The Complexity of First Digital's Stablecoin

First digital is a trust based out of Hong Kong. Do we really think that they're moving billions of US dollars through this, through this trust? Maybe. It's like we talked about with Jonathan and Patrick. Involving other counter parties or entities or structures between the US dollars and the assets that end up at first digital backing true USD. We have heard for years with varying degrees of accuracy that Tether's transactions actually involved a much more convoluted set of counter parties.