On Ep. 88 of Tokenized, Simon Taylor, Head of Market Development @ Tempo and Cuy Sheffield, Head of Crypto @ Visa, are joined by Eli Cohen, Chief Legal Officer @ Centrifuge and Ross Basri, Co-Founder @ Uptop (acq by Rain) to discuss Zelle launching ZelleUSD, banks using stablecoins for cross border payments and more! Timestamps: 00:00 Introduction 2:26 Zelle launching ZelleUSD stablecoin and India expansion 3:48 Banks using stablecoins for cross border payments 5:45 Zelle competing with Revolut and Wise internationally 8:59 Banks embedding FX services into stablecoin products 11:28 Rain launches native loyalty for stablecoin card programs 17:54 Using yield from stablecoins to fund card rewards 24:50 Rain offers credit cards and on chain rewards modules 27:50 Crypto exchanges cancel SpaceX pre IPO token orders 37:51 Different legal models for tokenized securities explained Tokenized is sponsored by Visa A world leader in digital payments, Visa is bridging the gap between traditional financial institutions and innovative blockchain networks, helping players in the payments ecosystem navigate the ever-evolving world of tokenized fiat currencies with confidence and ease. Learn more at visa.com/crypto. Tokenized is presented by Bridge, a Stripe company. Just like the internet made information global, stablecoins are making money global. And Bridge, a Stripe company, is the infrastructure powering that shift. Built for speed, scale, and simplicity, Bridge helps businesses send, store, convert, and spend stablecoins instantly, all without borders or having to navigate the complexities of crypto. Learn more at bridge.xyz Tokenized is presented by M0 Stablecoins are becoming global financial infrastructure. It&#x27;s time for that infrastructure to mature. If you&#x27;re a brand, you should have your own stablecoin set to the behavior of financial flows moving through your product. If you&#x27;re an issuer, you want to be the stablecoin partner for the most valuable brands. M0 is the only platform where issuers and brands get together to build digital money products for the world. Learn more at m0.org *** We’d also like to remind you that the views or opinions of our contributors today are their own and do not necessarily reflect those of the companies they are representing. Nothing we say should be taken as tax, financial, investment or legal advice, do your own research! Music by Henry McLean

SpaceX IPO Broke Tokenized Stocks

Tokenized

# Full Transcript

**Podcast:** Tokenized

## Participants

- **Simon Taylor** (Tempo)
- **Eli Cohen** (Centrifuge)
- **Ross Basri** (Rain)

## Transcript

And so if you think about the yield that those issuers are earning, coming back into the ecosystem and going to be paid out on transactions, combined with very interesting type of loyalty and reward schemes, you could end up in a world even in the US where you have a debit card that pays you 2% or 3% back. We haven't seen that.

And so I think that we're really excited to see many different approaches and experimentation and competition around ways to reward consumers and provide differentiated products. And we're just at the beginning of that.

How you doing, buddy? I'm great. We got a lot of shows coming out and I feel like the content is moving. Let's get into it. There's a lot to talk about. Making a debut on the show is the Chief Legal Officer of Center of Huge. That is Eli Cohen, formerly of CME, SGX and Euroclear Hong Kong. We've got a story for you later on Eli. I'm so glad to have you with us to make some sense of that. How are you doing? Good, good Simon. Thank you for having me. It's great to be here.

Where we're excited to have you and also making a debut is Ran Goldie, co-founder of Uptop, which was recently acquired by Rain. And well, welcome to the show, Ross. We'll talk a little bit more about that in a minute. Thank you. All right. Just before we get into the content, I've got to remind viewers and listeners that views and opinions of our contributors today may be their own and might not reflect those of companies they represent. And please don't take anything we say as tax, legal or financial advice or fashion advice or office advice or anything of the sort.

And with that, let's get to the first story. This comes from Zelle. They're launching a ZL USD stablecoin and separately announced an India expansion. So Zelle, for those of you who don't know, is the peer-to-peer money transmission app. It's founded by a consortium of banks under early warning services. That's got banks like Bank of America, Capital One, JP Morgan, PNC and many others as its shareholders.

And what's impressive about Zelle is they've got over 150 million users. It's offered by 2,400 different banks and supports 1.2 trillion in domestic payments annually. It's quite a bit larger than Cash App or Venmo. And they are now doing a stablecoin. It's live, but it won't be supported until the end of the year. They are launching separately in India, but it's not with the stablecoin.

And I think we can get into a little bit about why. Kai, I'd be remiss if I didn't come to you first on this, because I think we've been talking a while about the banks will use stablecoins. This is very much of a bank project using stablecoins, but it seems to be for a cross-border use case. Your thoughts there? When I first saw the headline, I saw ZL USD in India and I was like, Whoa, that's a huge deal of stablecoins coming in.

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SpaceX IPO Broke Tokenized Stocks

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

SpaceX IPO Broke Tokenized Stocks

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.