This is a correct point, but we find that: 1. The vast majority of fintechs are 1-2 layers away from the FX interbank. There are large cost of capital and overhead costs to participate directly. Not everyone also has the prescience / skillset or now, scale, to run an internal FX desk like you do :) 2. Offramping EUR stable is currently at 0 bps subsidized, probably ~single bps cost right now, and trending towards 0 3. Our fintech and b2b customers prefer the technological robustness of crypto rails vs trad rails, and the simplicity of flows with instant on-chain fx settlement What do you think about my points?