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Speaker 1: Welcome to Fear and Greed Q and A, where we

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Speaker 1: ask and answer questions about business, investing, economics, politics and more.

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Speaker 1: I'm Michael Thompson and today why stable coins may be

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Speaker 1: the future of payments Now with the Reserve Bank already

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Speaker 1: trialing stable coins, all signs point to a major shift

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Speaker 1: somewhere in the future for payments. But stable coins, what

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Speaker 1: are they? How do they work? What does it mean

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Speaker 1: for your ordinary Australian business making payments here and around

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Speaker 1: the world. My guest today is Carl Durrance, who is

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Speaker 1: the Managing director Australia New Zealand, a payments platform Stripe. Now,

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Speaker 1: Fear and Greed is working with Stripe on the Stripe Tour,

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Speaker 1: which is a global road show bringing together business leaders

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Speaker 1: to discuss the most important trends in payments and financial technology.

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Speaker 1: It is happening in Sydney on the eleventh of September.

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Speaker 1: It is free to register. Just search for Stripe Tour

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Speaker 1: or check the show notes for a link. Carl, Welcome

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Speaker 1: to Fear and Greed Q and A.

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Speaker 2: Thanks for having me.

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Speaker 1: Now, before we get to stable coins, and I've got

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Speaker 1: a lot I need to learn on that front. Most

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Speaker 1: of us have heard of Stripe, or at the very

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Speaker 1: least we've used it, because you power the checkouts for

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Speaker 1: companies like Amazon and The Iconic and a bunch of others.

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Speaker 1: But it's broader than that, particularly when it comes to SMEs.

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Speaker 1: Take me through in your own words exactly what Stripe does. Yeah.

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Speaker 2: I think we describe ourselves as a financial infrastructure platform,

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Speaker 2: and so classically that can manifest itself in lots of

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Speaker 2: different use cases. The most obvious one is the acceptance

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Speaker 2: of payment online or in person and so allowing businesses

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Speaker 2: to interact and sell goods and services. But there's a

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Speaker 2: whole bunch of other stuff that we do as well,

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Speaker 2: in the management and movement of money, and so that's

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Speaker 2: helping businesses optimize tax that could be revenue reconciliation, that

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Speaker 2: could be running core billing systems, and a whole bunch

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Speaker 2: of stuff in between. And I think the interesting thing

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Speaker 2: about Stripe is the value proposition extends to all different

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Speaker 2: sizes of companies. So it could be the earliest stage

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Speaker 2: startups that need to accept their first payment online to

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Speaker 2: really really large enterprises that are looking to modernize the

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Speaker 2: checkout or optimize their business for productivity.

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Speaker 1: Yeah, because I mentioned Amazon. Yeah, they don't get much

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Speaker 1: bigger than Amazon, but it goes right down to kind

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Speaker 1: of the smallest of startups and SMEs here in Australia. Yeah.

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Speaker 2: Absolutely, Actually, like the founding story of Stripe was that

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Speaker 2: our founders started a company prior to Stripe and they

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Speaker 2: found one of the hardest things to do was to

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Speaker 2: be able to accept payment from their customers, and so

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Speaker 2: that was the genesis of why they built Stripes. So

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Speaker 2: it was informed from them starting a business Pride to Stripe.

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Speaker 1: Okay, well we've established then your credentials in their space.

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Speaker 1: Now I'm going to put you under pressure, and I

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Speaker 1: figure there's no one better to explain stable coins because

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Speaker 1: the talk is that they are going to play a

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Speaker 1: major role in the future of payments, particularly kind of

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Speaker 1: making payments around the world. But before we get to that,

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Speaker 1: one oh one on what stable coins actually.

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Speaker 2: Are, Yeah, I think stable coins are pretty misunderstood because

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Speaker 2: obviously they fall underneath the crypto barrier or the crypto

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Speaker 2: fan emily of payments. And classically, when we think of

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Speaker 2: crypto normally what we do is gravitate towards bitcoin, and

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Speaker 2: we know from a bitcoin perspective it hasn't really been

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Speaker 2: used as a currency per se. It's more of a

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Speaker 2: stored asset class. What are the challenges for bitcoin and

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Speaker 2: commercial crypto assets was that there are a few challenges

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Speaker 2: in making them useful from a utility perspective for payments. Right.

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Speaker 2: The first was that the value of a bitcoin is

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Speaker 2: very volatile. It goes up, it goes down, and so

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Speaker 2: as a consumer, you don't know if using that is

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Speaker 2: a good idea as a payment method. It could be

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Speaker 2: worth a lot more tomorrow than it is today. And

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Speaker 2: as a merchant it's the same thing, but maybe in

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Speaker 2: the opposite when they're accepting payment, it could be worth

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Speaker 2: a lot less tomorrow than it is today, And so

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Speaker 2: it doesn't have a lot of utility with respect to

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Speaker 2: paying for goods and services.

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Speaker 1: Yeah, there's always been that uncertainty around it, partly because

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Speaker 1: there's just been a bit of mystery about it, but

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Speaker 1: largely defined by volatility. Yeah.

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Speaker 2: Absolutely. And then there were two few other challenges that

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Speaker 2: classically got in the way of being used as a currency,

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Speaker 2: and that were it took a long time to settle

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Speaker 2: a transaction, and so normally when you want to pay

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Speaker 2: for something online, you're generally getting confirmation that the payment

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Speaker 2: is completed, the merchant can then release the good or service.

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Speaker 2: With bitcoin, it took an exceptionally long amount of time

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Speaker 2: to settle the transaction on the blockchain. And then thirdly,

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Speaker 2: the cost of the transaction was pretty high, and so

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Speaker 2: all these things points to the fact that there were

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Speaker 2: some technical challenges in order to get the benefit of

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Speaker 2: crypto in the past. Stable Coin addresses these challenges right. Firstly,

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Speaker 2: from a volatility perspective, it is a cryptocurrency that's pegged

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Speaker 2: to an asset class like a currency, a currency like

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Speaker 2: the US dollar, okay, And so if you have one

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Speaker 2: stable coin USDC today, it's worth one dollar today, it'll

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Speaker 2: be worth one dollar tomorrow, and so the volatility angle

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Speaker 2: is addressed. But then also the two other challenges are

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Speaker 2: addressed as well, and so now transactions will settle in milliseconds,

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Speaker 2: making it an equivalent experience to for instance, classically paying

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Speaker 2: with a credit card online. And then thirdly, the cost

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Speaker 2: to settle the transaction is also competitive as well, and

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Speaker 2: so all those things mean that now we have this

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Speaker 2: ability to leverage crypto in a classic payments use case

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Speaker 2: where it's been challenged in the past. With commercial crypto

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Speaker 2: like bitcoin.

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Speaker 1: Okay, I mentioned that the Reserve Bank has been doing

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Speaker 1: some work trialing this. What are they doing and that

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Speaker 1: certainly gives it a lot of credibility.

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Speaker 2: Yeah, I mean, so central bank digital currency, I think

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Speaker 2: is a little bit different to classic stable coins. CBDCs

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Speaker 2: are issued by central banks, while stable coins are issued

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Speaker 2: by commercial entities like banks, and so they're both using

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Speaker 2: blockchain technology and crypto technology, but they're solving different things.

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Speaker 2: I think stable coin is really interesting because it has

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Speaker 2: retail use cases, right. It allows essentially consumers and merchants

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Speaker 2: to transact with each other with a stable coin that

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Speaker 2: we think about it is classically it's like digital or

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Speaker 2: internet money. If you would design money today to operate

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Speaker 2: on the Internet, you would design it as a stable coin.

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Speaker 2: It is a decentralized ledger, It is a token based system,

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Speaker 2: and it is entirely digital. And what's really interesting is

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Speaker 2: it unlocks all these opportunities that maybe are really hard

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Speaker 2: to solve for with traditional feit currency. So global money movement,

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Speaker 2: the fact that at the moment, banking rails are quite

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Speaker 2: legacy and there's a lot of innovation over the top

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Speaker 2: of that in order to obfuscate that complexity and that

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Speaker 2: slowness in transaction. But with stable coins, essentially money can

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Speaker 2: move as fast as bits can move around the Internet,

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Speaker 2: and so you have this ability to unlock entirely new

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Speaker 2: use cases. I think one of the really interesting use

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Speaker 2: cases that we see, for instance, even for Australian businesses

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Speaker 2: around stable coin, is unlocking markets that have been traditionally

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Speaker 2: really really hard to get acts to.

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Speaker 1: Okay, when because we talk about this technology is happening now,

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Speaker 1: but when will Australian businesses see the benefits of it.

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Speaker 2: Australian businesses actually can get access to it now in

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Speaker 2: certain use cases. So Shopify, as an example, partnering with

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Speaker 2: Stripe and now accepting stable coin payments in thirty markets

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Speaker 2: around the world, and more markets to come in the

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Speaker 2: fullness of time, allowing them or merchants on Shopify in

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Speaker 2: order to transact with consumers who want to pay with

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Speaker 2: stable coin versus fit currency. And so I guess the

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Speaker 2: natural follow up question is, well, when would that be

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Speaker 2: the case? Why would I want to pay with a

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Speaker 2: stable coin versus maybe the way I pay today? And

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Speaker 2: I think one of the really interesting use cases is

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Speaker 2: unlocking markets that have really volatile fait currencies like Argentina,

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Speaker 2: where a merchant may not want to sell to Argentinian

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Speaker 2: consumers because they can't trust the value of that currency

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Speaker 2: is going to be the same tomorrow after they've already

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Speaker 2: the good or service. But what they can do now

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Speaker 2: is transact with those consumers because they can actually trade

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Speaker 2: local currency for stable coin and transact with global merchants

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Speaker 2: with USDC.

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Speaker 1: Okay, So bringing them back just to Australian businesses, it

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Speaker 1: opens up the world, yeah, to Australian businesses and allows

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Speaker 1: them to do it quickly and with stability and safety.

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Speaker 2: Yeah, it opens up parts of the world that at

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Speaker 2: the moment I think are classically unaddressable.

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Speaker 1: Okay, all right, I think you've just done the impossible

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Speaker 1: and explain stable coin in just a few minutes. While

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Speaker 1: I've got you, I wanted to talk about some research

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Speaker 1: that has come from STRIPE, your commissioned research, and it's

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Speaker 1: interesting because it talks to In the last couple of weeks,

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Speaker 1: has been so much concern, particularly about the productivity challenge

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Speaker 1: that we have in this country, and it was the

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Speaker 1: centerpiece really of the reform round table that we had

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Speaker 1: in Canberra. But the research that you have done talks

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Speaker 1: about the fact that there are nearly half I think

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Speaker 1: of Australian business leader are feeling more confident now, particularly

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Speaker 1: about embracing new technologies and the potential for that technology

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Speaker 1: to help resolve the productivity challenge. This confidence is we're

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Speaker 1: seeing it in a bunch of different surveys consumer confidence.

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Speaker 1: Businesses are getting more confident. How does that then play

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Speaker 1: out in this adoption of new technology.

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Speaker 2: Yeah, we're super encouraged by it. It's something that we've

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Speaker 2: been looking at for a while. Actually, we commissioned research

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Speaker 2: back in twenty twenty three specifically focused on trying to

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Speaker 2: understand the productivity challenges in businesses from a strip perspective

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Speaker 2: that Zero's right in on finance teams and like how

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Speaker 2: do they manage the business day to day. What we

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Speaker 2: found even back in twenty twenty three is that there

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Speaker 2: was a productivity gap when compared with global peers here

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Speaker 2: in Australia, and so about forty eight percent of finance

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Speaker 2: teams in Australia we're spending almost half of their entire

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Speaker 2: day just doing manual tasks handling data before they're actually

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Speaker 2: doing real work. Right now, when you compare that to

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Speaker 2: global peers, it's about forty percent. Now forty percent still

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Speaker 2: not great, right, but the difference between forty eight percent

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Speaker 2: and forty percent is material. It means that we're we're

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Speaker 2: not necessarily adopting those technologies around automation in the back

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Speaker 2: office as fast as our global peers. And so this

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Speaker 2: research we just commission, we haven't even released it yet

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Speaker 2: that suggests that forty five odd percent of businesses are

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Speaker 2: really encouraged to lean into these automation opportunities is pretty

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Speaker 2: exciting because that helps close that gap. I think some

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Speaker 2: of the other things we're seeing is just broad brush

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Speaker 2: AI adoption or AI interest in this market. That's super encouraging.

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Speaker 2: So seventy percent of businesses right now actually stating they're

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Speaker 2: leveraging it right now in their business in some form.

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Speaker 1: Okay, so a lot of these are.

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Speaker 2: Proof of concepts and experiments, but it does mean that

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Speaker 2: Australian businesses are doing a good job into leaning into

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Speaker 2: what this opportunity is.

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Speaker 1: There are certainly there isn't that reluctance or resistance to

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Speaker 1: embrace AI as a potential solution here.

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Speaker 2: No, And I mean when you look at Australia. Classically,

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Speaker 2: we've been a great nation when it comes to technology adoption,

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Speaker 2: whether it be cloud technology back in the day, virtual

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Speaker 2: technology prior to that, we've always been like this market

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Speaker 2: leader with respect to technology adoption. Primarily, I think by

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Speaker 2: nature of the fact that we're a long way away,

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Speaker 2: we're a constrained nation with respect to labor and talent,

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Speaker 2: and so for businesses to be successful both domestically but

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Speaker 2: importantly globally, there needs to be a way to level

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Speaker 2: the playing field, and that leveling playing field opportunities with

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Speaker 2: is the use of technology.

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Speaker 1: All right now, quickly before we go, stripe to a

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Speaker 1: Sydney give us the pitch, who should go and why so?

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Speaker 2: Stripe To is our global conference and so we've got

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Speaker 2: the Sydney one coming up on the eleventh of September.

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Speaker 2: We'll have fifteen hundred odd business leaders but also everyone

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Speaker 2: from a developer through to finance executives and CEOs to

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Speaker 2: learn about what is happening both in the global but

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Speaker 2: also local economies. We'll be talking about how to unlock

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Speaker 2: growth in the digital economy, sharing a whole bunch of

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Speaker 2: anecdotes around how customers are achieving outsize growth and also

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Speaker 2: sharing some product roadmap updates. And so my suggestion would

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Speaker 2: be if you're interested in understanding the digital economy and

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Speaker 2: the growth opportunities they present, Stripe two is the place

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Speaker 2: to come.

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Speaker 1: Terrific. Carl, thanks for talking to Fear and Greed.

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Speaker 2: Thank you.

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Speaker 1: That was Carl Durrants, Managing director at Stripe, a partner

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Speaker 1: of Fear and Greed. Sign up now to attend the

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Speaker 1: Stripe Tour Sydney taking place at the ICC on the

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Speaker 1: eleventh of September. I will put a link in today's

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Speaker 1: show notes as well. Now, if you've got something that

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Speaker 1: you would like to know, something that you would like

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Speaker 1: us to dig into on this show, then please send

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Speaker 1: me your question on LinkedIn, Instagram, Facebook, or at Fearangreed dot

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Speaker 1: com dot au. I'm Michael Thompson and it's Fear and

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Speaker 1: Greed Q and A