路透称美国拟禁止进口新的中国数据中心组件，利好美国数据中心网络链、利空中国光模块链

【实时直播转录 · Bloomberg TV+】
来源:Bloomberg TV+(bloomberg 直播间 btv_us) · 标题:Bloomberg TV+
时段:2026-08-05 00:30–01:00(Asia/Shanghai),共 150 段
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[00:30] The valuation for folks like Marathon tend to be much lower. So the institutional investor market is recognizing that.
[00:30] Those Bitcoinco mining companies that have transferred over or moved into AI computing power are valued much more than the traditional guys that are.
[00:30] All we're going to end it there, but thank you so much for a great setup for us dwaberg us.
[00:30] Boston, he's a regular here for Bloomberg crypto now sticking with the financialization of AI, let's continue this discussion with Ophelia Snyder.
[00:30] Cofounder of 21 shares ophel, you heard what Dee was saying about this convergence between what were formerly crypto mining companies.
[00:30] into AI infrastructure companies, what do you think of this wholesale move, It seems like a wholesale move, at least, and how does it change to economics?
[00:30] Of a company that's doing just that. It makes sense. I think there was a moment where a lot of these companies were quite.
[00:30] Prescient in securing power contracts and securing infrastructure contracts and actually building the necessary infrastructure.
[00:31] I think the shift has made the competition for compute continue to grow, and I don't expect that to abate anytime soon.
[00:31] And there's no reason these firms that are specialized in doing it can't provide those services what if we see and I say what if but there are a lot of folks we talk.
[00:31] To say we will see Bitcoincoin go past $130,000 again at some point when that happens or if that happens, do these firms come?
[00:31] Say wait a second, we're not actually focused on AI compute now we're going back to mining Bitcoin because there's money in them chips.
[00:31] I suspect you will see both, and it likely makes these firms more robust, not less.
[00:31] Econically rationalSo being nimble is a feature at this point, I think so I think generally can they from a technical perspective?
[00:31] Switch on and off easily to like from one specialization to another my understanding and you know this is obviously.
[00:32] I'm not a Bitcoincoin miner by trade, but my understanding is it's not 100% fungible, it's more a function of.
[00:32] Our costs in infrastructure and what the best use of that is, which is not dissimilar from what you typically see around Bitcoincoin mining their moments.
[00:32] It's more or less profitable and certain locations are more or less profitable, so I expect the decision matrix to remain pretty consistent.
[00:32] Scars to tokenization because op you've said that crypto and Tradify are kind of talking past each other when it comes to tokenization and we certainly.
[00:32] SeeNo shortage of announcements of traditional finance companies getting into tokenization wells fargo today, for instance, saying it'll roll out tokenized.
[00:32] useFor commercial clients in a situation like this where you get an announcement from a wells fargo, for instance, what needs to happen behind the scene.
[00:32] m sceneces to make sure that it isn't just an announcement that kind of lands and doesn't go.
[00:32] Beyond that I mean, what needs to happen for everything to actually come into practice. So I think one of the things that's being undervalued in crypto markets today is how.
[00:33] At least some of these implementations really are these are, even though the numbers appear big to crypto, they are not big compared to what flows and.
[00:33] If I really look like and so I think you're going to continue to see a lot of interest in these projects, a lot of desire for them to expand.
[00:33] I think these implementations are critical proof points, but they don't represent a wholesale migration of infrastructure yet they're much more like.
[00:33] Baoons, then they are you know, full scale implementation What would you need to see in order to say, okay, this is no longer a test balloon we're now seeing full scale implementation.
[00:33] You would need to see a significant percentage of flow. And I think that's the piece or a significant percentage of assets right right now you're seeing.
[00:33] You know, either a few hundred million, maybe a couple of billion that pales and concerns like a lot to you know somebody, but you said in comparison.
[00:33] ToThe actual size of these balance sheets, the actual size of the total market for bank deposits compared to the total size of.
[00:34] Equities markets, I mean, those are the benchmarks so when you think about new capital markets technology, which essentially thiss varying flavors of it.
[00:34] But new capital markets technology and new payments technology and new settlements technology, you actually need that critical mass.
[00:34] That's interesting so you're seeing all these test cases and a lot of that seems to be going quite well and you speak to these institutions and they're excited about it the question then becomes okay.
[00:34] The gap between these really exciting initial trials and saying, okay, actually, yes, we're going to do it for our entire deposit base.
[00:34] And that gap is, I think what we're going to be bridging in the next few years, right to actually matter at an institutional scale is this a five year problem.
[00:34] One year problem, what's the timeline so I think I suspect it's a five year problem, maybe five to1.
[00:34] I think you need to get a critical mass going and then it kind of rolls and the role part will take a long time similar to what you.
[00:34] I would like the migration from mutual funds to ETFs, these are not small shifts when you start moving large amounts of money.
[00:35] You're still seeing people deprecate proprietary systems in favor of cloud and that's still happening right now like cloud transformation is.
[00:35] 100% complete I don't think 100% is the goal, I think it's that critical mass like once you get to more than half the market starts.
[00:35] Shift around that and so I think that inflection point is maybe five years out do you think Tradf and Tfi are overhyping tokenization here?
[00:35] No, not in terms of what it can do, but in terms of what it's going to take to go from these initial proof points to full scale deployment.
[00:35] requiresres a lot of middleware, there's a lot of connectivity that goes into that, whether it's updates to risk models to now take into account the possibility of being.
[00:35] Margin called on a Saturday or your accounting principles and how your core books and records actually capture.
[00:35] These transactions, none of that infrastructure is entirely controlled by any of these financial institutions they buy some.
[00:36] Some it's brought together in a variety of different ways kind of a hodgepodge it is, and that takes a very long time to.
[00:36] Mig grade and update so you do the test balloons, you see that it works, and then you start thinking about okay how do you think about updating core systems and these are.
[00:36] Critical dependencies for doing any kind of business for these firms, and so what does it take to put a new technology in a critical depend?
[00:36] pathway. and I think that's the question that we're answering now. what's required to do that. and that's really exciting. I think it's just going to take.
[00:36] A bit more work than maybe people currently realize certainly it's not encapsulated in those exciting breathless announcements about what they're doing.
[00:36] d absolutely it's great to speak with you thank you so much for joining usnyder21.
[00:36] F joining us here in New York Well coming up, we're going to talk to the head of crypto at Visa about the new stableco platforms.
[00:36] It's Bloomberg.
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[00:43] Thankss in Fintech.
[00:43] Are preparing for wider adoption of stablecos yesterday on the close, the ceo of stablecoin payments provider yellow card had a bold prediction.
[00:43] For the technology, I think when you look at international transactions within 10 years, people will not be using other.
[00:43] Forms of moving money across borders, right And even if you are using a company or anything like that to.
[00:44] Move that money across borders, they're going to be using stable coins on the back end it's just such a paradigm shift in the way that money moves across borders.
[00:44] Meanwhile, Via has unveiled its own stablecoin platform, it's designed to let financial firms issue, move and manage stablecoins.
[00:44] discuss is the head of crypto at Via Kai Sheffield, Ka, good to have you on the program. Can you just talk a little bit about the.😊
[00:44] That you were seeing before you created this product like who's it for and why Yeah, sure, So we talked to banks and financial institutions.
[00:44] all over the world, and I think at this stage, every bank needs to have a stablecoin strategy.
[00:44] So they were coming to us and really finding a challenge of where to start, what infrastructure do I need, and so we built the Vi Sablecoin platform.
[00:44] To be the single place that banks can go, to get the infrastructure to build on chain, and then to combine that with professional services.
[00:44] We have a visa consulting team that goes out and helps banks understand the market, figure out which use cases they should focus on, and then be able to execute those.
[00:45] Use cases on our infrastructure so you launched the visa stablecoin platform three weeks ago what have you seen so far, what's been the feedback that you've gotten so far?
[00:45] Yeah, I think the challenge that a lot of banks have is it's really hard to cobble together vendors.
[00:45] accross the different components of the stack, and particularly going through risk committees, partnering with a crypto startup.
[00:45] It's much easier to buy from the partners that they know and trust that they work with already, and so we're trying to go out and partner and build and invest.
[00:45] And create the best set of capabilities that we could put into one place, and then we're the place that can deliver that to the bank the most easily.
[00:45] to the visa dashboard shows adjusted sco volume hit a record 1.79 trillion in Junene, 8.8 trillion in the first.
[00:45] Of this year, much of that happened, most of that happened without visa. Why do stable coins need visa.
[00:46] Sablecoin business at Via is in an amazing spot right now, mostly with the lead that we have with stablecoin Link cards.
[00:46] Stablecos says great infrastructure, but they don't have acceptance, and so you need the ability if stable coins are going to become a form of bunny.
[00:46] Spend them at 200 million merchants across the world except these so we've seen stableco link cards growing at triple digits over the past year.
[00:46] Nly every week there are new stablecoin link card programs that are going live across our network might have seen Western Union today they just launched there.
[00:46] ableco card and so we think there's a whole generation of fintechs building on the infrastructure that still recognize the need and the value that Vi can provide.
[00:46] Connecting them back to the existing financial theco platform launched with open us, which is from the opensort.
[00:46] Not USDC, not USDT this is a new stable coin that I don't think a lot of people have heard of, USDC, by contrast.
[00:46] $70 billion in circulation, USDt has more than 180 billion. why would visa launch with a stableco that few people have heard of?
[00:47] That doesn't have a lot of market share rather than going with something that institutions already use that has a name recognition.
[00:47] Yeah, so I think it's super early for the stable Court ecosystem overall, we joined Open Standard and we're proud to work with about 100.
[00:47] 40 partners around designing a stableco that we think has economic and governance properties that can help set it up to scale.
[00:47] At the same time, we continue to support USDC and other stablecoins and we work with them across settlement, which just reached about 10.
[00:47] Billion dollars in annualized volume across our network. And so we're going to continue to support many stablecrs, but we think that there's still room.
[00:47] An opportunity for new stable coins to merge like open standard that can have the right governance properties to help them scale mentioned.
[00:47] A few weeks into this, these just a few weeks into this. What's the metric that you're going to use internally come the end of the year that says this has been a success.
[00:48] Yeah,I think today it's just the number of banks and institutions that are onboarding we have a sandbox right now.
[00:48] The the team is just overwhelmed with demand of clients coming to us, but it takes time for institutions to be able to launch these products so we've got to be able.
[00:48] So get them into the environment, help them figure out use cases and then deploy those use cases into the market over the coming year all right.
[00:48] Appreci you joining us, Kay Sheffield out there in San Francisco, he's head of crypto over at Visa the new product just launched a few weeks.
[00:48] That's it that it for bloom that's it that's all the time we have, but it's okay we'll be back next week and much more to cover as we' continued.
[00:48] tryify adopt tokenization and on chain and everything else they're now shaking hands roads are colliding they really are let's see.
[00:48] Clarity act goes by the end of the week at least that's what Summer Meringer says we'll see you again next week, this is bloomberg.
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