite is a Y Combinator Winter 2025 company backed by Coinbase, and it describes itself as a global B2B stablecoin payment processor that can settle same-day payments to over 170 countries.
2. Nikhil Srinivasan says compliance is becoming the real moat in stablecoin B2B payments, and that the visibility gap sits on the international leg of cross-border payments.
3. He predicts AI will be the biggest consumer of these payment technologies and says payment processors may end up running the agents themselves.

## Chapters

- 0:00 Preview of risk, compliance and AI themes, plus sponsor read
- 1:25 Founders met at Sardine, where real-time payments sped up fraud
- 6:25 Virtual accounts give global businesses US account and routing numbers
- 10:17 New rails create risk and visibility gaps, especially in nested accounts
- 19:57 The visibility gap sits on the international leg of the sandwich
- 26:32 Infinite unifies onboarding and RFIs across many orchestrator partners
- 39:30 Infinite competes with dLocal and Wise while partnering with local processors
- 44:43 V1 is in use, built on Monzo founder's bare-metal advice
- 48:07 Coinbase taught long-term conviction through cycles and attention to timing
- 52:43 Machine-to-machine payments may make processors host agents
- 59:13 Fintechs struggling with manual global payouts should talk to Infinite

## Transcript

**Nikhil Srinivasan** (0:00)

There's a whole story as to how we got to this problem. If you try to make payments real time, now bringing a lot of that risk up front, that window to react is much smaller. What makes Coinbase or Robinhood and any of these crypto exchanges extremely successful is their ability to price risk. People think compliance is deterministic and static. We've noticed over the last year how much compliance requirements and controls even across all these partners has evolved to go bare metal.

In every way possible, if you're building a fintech, you're not going to avoid the ability to go bare metal. A lot of our learnings has been really trying to think critically about the end user experience, even though we're building a developer product. Thinking about our customer's customer, first and foremost. AI will be the biggest consumer of these technologies. Payment processors may end up running the agent itself.

**Drew Rogers** (0:57)

Hey, it's Drew. Quick thank you to Altitude for making this episode possible. Altitude is rebuilding business banking for teams on the frontier. They offer the full stack for the modern CFO and founder, a beautifully designed platform for payouts, bill pay, corporate cards, enterprise controls, and so much more. Move money with speed, yield, and total control, all from your stablecoin balance. Operate at Altitude. If your business is on the frontier, your finances should be too. You

**Nikhil Srinivasan** (1:21)

can learn more at altitude.xyz.

**Drew Rogers** (1:25)

So excited for this. Something that's been really fun about doing these interviews in this format, which is new for us, like this in-person, you know, we've taken a family room and we've made it into like an interview studio, but getting to talk with you, what has been now for over an hour before we push record, that's been sweet. So thanks for joining us.

**Nikhil Srinivasan** (1:44)

And thanks for having me.

**Drew Rogers** (1:45)

Yeah, man, a lot of what we've talked about so far has been like personal and non-work related stuff. So I'm really excited to dive into what you're building. We've been connected for like a year, but we've never, we've never done something like this. And I, my Spidey senses are sort of starting to go off with you with Infinite in terms of the moment.

Drew Rogers, Stabledash Live, Stabledash Live, Stabledash Live, Stabledash Live, Stabledash Live, Stabledash Live, Stabledash Live, Stabledash Live, Stabledash Live, Stabledash Live, Stabledash Live, Stabledash Live, Stabledash Live,

**Drew Rogers** (2:30)

The core kind of ethos of what you think you're solving is a core problem.

**Nikhil Srinivasan** (2:35)

Nikhil Srinivasan, Infinite. Our focus is really global businesses, helping them move money faster, cheaper, and programmatically. There's a whole story as to how we got to this problem. We have a team that has come together, that's worked together before, which I think is fairly unique.

Our founding team, my co-founder and I worked together at a company called Sardine, where I led compliance, my co-founder led payments, and we had an opportunity to build in the stablecoin space, like front and center, like building virtual accounts, kind of tackling a lot of the real challenges of productionizing stablecoin payments.

**Drew Rogers** (3:12)

Sardine for the payment nerds out there or people who are in the industry, they will hear that and they'll be like, eyebrows go up. Sardine has obviously crushed it, but for those, define what sardine does and why maybe the vantage point of working there was so important.

**Nikhil Srinivasan** (3:34)

Yeah, and Sardine is itself a very unique company. I had met the founder of Sardine at Coinbase. And in many ways, Sardine is solving a problem that companies like Coinbase and many others kind of face with new payment rails. The speed at which fraud and compliance attack vectors can now surface themselves and the time to response is very limited. If you try to make payments real time, now bringing a lot of that risk upfront, that window to react is much smaller.

And so underrated part of what makes Coinbase or Robinhood and any of these crypto exchanges extremely successful is their ability to price risk. In, you know, around crypto, which is something that's very real time. If I'm using ACH, there's a two day window to settle that money. If in that period of time I'm allowed to withdraw my crypto, that's a huge problem in case I don't actually have those funds

**Drew Rogers** (4:31)

within

**Nikhil Srinivasan** (4:31)

that two day period. You could have an

**Drew Rogers** (4:33)

empty account and non-sufficient funds.

**Nikhil Srinivasan** (4:35)

So that's just an example. There's every payment method as it becomes more real time, whether it's faster payments, RTP, et cetera, by nature is now experiencing faster and faster kind of fraud vectors. And the time to response is much shorter.

**Drew Rogers** (4:53)

The damage of it not going well is bigger because the window of like if you know someone takes your credit card out of your physical pocket or something like how many merchants can they actually run to to go swipe it versus like the scale of damage in a real time yeah I can see how that can become so sardine actually um I didn't know that was the founder a coin baser before that was

**Nikhil Srinivasan** (5:16)

head of risk at coinbase Saw all these problems. Saw all these problems. Was at Yelp before that and, you know, Telco Network. You met this person. Yeah, we worked together. Oops.

**Drew Rogers** (5:25)

I've heard this name.

**Nikhil Srinivasan** (5:26)

Yes. You know, so I think Coinbase was an experience. You know, I had landed my first company at Coinbase. I think we overlapped maybe a bit during that time. So it was 2018. Pre-IPO, so the company was early in its journey to becoming the everything exchange. And a big part of our team's effort was helping kind of expand the number of assets and the type of assets on the platform, adding new blockchains, adding new assets like USDC, and making all of those things available to the different internal business units.

So really a shared kind of thesis for the crypto platform. So I think taking that experience, going to like a place like Sardine that was intentionally trying to give these fraud and compliance kind of capabilities to every business that wanted to participate in faster payments really gave our team, you know, kind of a very unique background to go

**Drew Rogers** (6:22)

after the stablecoin, like the global B2B stablecoin problem.

**Nikhil Srinivasan** (6:25)

To make it even more exciting, my co-founder ended up working on a project at Sardine that really brought one of the first virtual account programs to the market. So in partnership with a sponsor bank and a liquidity provider, we were basically able to offer US virtual accounts, which more specifically are these crypto native accounts, US account and routing numbers, that you could assign to individuals anywhere in the world, which is a distinctly unique thing.

**Drew Rogers** (6:57)

Using wallets

**Nikhil Srinivasan** (6:59)

versus like an actual bank account.

**Drew Rogers** (7:01)

Which is typical. The ACH and routing was the traditional custody layer and all that is the unique unlock is that same kind of paradigm is being applied with maybe those two things with an on-chain account to custody things like stablecoins is my

**Nikhil Srinivasan** (7:19)

Exactly. And this was the light bulb moment for our team. Like we saw firsthand the amount of demand in the market for this unique product. And this is the reason why. If you think about the U.S. financial system, we have 300 million Americans. Most of them have U.S. account and routing numbers.

**Drew Rogers** (7:37)

There are billions of people in the world

**Nikhil Srinivasan** (7:39)

that do not have access to those same account and routing numbers, millions of businesses around the world. So the US account and routing numbers don't serve as like a unifying API for payment routing. By unifying and giving everyone access to this, you know, US account and routing capability, it really does simplify how different businesses all over the world interact.

You could be a business in Nigeria, you could be a business in the UK, you could be a business in India, and you could theoretically be accepting funds in US dollars through a US account and routing number.

**Drew Rogers** (8:15)

It's kind of like, in my mind, giving someone a phone number. Exactly. Giving someone an iPhone in a different country, you can have like a messaging layer that's very easy and even though you're not, it doesn't matter where You're physically located, even though Apple's an American company. Exactly. You can use the iMessage system no matter where you are. Is that a good way to think about it?

**Nikhil Srinivasan** (8:37)

It's a great way to think about it. Obviously, these are very US-centric examples. This same concept of virtual accounts, they can be applied internationally. So take SWIFT, for example. You could be an international bank if they wanted to participate and open up these Wallet-oriented accounts, which my personal take is this is going to be a bigger and bigger trend internationally. You can offer these same capabilities. You can open up account in someone's name and, you know, that capability accessibles.

In this case, I gave U.S. virtual accounts as an example. I think that concept is not U.S. specific, but we're very focused on making these U.S. virtual accounts very accessible to businesses all over the world. This allows them, if they're transacting in U.S. dollars, to much more easily participate in kind of commerce.

So it reduces a lot of different challenges that different banks globally or regionally have interacting with each other, either through because of costs, because of the networking through SWIFT, maybe they're not directly in a correspondence relationship, or maybe because of regional differences on compliance or kind of risk. So Stablecoins really kind of unify how these different participants could kind of work together.

**Drew Rogers** (9:52)

Yeah, so you're at Sardine, you're exposed to, I'd imagine, it sounds like Sardine was really forward in this virtual account trend. I

**Nikhil Srinivasan** (10:02)

think we were one of the first, I don't recall how many others had a product back then.

**Drew Rogers** (10:06)

It's very common now, like virtual accounts, getting those things through some sort of like service provider is not like, You know, there are a lot of people in that game. Absolutely. But what was it about, so like seeing that at Sardine, what, I guess, what would be the unique intel or edge or insight you think you took from Sardine that's kind of, you know, giving you that sense of conviction on building Infinite now or what were some of those key things?

**Nikhil Srinivasan** (10:36)

It's a great question. I think working at Sardine gives you a unique opportunity before deployed across hundreds of companies that are experiencing some of the most challenging risk problems and having to actually successfully mitigate those problems. I think when we launched our own product, we had a very unique perspective into visibility into the risks and challenges in a given space.

**Drew Rogers** (11:00)

What do risks look like? Can you define risks? I think for

**Nikhil Srinivasan** (11:02)

compliance, I mean, it depends. Fraud is, you know, account takeovers. Like if you are offering, say, virtual accounts to individuals, They're very susceptible to credential stuffing or account takeovers. I could have Drew's information and stolen KYC information. I could use that to impersonate you, open a virtual account, move the money. I could get into your account, theoretically, by impersonating you. I could impersonate support.

There's a lot of fraud vectors on the individual side where, you know, there's elderly abuse. You could be, you know, someone who's just taken advantage of, socially engineered. There's pig butchering kind of schemes and attacks. How do you define that? Those are much more like a social attack vector and think, you know, like a virus or a worm but over telephone where people are calling you with

**Drew Rogers** (11:55)

information and telling you to do

**Nikhil Srinivasan** (11:56)

things. I would say it all falls under the class of social engineering. And so if you take all these risks on the individual side, you quickly realize you could control for a lot of those risks. You start noticing patterns. If you wanted to have an individual program, you might control for certain demographics of the type of participants you would have in that program. Maybe you would look for certain attributes like device patterns or behavioral patterns that are very indicative of You know, the real identity

**Drew Rogers** (12:27)

versus a fake

**Nikhil Srinivasan** (12:28)

identity. On the compliance side, it's much more about proofing. Is this the person who they say they are? Liveness is a great way. We've seen it even at Coinbase's scale or, you know, at Stripe's scale where you're able to kind of use not just device intelligence, but behavioral biometrics and liveness to ensure the right person is transacting. And that happens not only at onboarding, but, you know, with the subcustomers as well.

From our perspective, risk is so multi-tenant that it's hard to pinpoint and say like, you know, this is the worst thing that can happen. AML risk, sanctions risk, politically exposed people, structuring. There's a lot of different types and topologies of risk. I think what we saw as a category was there was a visibility gap. So in traditional payments, if you take SWIFT as an example, which is how a lot of our businesses that we work with are moving funds, they're moving it through a network of banks.

There's also an expectation as a member of SWIFT to kind of conform to certain standards as to how they onboard their constituents to the bank. So

**Drew Rogers** (13:34)

that's their onboarding policies, their compliance policies, etc. The bank, the bank layer has expectations.

**Nikhil Srinivasan** (13:39)

Exactly. And you can imagine, you know, most, you know, banks expect you to KYC and go in person and proof. And there's, there's no matter where you go in the world, there are decent expectations. If it's a internationally networked bank that you're going to participate in, in, in compliance, a

**Drew Rogers** (13:58)

shared

**Nikhil Srinivasan** (13:58)

kind This

**Drew Rogers** (13:59)

gets really important for, you know, just to set the right context. I feel like this gets really, the idea of like first party versus third party payments here get like really the uniqueness of like maybe what could be more simple about first party versus third party and defining those terms a little bit of like, am I, when I'm provisioning something like a virtual account, am I doing that for the bank or am I doing that or the client?

Or am I doing that for the client's user or the platform's person who's using that platform? And that like difference is like, it's such a unique risk difference in the type of like, you know, I'm thinking about our own, this podcast powered by Altitude now, we're using Altitude for our business. We went through that onboarding flow. And of course, one of the things that they're going to ask is like, Are you using this account to move funds on behalf of other people? What is that question getting

**Nikhil Srinivasan** (15:00)

at? I think that's a great segue. Compliance is also something that's such a broad term. We try to be very specific about the parts of compliance that matter. We look at our compliance controls and policies that we expect to implement as a business that our partners kind of align with us on and we align with them on. And that's a mix of these mostly AML sanctions PEP. Kind of procedures and reporting around that. Like if we identify risks, how do we kind of like report on that?

There's also compliance around the flow of funds, which is, is the way that the banks are exposing payment capabilities to the businesses, is it done in a way that like is nested or not nested? And I can explain what that means. If I'm doing first party payments, I'm moving money between customer A and customer B or customer A and customer A. If I'm a platform as a customer, then I'm likely moving money between customer B and customer C as customer A of the bank.

And so there's a lack of visibility into what exactly is happening or why that transaction is moving between those two entities. There's a higher expectation of compliance, controls, mitigations, and how it's even modeled. Because if you have the visibility, there's nothing wrong with third party payments. And I can give you an example, which is sponsor banking, right? In the traditional sponsor banking model with like FBOs, you don't quite necessarily have visibility with your fintechs.

So there could be a lot of things happening with the fintech program that you're coordinating with the fintech to really understand as a bank if all the controls are being met, but it is harder than if there was a technology layer that actually facilitated coordination between the bank and the fintech.

**Drew Rogers** (16:58)

oversimplifying this a little bit right like the the fbo model for the benefit of model is a bank or the licensed provider to provide these sort of virtual account type functions is giving that function giving that ability to a fintech company who's then essentially taking that ability and saying i'm gonna now give this ability to all of my users So essentially, you're giving me permission to offer these services to my users, clients, businesses, people, and there's so much there.

And the extra layer of like, okay, I just provisioned a million of these accounts, and now they're transacting with each other. And the bank is back here or whoever's like holding the bag or the compliance burden and saying, what's actually happening with all of these? And a

**Nikhil Srinivasan** (17:52)

good example is like your bank, a fintech is built on top of your bank and another fintech is built on top of that fintech. Now you're thinking about recursively how many of these fintechs are, you know, kind of

**Drew Rogers** (18:04)

nested under each other in terms of, and the risk as well. That's the word nest, when you use that word, that's what that

**Nikhil Srinivasan** (18:10)

means. Nesting is when there's like a single account and there's multiple sub-accounts under them. And so you have a concentration of like customer risk, portfolio risk. And so that's typically how banks have opened up accounts. They'll open up a master account and the fintech can go open subaccounts on behalf of their customers. Now, I do think a lot of that can be solved if we actually opened a master account for every customer. There's no reason we couldn't do that. And it's likely more operational for the banks.

But it's also a technology problem that banks can solve. So that's like an exciting way to think about solving some of this visibility and the compliance controls that the bank would need to have where they can directly own every relationship. So

**Drew Rogers** (18:57)

instead of thinking about this fintech, going back to the example, as like some sort of there's like some sort of wall in the way. You kind of just like bring that layer of compliance to the end and you treat that end client almost with the same rigor as you would the FinTech. Is that kind of the model? I

**Nikhil Srinivasan** (19:15)

think that's the model. I think it also, it's more of a relationship. You extend the relationship. You're opening these master accounts on behalf of every entity. And so when the entities are interacting with each other, you have clear visibility which entity is interacting with which other entity. This matters in the first party and third party use case as you asked. It's very important to understand in third party use case who's moving the money to who and why.

So if you're moving, you're the platform and I'm moving money to a friend and you're processing that on my behalf between me and my friend, that relationship is something that would be much more distinct and clear who, you know, who those entities are, what they're doing, what that activity looks like.

**Drew Rogers** (19:57)

What is the downside of not doing this well or not doing this at all? If I think a lot about the kind of era that we're in where we're kind of in this wild west on chain payments world where like a conversation that's coming to my mind actually recently was with Rodri from CrossMint and he was talking a lot about like he had some very clear and convicting takes around How out of bounds a lot of builders are right now and go back and listen to that episode with him.

That was a really interesting one and how there is about to be a very clear slap on the wrist for a lot of teams and a lot of companies and a lot of people who have All of these things that apply to fintech, Web2, that are completely like almost like Web3 builders aren't really taken seriously. He at least believes that like we're about to enter this era where like compliance is going to become a massive, massive part of a lot of the priority. Do you kind of resonate with that?

**Nikhil Srinivasan** (21:09)

Our whole thesis is that we're taking the simple problem of global B2B payments and saying stablecoins can be the technology solution, but in order for it to integrate with all the existing flow of funds, there's trillions of dollars moving internationally, you're going to have to solve that last mile of compliance. And even closing the loop with, you know, to answer your question about, you know, do I kind of agree with the sentiment or what do I think could happen in the space or what do I think is necessary?

I do think that stablecoin processors are in many ways fintechs. They're no different than any other fintech. So the challenges we've seen in the last couple of years with concentration of risk and portfolio risk within fintechs that emerge in the banking sector. Stablecoin is a risk that stablecoins also present to banks. And so I think the compliance will really dictate how the affordances that the companies make or the controls that they implement will really dictate how quickly we can grow this total pie.

It is important for us to always think about the portfolio risk, and this is a very new technology. One of the key insights we had at Sardine, and Sardine still is very convicted in this thesis, is that with new payment rails, there are visibility gaps that emerge. And so you can think about the visibility gap of cross-border payments where maybe you are originating a stablecoin transfer fiat to fiat. It's a stablecoin sandwich.

So, you know, there's a dollar coming in the US, there's local currency coming out internationally. In between, stablecoins are used to route this traffic through stablecoin providers that are willing to on-ramp and off-ramp internationally. And if you take that concept and you really ask yourself like, okay, how, at least today, where does the visibility gap lie? It's on the international side. We have incredible technologies for visibility into American accounts.

So if you're originating a US dollar payment from the US, you have Plaid, right? You have MX, you have Stripe Financial Connections, you have all these capabilities in addition to You know, the sardine device intelligence and transaction monitoring, things like SoCure that can do KYC, KYB really well internationally. So you have ways of doing this proofing.

But then when you get to the international leg, there's so much variance in open banking standards and bank linking standards and even the compliance requirements in the local market. And compliance is kind of interesting. I think it's going to be the theme for a while in stablecoins. I think a good analog for stablecoins is PayPal mass pay, where the technology solves moving money between different entities internationally. It's a ledger, so to speak. But you're responsible to bring your own compliance.

**Drew Rogers** (24:05)

I think PayPal quickly realized that they were in the compliance business pretty fast. Yeah,

**Nikhil Srinivasan** (24:10)

and I think there's a famous story of, I forget if it's Max or someone else, like their bathrooms apparently had screens with graph analysis that would surface fraud rings, AML rings, etc. So you could visually see the structuring. And you could highlight risks and you can give that feedback to the team. They were innovating on how quickly they could even identify and target because the business opportunity here is massive.

If you're a company today that takes compliance seriously, that takes fraud prevention seriously, and wants to take on this challenge of moving money faster using stablecoins or any other real-time payment rail, You're positioning yourself to actually build one of the most interesting and exciting datasets because ultimately that's the network effect is the ability to identify and predict where the risk in the network lies and mitigate that.

In order to compete with a network like Visa, you really have to be able to build a network on top of an open protocol. And so that's where Infinite sits. The technology is highly available. We work with a lot of different providers under the hood. that help us deliver stablecoin rails, whether it's on-ramping or off-ramping. Getting US dollars into stablecoins, getting stablecoins back into local currency or US dollars,

**Drew Rogers** (25:28)

So you're spending a lot of the time in that kind of open banking, international kind of endpoint. What

**Nikhil Srinivasan** (25:34)

we're thinking about, though, I mean, we're starting with the idea that there's a network effect between all these different providers and the unifying network effect is the stablecoin. The fact that most of these providers accept USDC and USDT allows us to stitch together what would otherwise require a ton of capital locked up at a ton of banks internationally in a correspondence network.

Rather, we actually have all of these processors in the local markets as well as regionally here in the US that allow us to enable this. Now, Infinite's unique model is to partner with this finite group of ecosystem partners and work closely with them on our compliance controls. So we want to go above and beyond with our partners in really defining how we collaborate on compliance. One of our key insights is, you know, compliance is not purely a technology problem.

There's a degree of actual operationalizing of the compliance program, coordination and collaboration.

**Drew Rogers** (26:32)

And that's really, you know, a huge part of our focus. So you guys are, you know, you're an American. Give kind of the bullet points of like, based here in America, where are you at in the fundraising journey right now?

**Nikhil Srinivasan** (26:44)

Yeah, we went through YC. So we're a new company. We're about a year old. We started last year, January of last year, 2025. My co-founder and I had left Sardine. Our first hire was our chief compliance officer at Sardine who had then gone to SoCure. And our vision really from the beginning has been how do we solve the what we call enablement problem in the stablecoin space. So there are a lot of orchestrators and we use and partner with many of these orchestrators. How do you

**Drew Rogers** (27:15)

define orchestrator?

**Nikhil Srinivasan** (27:16)

I think orchestration is, you know, I would take, for example, what Stripe is doing or Bridge is doing, what BVNK is doing. A lot of these are providers that have licenses to move money in their local jurisdiction in and out of stablecoins. And what we've done is built a network of these providers that allows us to move money to 40 plus countries, between 40 plus countries, right? Pay-ins and pay-outs.

What we've found in the process is that each one of these providers is implementing their own compliance control in a very unique way. And so if you think about Stripe, one of their key insights early on was solving for identity and compliance. The Stripe identity experience has always been phenomenal. Even Link feels

**Drew Rogers** (27:59)

like it knows who you are and that's how it's able to give you a better experience. You hate how good it is. It's so good.

**Nikhil Srinivasan** (28:06)

It's the best. Stripe components were always, and Stripe elements were always a differentiator. If you think about companies that have created, what I would consider enablement is something like where Stripe operates, where they're providing a lot of those building blocks and Legos for you to go and deliver a best-in-class end user experience. But that often require abstracting away a lot of the underlying hard tech necessary to deliver that end user experience.

And so in that process, we quickly realized that owning compliance, we've built our own compliance, you know, links for collection. So think, you know, we can go and send a link out to any customer. We can control what data attributes we're collecting. And this allows us to be very dynamic depending on the flow of funds and the use case as to what we're collecting upfront. The dynamism here is really important.

I think a lot of people think compliance is deterministic and static, but even as an industry, we've noticed over the last year how much the compliance requirements and controls even across all these partners has evolved. And often in the direction of collecting more information, sometimes maybe less, but very rarely.

**Drew Rogers** (29:12)

Yeah, we were talking earlier today with Charles from Rain about the Newances of things like KYC for the amounts of certain payments. Hey, this payment is $2 for this espresso shot versus $2,000 for, you know, some NFT or digital good or, you know, luxury.

**Nikhil Srinivasan** (29:34)

It's very, I

**Drew Rogers** (29:35)

think, something I didn't

**Nikhil Srinivasan** (29:36)

appreciate. You take a very probabilistic and portfolio risk approach when you think about financial services and how do you control for risk. Your goal is to stop most of the risk. It's Pareto optimal. You want to get 80% of the risk. You'll always find someone or something that's innovating beyond your controls.

**Drew Rogers** (29:56)

But the challenge is keeping up with that, right? Those risks are always evolving.

**Nikhil Srinivasan** (30:00)

I think for us, what we realized is if you're approaching compliance in a very accessible way, that can reduce a lot of the friction. It's the Stripe Link experience. Being able to say we can onboard a customer in the US and they can onboard international sub-customers and we can actually go and collect exactly what we need for both the on-ramp and the off-ramp makes that super seamless. And

**Drew Rogers** (30:25)

you can sort of message layer that information to each side.

**Nikhil Srinivasan** (30:29)

Exactly. And as the compliance requirements evolve, we can just progressively ping and ask for, here's a request for more information. It can be in-app, it can be texted, it can be emailed, fully white label. But it's a big part of the experience. I think right now, at least the status quo that what we experience is often There are so many different providers involved that there's almost a bit of friction in the network effect that stablecoins offer.

You're stitching at different providers, but you're also inherently going through different onboarding experiences. That fragmentation does present a challenge when you compare it with the status quo RTP. Drew Rogers, Stabledash Global, Stabledash Live,

**Drew Rogers** (31:09)

Stabledash Live, Stabledash Live, Stabledash Live.

**Drew Rogers** (31:26)

You know, being able to sit on the collection and pay outside of both sides, because I'm imagining like, if I'm doing the sandwich, if I'm sending and receiving in one flow, I'm just like, hey, I want to send money, but I'm starting it here,

**Nikhil Srinivasan** (31:41)

and I'm

**Drew Rogers** (31:41)

ending it here, and these two things are completely different. Like, the starting piece of bread on this side is not talking to the piece of bread on that side, but you guys are like, Hey, we can just collect, it sounds like, we can collect information here and because we're, you know, the cheese or the bologna in the middle, we'll just give that information over to this piece of bread. And we're not gonna like force the same thing to happen twice. Exactly.

**Nikhil Srinivasan** (32:06)

Yeah, and I think that's the right idea. And I think a lot of this comes down to the fact that compliance is just as much, you know, a technical problem as it is program management. So a lot of this is like expectation setting with the partners. Everyone is trying to solve for the same problem, which is risk

**Drew Rogers** (32:24)

and risk mitigation.

**Nikhil Srinivasan** (32:26)

And really, every organization has a unique approach to compliance. They have their own controls. Our unique approach is recognizing each organization and partner's unique compliance approach, what their requirements are, using technology then to make that very adaptable. So the classic example is many of our customers would try to orchestrate multiple stablecoin orchestrators or kind of build an end-to-end solution on top of that.

What they would often find, though, is that they were either KYC-ing customers through different portals, through different user experiences, maybe the request for information or, you know, sometimes there are follow-up questions that are asked when you're setting up some of these accounts. Those questions might often repeat themselves. So something that maybe one site, exactly how you described it, maybe, you know, the initial onboarding, that question was answered.

Why would the next entity or partner need to ask the same exact And so being really smart about the visibility there and really building towards that is something that we're very unique in. The second half of this is really what you also identified, which is there's an entirely different lifecycle for our customers and then their end customers, right? Which is we serve merchant developers. Our merchant developers are often doing third party payments, moving money between different people.

Sometimes they're doing first party payments. Right, and find merchant developers. Merchant developer, I would say, is like, you know, any customer of a fintech payments platform. So you are a business and you're trying to expose financial services to your customers. I consider that a merchant developer. And in that case, we're offering to these developers that want to offer financial services

**Drew Rogers** (34:11)

to their customers.

**Nikhil Srinivasan** (34:12)

The ability to have these Lego blocks not only for onboarding, but also for actually processing the payments. So that's like links that would include invoices. And so we can actually get the source of funds attestation as part of the lifecycle. That makes it a lot easier when you're a bank and you're reviewing a payment and you're trying to understand like what exactly the payment is for. We're able to use AI to analyze a lot of those documents and understand if those attributes actually add up and make sense.

Like an example is our AI agent is able to look up typical pricing information, wholesale pricing rates, and make sure that the

**Drew Rogers** (34:56)

invoice is quoting

**Nikhil Srinivasan** (34:57)

the

**Drew Rogers** (34:57)

items correctly.

**Nikhil Srinivasan** (34:58)

I think similarly, we are able to use the AI to really process a lot more rich media than a typical compliance operation would. So if you're uploading documents that are requests for information,

**Drew Rogers** (35:14)

What would a typical, like when we were, I'm going back to this example because it's recent, but we onboarded to Altitude and we were

**Nikhil Srinivasan** (35:24)

like,

**Drew Rogers** (35:25)

they were like, hey, you know, what business are you in? Can you like send us, I think for me we sent like a media sponsor contract to them because they required that to say like, And that was via email, right? I think so. And so that's one of

**Nikhil Srinivasan** (35:38)

the first things we solved, by the way, because we started sending it for all these different stablecoin services. And it was interesting because our customers were getting

**Drew Rogers** (35:47)

these RFIs. It was not the most, like, modern feeling thing in the world. It's like

**Nikhil Srinivasan** (35:51)

getting an email, asking for a passport sometimes, cap tables, you know, all kinds of information that I've never emailed.

**Drew Rogers** (35:57)

Coinbase institutional onboarding, it was like, Hey, can you, like, email me a picture of your passport? It felt the same way, yeah. It's like, what? Like, it would really pick people up.

**Nikhil Srinivasan** (36:06)

Yeah, exactly. I think it's the whole category of very, very manual operations around these compliance processes is something we noticed immediately when we entered the space. It felt very distinct to

**Drew Rogers** (36:17)

the stablecoin space because

**Nikhil Srinivasan** (36:20)

I don't remember, you know, sending any of my compliance information via email.

**Drew Rogers** (36:24)

But also, what's preventing me? It was a real contract. I sent them a real one. I can vouch for that, but what's preventing me from just going and spinning up a fake one?

**Nikhil Srinivasan** (36:33)

Well, it's manually

**Drew Rogers** (36:33)

reviewed. It is manually reviewed. I

**Nikhil Srinivasan** (36:35)

mean, part of the process is whatever you're submitting is going through a very manual human review. And that is not going to change overnight. I think it'll take a long time to remove the human from the compliance process.

**Drew Rogers** (36:49)

Okay, so that's still the case. That's still the case. There are humans reviewing

**Nikhil Srinivasan** (36:52)

all these things. There is some degree of automation, right? I think if these systems think the data matches very accurately, there's not going to be a review. It's up to the business, though, if it doesn't really meet certain confidence scores to actually go in and staff that process effectively

**Drew Rogers** (37:10)

and efficiently.

**Nikhil Srinivasan** (37:11)

Now, what we noticed though is that our end users were struggling because they're not, it's like our customer's end users actually. So our merchant developers, they're onboarding users. Those users know nothing about our underlying providers. They don't really know why they're getting this email from an arbitrary link. It's not very branded, it doesn't really feel like part of the Sometimes they

**Drew Rogers** (37:33)

can say names of companies that are not you and they're like, who is this company? And

**Nikhil Srinivasan** (37:38)

so there's so much confusion that stemmed from that. When we were in YC, we made it a mission to actually solve that problem. So whether it's the initial onboarding where we collect all this data, it gave us the opportunity to replay that data instead of it being stuck on each of these links. Because often actually you can't get the data out of the link as a

**Drew Rogers** (37:56)

developer. It really depends on how they're configured.

**Nikhil Srinivasan** (38:02)

And everyone's asking different data, so you might not even want to pull it out because you might not be getting exactly mapped data. One org might ask for some information, another org ask for something else

**Drew Rogers** (38:14)

for the same customer.

**Nikhil Srinivasan** (38:15)

And so there's a big part of this is controls mapping and really coordinating between these organizations to define what success looks like, what is like the best kind of controls for compliance. The second, I would say, aspect to this is how The RFIs are handled, which are RFIs or requests for information. There are these follow-up questions that often get emailed or sent, and they're very specific to your company and your use case.

And really, due diligence is the best way to describe RFIs, and they happen at the beginning of the customer relationship.

**Drew Rogers** (38:49)

Crucial point

**Nikhil Srinivasan** (38:50)

in the custom. And so from our perspective, we not only made that something that can be white labeled and part of the app experience, but it's also extremely progressive and dynamic. So we believe that it's almost better to constantly be like stepping up these requests for information and really closing the loop on some of these compliance questions in a single profile.

**Drew Rogers** (39:12)

Instead of like, hey, here's another step, here's another step. Exactly.

**Nikhil Srinivasan** (39:15)

And the audit trail is important, but the context being unified and centralized is also very important. So yeah, that's a long-winded way of describing, basically, one way that we're approaching tackling some of these compliance problems. As a payments company, we're fundamentally a global B2B payments provider. We go up against the dlocals, the transferwises. Helping people move money internationally. The use cases are very much looking for how do you get access to these USD accounts and exposure to US dollars?

And then at the right time, how do you also get access to local currency liquidity? And the industry calls it stablecoin sandwich, but we've found that often there's very specific routes that people are looking for. The sandwiches look pretty similar. So we're very focused on finding some of the most exciting repeatable kind of patterns and quarters and routes. and solving the compliance for those threats.

It's really hard to, I would find it hard to believe a company has solved compliance to an equivalent degree in every market overnight. This is a problem that you have to think about strategically in terms of coverage, in terms of the depth and breadth.

**Drew Rogers** (40:24)

What is the... Okay, so I'm kind of looking at this at a global scale. We've met with a ton of these teams throughout the journey. And I'm just thinking on the top of my head, you have what seems to be like very obvious, interesting businesses in the local stablecoin landscape. You have the Trace Finances in Brazil, you have the Menteos in LATAM, the Conduits in APAC and Yellowcards. You have all these different regional powerhouses.

Is it a good mental framework to say these might be some of the partners that you would want to work with? Absolutely.

**Nikhil Srinivasan** (41:00)

That's a great way to think about it. We see ourselves as allies to

**Drew Rogers** (41:05)

most of these stablecoin processors today. Bitso's in Mexico.

**Nikhil Srinivasan** (41:08)

Exactly. We see the fact that there's so much local compliance required. There's so much depth to establishing a successful compliance program locally. Which they're

**Drew Rogers** (41:20)

focused on probably already. That we see the network effect of stablecoins

**Nikhil Srinivasan** (41:24)

actually allowing winners in every market to coordinate with each other. It's a fish and market hypothesis. We have a couple of providers in each major market, and they're all able to provide us with different capabilities to different

**Drew Rogers** (41:37)

They also need each other as well. Like, you know, Bitso in Mexico really needs to, you know, they need to focus on Mexico and what, you know, what are the laws of the land there and users. And Mexico is very different than Africa. Yeah,

**Nikhil Srinivasan** (41:51)

I think you're hinting at something that we've noticed. There's a lot of bidirectionality. The network effect is really strong. In this space, I think you'll notice a lot of customers are also partners with each other. It's a lot of cross-selling. I do think the market structure is such that it's emerging. I think a lot of the partnerships exist because they're able to find market efficiencies in certain corridors that are sought after in that market.

And we're almost seeing as like all of these different routes and local regions Bootstrap the local currency liquidity against US dollar stablecoins almost naturally through efficient market forces, which I think is the most exciting thing. It's forced us to really think differently about how we build our platform. We're very generalized to support any of these different providers.

It's a lot similar to what we were doing at Coinbase to generalize the platform to support different blockchains, maybe with even different accounting models, say like the account-based ledgers versus UTXO.

**Drew Rogers** (42:52)

I don't know if this might be a bad way to say it, but it's kind of like an interoperability layer for compliance across a lot of these types of different local players. If I'm mentally thinking about this, let's just say that I'm based in Brazil, I'm a importer-exporter there, I'm gonna likely use, maybe I use Trace Finance or a platform that's very local to that part of the world, and there's gonna be really great benefits because I'm going direct to them.

But then there's like a ton of need for me to have a global by nature business, but I'm on board there. Is it the right way to think about it where like Infinite could be a really great, they're behind Trace to connect to all these other things? And then maybe thinking about it opposite, like maybe I don't start there. Maybe I can go to Infinite first and also the backwards compatibility is also there too.

Are you thinking of Infinite in like that bi-directional way or are you more focused on being that kind of direct relationship layer first?

**Nikhil Srinivasan** (43:58)

I think it's bidirectional because what we've found is stitching together these various providers has enabled us to unlock a lot of unique capabilities or fun flows that otherwise wouldn't be possible. So the network effect, in my opinion, really lies in being able to coordinate all the exciting partners and companies that are Really solving for the depth of liquidity in local currency against these US dollar stablecoins.

Now I do imagine that the market structure will quickly evolve, but right now it does seem like that's the most exciting thing. It's really just seeing how much flow is moving towards the stablecoin. At some point, some leg being denominated in stablecoins as part of the B2B flow.

**Drew Rogers** (44:43)

Okay, so talk a little bit about when you think about 2026. We're still early in the year. You guys are about a year in. It seems like a crucial time. What can you share around, what are some of these public bullet points that you can share that are like, whether that be clients, volumes, what are the things that you're able to disclose in terms of outs? We're

**Nikhil Srinivasan** (45:08)

still pretty stealth. I'll share that we're,

**Nikhil Srinivasan** (45:13)

Our product is much more mature. We're one year in, so we have a V1 that we're very excited to share with the world. That product is being used by tens of customers. We have hundreds of customers that are actively You know, onboarding and trying the product. And this new version, I think, is a culmination of our experiences from Coinbase, from Sardine, from SoCure. It really, for us, it's been like the vertically integrated experience in stablecoin that we've been looking for as developers.

And we're starting to notice that it does solve a very real user experience pain point.

**Drew Rogers** (45:50)

Yeah, what is different about, so I wanna ask you about this V2 or whatever you're gonna call it, but what is different about Infinite today than what you expected? Like what have you learned in the last 12 months that has shaped what the product, maybe this V2 is versus what you expected?

**Nikhil Srinivasan** (46:08)

One of our YC partners, Tom, who started Monzo, gave us really great advice when we started the company. Go bare metal in every way possible. If you're building a fintech, you're not going to avoid the ability to go bare metal. I think what we've been uniquely able to do is take a vertically integrated approach and find the kind of bare metal sources or low-level sources for compliance data or fraud prevention data.

You know, bank sponsor banking relationships to really stitch together something that we think looks and feels better in a pretty competitive market. So a lot of our learnings has been really trying to think critically about the end user experience, even though we're building a developer product. And that's really our whole thesis around enablement. It's thinking about our customer's customer, first and foremost.

And it's given us a very different perspective on how this product should look, feel, and the quality of service, too. I think if you interview a lot of customers in the stablecoin space, I think one thing they'll call out is, There's inconsistencies because there's so much fragmentation. And so our hope is you can benefit from the network effect that does sometimes feel like fragmentation.

**Drew Rogers** (47:22)

Fragmentation in what sense? Like, identity-wise?

**Nikhil Srinivasan** (47:25)

I think in every sense. You're working with a lot of different partners, and you're trying to coordinate a lot of different technologies, and you're introducing a lot of room for variance in quality of service. That could be SLAs, that could be how long it takes to settle payments, it could be, you know,

**Drew Rogers** (47:42)

The onboarding process. Like, yeah, there's just

**Nikhil Srinivasan** (47:44)

so many different things. And it's, that's probably a topic that you can interview all the founders on this podcast about, but each of us have horror stories about like the plumbing requires a lot. And that's why we're very grateful to be built on the shoulders and the foundation that the industry is kind of like built over the last couple of years and didn't quite exist 10 years ago, but it does exist today.

**Drew Rogers** (48:07)

Yeah. So you sold, you've exited a company before you sold the company to Coinbase, which is like, you know, an amazing slam dunk to be able to say that. What, as a repeat founder, do you feel like you have like the approach with this? What is different due to being a repeat founder that you think is like uniquely advantageous to Infinite that maybe if If Infinite was like the first startup you had, right out the gate, if this was the first one, what are you doing differently?

Because this is not the first rodeo, do you think?

**Nikhil Srinivasan** (48:41)

I think you'll appreciate this. It's something that Brian was a big fan of teaching us at Coinbase. Coinbase has produced

**Drew Rogers** (48:49)

a ton of founders out of that place.

**Nikhil Srinivasan** (48:52)

I think that was intentional. When I was there, there were 50 founders, ex-founders getting together for dinners and whatnot. I think one thing, though, that we all took away was that what makes Coinbase such a Lindy company, in my opinion, is the fact that they've survived every crypto wave and cycle. Crypto is cyclical in nature.

And I think the perspective I bring after working at Coinbase is, you know, I think when I joined, Bitcoin was trading at like $3,000 and people were extremely concerned about the post 20s of crash. I think you learn a lot about what you can build in a bear market. I think you learn about being very long term, right? I think that's a unique approach we take. And we have a ton of conviction that these problems do take intentionality, time and conviction to solve.

I think it's very hard to go into this space without that sheer conviction that this is definitely a future model of reality that needs to exist. I think many of us on our team would fully bank with stablecoins if we had all the capabilities figured out and there was parity with the status quo.

**Drew Rogers** (49:58)

Yeah, I think that definitely deserves to be celebrated about the Coinbase culture. I've never heard it said that way, but That almost like desensitization to price action. Most of my tenure at Coinbase was through the post 2021 crash and FTX and like all of that stuff was like an extremely volatile moment. But like they, because you have to. In the stock, even now, like when I was there as publicly traded company, the stock price has gone all over the place.

Any public traded company maybe has that a little bit, but imagine like Coinbase is publicly traded and the markets are like so embedded in like that company and the momentum of it all. You are forced to detach from all of it.

You can't wake up and actually genuinely believe that like, You know obviously people check the stock every now and then and like it's important whatever and like more institutions are going to be knocking on the door if bitcoin's crushing it but there's genuinely a sense of like we're here because we believe and it has nothing to do with like how much bitcoin's trading and to be around people like that who are like not actually paying that much attention to the The news or the prices and there's something about that that like it creates defensibility and survival and

**Nikhil Srinivasan** (51:20)

I think it's necessary I think the other the other thing I would I would say that's different as a you know repeat founder is you you definitely appreciate when the market the timing the market I think at coinbase we learned a lot about trying the idea at the right time We attempted a lot of ideas again and again, and when we nailed the timing, you know, we crushed it.

And so I think that perseverance required to kind of consistently chip away at the problem while also taking into account, like, you know, there has to be that market pull in order for it to be a success.

**Drew Rogers** (51:55)

You know,

**Nikhil Srinivasan** (51:56)

everything from like, you know, I don't know if you remember the bundles experiment where... Bundles? Yeah, or we had like, you know, a product at Coinbase where you could Stabledash Global, Stabledash Live, Stabledash Live, Stabledash Live, Stabledash Live, Stabledash Live,

**Drew Rogers** (52:28)

Coinbase Commerce has had

**Nikhil Srinivasan** (52:29)

so many interesting

**Drew Rogers** (52:30)

seasons of life.

**Nikhil Srinivasan** (52:32)

Time gets better and better and better, and you just see how much of the market penetration that you're able to compound over time. So that's something I really appreciate. Yeah, the thing that keeps me up at night is we are experiencing absolute disruption right now with AI.

I think, you know, as a company that's going vertically integrated in a payment, a very regulated industry, it does give me confidence that, you know, that is a moat in a period where like AI is disrupting a lot of the, you know, foundational drivers of fundamental value. But I think at the same time, you have to think about it from the perspective of AI probably will be the biggest consumer of these technologies irrespective of if they're regulated or not. So interplay... What does

**Drew Rogers** (53:19)

compliance look like compared to, you know, we are going to probably continue to talk more and more about all of these ideas of a theme for the show is like ideas on the frontier. What is on the frontier? And agentic commerce is just going to continue with stablecoins natively is going to become such a key theme of the show, I'm realizing.

And compliance As we've talked about, agents are extensions of people and there still needs to be high regard for compliance, maybe even more of a regard in some ways guardrail-wise over agents doing commerce.

What is the difference and maybe approach or the things that you're up at night thinking about when you compare a human-based commerce experience that maybe is more common in the last 10 years of fintech versus the next 10 years of agentic commerce like what is what is the compliance how are you thinking about those two things differently what are the maybe unique challenges that an agentic commerce world brings that you're excited to go solve like this is kind of the problem that will i think make a company like infinite win or not you know this how do you think about that

**Nikhil Srinivasan** (54:27)

It's a great question. I think we think about it in a lot of different ways in the sense that I think any company that's becoming AI native is almost taking an AI first approach to solving the problem. So one of the first things we've done, and we did this from day one, is design our compliance review process around agents.

So we've always had native integrations with all the top models that are actually looking and reviewing and You know, also persists in memory our decisions on every onboarding or transaction monitoring case, even though we rely often on other partners that make the final decision. We're still actively building our own competency around visibility of compliance data, our opinion on it, and like how we can truly inform our AI to like help us streamline that process.

The reason I bring this up, even though you asked about agentic commerce, is what keeps me up at night is actually machine-to-machine

**Drew Rogers** (55:20)

transactions. So I actually think, like... It's like third-party

**Nikhil Srinivasan** (55:23)

payments. Yeah, yeah, I actually, I'm not worried about, like, I don't think, I think we're gonna 10x, like, the market for digital commerce, for sure, through ChatGPT and Claude. I think at the same time, The much bigger opportunity is actually imagine an agent shopping with another agent. And where does that agent live even? I think there's an argument, an assumption that the foundation model providers would own all these agents. What do you mean when you say live?

Like this agent has to like, you know, run somewhere. And that environment has to constrain this agent's capabilities in some way. I think today we define a lot of constraints around, okay, we can give the agent a wallet and we can have session-based keys and we can give it limits. I think there's another world where the agent is almost just given its wallet and an environment with a lot of constraints up front.

I think like those two things, it wouldn't be crazy to me if some of the biggest payment processors are hosting

**Drew Rogers** (56:22)

agents

**Nikhil Srinivasan** (56:23)

and like really a lot of the regulatory value, a lot of the compounded commerce value comes from like deep integrations with like the payment stack. It's just something that keeps me up at night. If truly most payments will be between multiple agents, then I do think PSPs have a very important role in enabling agents to actually go to market and deliver value. And the alternative is also true. I think the foundation model companies may become payment companies in the process.

**Drew Rogers** (56:51)

What do you mean, foundation model companies?

**Nikhil Srinivasan** (56:53)

I think the commerce element of like an

**Drew Rogers** (56:56)

anthropic or an open AI is so important. You think they will kind of evolve into payment organizations? Yeah,

**Nikhil Srinivasan** (57:03)

I think there's a natural kind of

**Drew Rogers** (57:05)

market structure kind of forming where... Any thoughts on XMoney? I've been kind of looking at what they're doing. I think

**Nikhil Srinivasan** (57:11)

Elon is a great leading indicator for how The macro or the market structure is evolving and I think the fact that he has X AI and X money in the same 12, you're solving a lot of problems, whether it's like the data training problem, like scale, like you can tap into millions of people and give them, capture their attention and help them train the AI, right? You can make that feel like you're part of the user experience. No reason why you clicking isn't part of their AI training process.

**Drew Rogers** (57:44)

And so

**Nikhil Srinivasan** (57:45)

these RL environments that they're creating, you introduce money into the RL environment, now it becomes real.

**Drew Rogers** (57:50)

You're

**Nikhil Srinivasan** (57:50)

introducing a very, very real incentive, both for the human that's coordinating those agents as well as for the agents themselves. Yeah,

**Drew Rogers** (57:57)

and the human, which is already identified, already onboarded, already put through some sort of KYC process, which is so great.

**Nikhil Srinivasan** (58:06)

But maybe that's where I started thinking about when you say the identity problem, I think everyone's talking about like, okay, cool. Like how do we get this like identity on chain or how do we get like something to the agent standard on identity or something to that effect?

I do think you can solve a lot of these problems by thinking about basic roles and, you know, kind of our back within enterprise and That's where it excites me that payment processors may end up running the agent itself because why wouldn't you have like, you know, an agent scaffolding that just gives it a wallet, gives it a virtual account, gives it cards, like,

**Drew Rogers** (58:42)

I don't know. Yeah, because I am interfacing with that, you know, I'm interfacing, I'm already there, I'm already, you know, talking with Anthropic or whatever, like, they're going to be the ones in the position to issue the RAIN card or issue the, like,

**Nikhil Srinivasan** (58:54)

And I think someone, I don't know who mentioned it today or are on Twitter, but Visa is going into this with the commerce, the AI commerce kind of specific product that they have. There's so many

**Drew Rogers** (59:03)

things to follow. It's such a wild, like right this week is like a wild week.

**Nikhil Srinivasan** (59:08)

So excited for Very Stable Conference. I think there's a ton of other events happening this week.

**Drew Rogers** (59:13)

Okay, so as we close here, thank you so much for taking the time and energy. I know it's been a long day. Thank you for having me. It's been a blast. I don't know how long we've been rolling. It could be like 40 minutes or like two hours. I'm kind of at that point where time doesn't exist. What does something that I'm kind of thinking through anytime you're selling something or delivering a product, you want to hear pain. You want to know what pain sounds like.

What does pain sound like for Infinite and who is typically feeling that pain at the organizations you're selling to?

**Nikhil Srinivasan** (59:46)

If you're listening to this and you're a fintech or a payment processor and you're struggling with your global payouts and effects, come talk to us. I think what we've found is dealing with the traditional solutions requires a ton of manual operations. And if done right, a solution like Infinite not only streamlines the economics, the efficiency on cost and speed, But it's also an internal process improvement.

I think we can really cut down the programmatic element of stablecoin payments to something I think our customers have told us has been a huge, you know, boost. It's just like, fewer humans involved, you know, you're able to process more transactions with less people.

**Drew Rogers** (60:34)

Nikhil, thank you for this. Yeah. We'll do this again, man. So fun.