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So they're an institutional investor. Like I said.


An institutional investor with ties to their biggest competitor, bit different.


Yes and no.

Yes, USDC and USDT are different "securities".

But that's like saying that in the regular market that because Charles Schwab and Fidelity are competitors, they don't have a whole lot of cooperation - they do, because at that scale (and with the amount of arbitrage and speculation in crypto), you need to cooperate with your competitors, or you will be iced out.




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