Last year TCG Crypto sat down and thought about the killer use case for consumer crypto. At the top of our list was international payments with stablecoins. Over $5 Trillion dollars of international payments are processed every day, but in many countries, it’s incredibly difficult to send and receive money without losing significant value to fees and middlemen. Crypto offers a different vision for international payments: replacing extractive intermediaries and volatile currencies with open ledgers and digital dollars. The stage is set for disruptive innovation in payments and I’m thrilled to share our co-lead investment in Arnold & the remarkable team at Sphere Labs. We believe Sphere is paving the way for cost-effective and secure cross-border transactions for consumers and merchants alike.