[
  {
    "startMs": 1309,
    "text": "[music]"
  },
  {
    "startMs": 12760,
    "text": ">> Good morning, everyone."
  },
  {
    "startMs": 15400,
    "text": "So, um I've had the pleasure of uh"
  },
  {
    "startMs": 18120,
    "text": "meeting a lot of folks at uh the booth"
  },
  {
    "startMs": 21040,
    "text": "here over the last couple of days, and"
  },
  {
    "startMs": 24520,
    "text": "the interactions have been great, uh but"
  },
  {
    "startMs": 27040,
    "text": "one question kept uh coming up, which"
  },
  {
    "startMs": 29640,
    "text": "was"
  },
  {
    "startMs": 30960,
    "text": "Circle is a stablecoin company. So, why"
  },
  {
    "startMs": 33600,
    "text": "is a stablecoin company at an AI"
  },
  {
    "startMs": 36040,
    "text": "engineering conference?"
  },
  {
    "startMs": 37880,
    "text": "And well, uh the answer to that is"
  },
  {
    "startMs": 40040,
    "text": "fairly simple,"
  },
  {
    "startMs": 41360,
    "text": "because"
  },
  {
    "startMs": 42960,
    "text": "Circle issues uh USDC, which is the"
  },
  {
    "startMs": 46040,
    "text": "world's largest regulated stablecoin."
  },
  {
    "startMs": 49240,
    "text": "And we've"
  },
  {
    "startMs": 50840,
    "text": "built over the years expertise in making"
  },
  {
    "startMs": 53360,
    "text": "payments simpler and cheaper."
  },
  {
    "startMs": 55960,
    "text": "And it turns out that's one of the"
  },
  {
    "startMs": 58480,
    "text": "bottlenecks for your AI agents."
  },
  {
    "startMs": 60880,
    "text": "So, when you often think about making AI"
  },
  {
    "startMs": 63960,
    "text": "agents smarter, we think about better"
  },
  {
    "startMs": 67360,
    "text": "models,"
  },
  {
    "startMs": 68640,
    "text": "uh more tool calls,"
  },
  {
    "startMs": 70560,
    "text": "complex orchestration,"
  },
  {
    "startMs": 72640,
    "text": "but"
  },
  {
    "startMs": 73840,
    "text": "where your agent actually"
  },
  {
    "startMs": 76280,
    "text": "in practice actually halts is when it"
  },
  {
    "startMs": 78560,
    "text": "hits a paywall or when it has to pay for"
  },
  {
    "startMs": 81040,
    "text": "something."
  },
  {
    "startMs": 82200,
    "text": "Then you have to step in, either create"
  },
  {
    "startMs": 84880,
    "text": "an account, sign up, or, you know,"
  },
  {
    "startMs": 87960,
    "text": "manage API keys."
  },
  {
    "startMs": 89960,
    "text": "So, that's where uh the limitation is,"
  },
  {
    "startMs": 93800,
    "text": "and that's the gap that I want to talk"
  },
  {
    "startMs": 95640,
    "text": "about today."
  },
  {
    "startMs": 97240,
    "text": "So,"
  },
  {
    "startMs": 99080,
    "text": "yeah, I'm Harshal, and I'm an engineer"
  },
  {
    "startMs": 101400,
    "text": "on the agentic product team at Circle."
  },
  {
    "startMs": 105080,
    "text": "So, let's sort of take a step back and"
  },
  {
    "startMs": 108120,
    "text": "see how we got here."
  },
  {
    "startMs": 109720,
    "text": "We believe that the agentic economy is"
  },
  {
    "startMs": 111600,
    "text": "already here."
  },
  {
    "startMs": 112800,
    "text": "So,"
  },
  {
    "startMs": 114040,
    "text": "how are uh"
  },
  {
    "startMs": 115520,
    "text": "you know, uh"
  },
  {
    "startMs": 116560,
    "text": "we In 2023 we interacted with agents via"
  },
  {
    "startMs": 120080,
    "text": "like prompts, uh your ChatGPT and stuff"
  },
  {
    "startMs": 123000,
    "text": "like that. We got a little bit better."
  },
  {
    "startMs": 125280,
    "text": "In 2024 we built workflows."
  },
  {
    "startMs": 127800,
    "text": "2025 was all about MCPs, skills, and"
  },
  {
    "startMs": 130520,
    "text": "orchestration."
  },
  {
    "startMs": 132320,
    "text": "And we believe this year, 2026, is when"
  },
  {
    "startMs": 134840,
    "text": "agents actually start paying for"
  },
  {
    "startMs": 136800,
    "text": "services that they want."
  },
  {
    "startMs": 139480,
    "text": "And the signals are promising."
  },
  {
    "startMs": 142800,
    "text": "Just in the last 30 days,"
  },
  {
    "startMs": 145920,
    "text": "uh agents have transacted with paid API"
  },
  {
    "startMs": 149000,
    "text": "endpoints,"
  },
  {
    "startMs": 150320,
    "text": "uh and the volume is about like $24"
  },
  {
    "startMs": 152120,
    "text": "million. Uh"
  },
  {
    "startMs": 153800,
    "text": "over X102."
  },
  {
    "startMs": 155720,
    "text": "And 99% of it has been settled in USDC."
  },
  {
    "startMs": 160480,
    "text": "While this number may look small in"
  },
  {
    "startMs": 162520,
    "text": "terms of volume in the broader"
  },
  {
    "startMs": 164320,
    "text": "landscape,"
  },
  {
    "startMs": 165520,
    "text": "it's only about to get larger."
  },
  {
    "startMs": 168959,
    "text": "So, what is X102? Um essentially, X102"
  },
  {
    "startMs": 172400,
    "text": "is"
  },
  {
    "startMs": 173680,
    "text": "a way where agents can uh pay for their"
  },
  {
    "startMs": 176720,
    "text": "the resources that they want because"
  },
  {
    "startMs": 179320,
    "text": "the server essentially returns a 402"
  },
  {
    "startMs": 181480,
    "text": "header"
  },
  {
    "startMs": 182519,
    "text": "and with the details of how they want"
  },
  {
    "startMs": 185480,
    "text": "the payment to"
  },
  {
    "startMs": 187360,
    "text": "proceed. And then the agent just signs"
  },
  {
    "startMs": 190200,
    "text": "um an authorization from the crypto"
  },
  {
    "startMs": 192360,
    "text": "wallet and then pays for the resource"
  },
  {
    "startMs": 194480,
    "text": "and retries the request again. So,"
  },
  {
    "startMs": 196040,
    "text": "that's"
  },
  {
    "startMs": 197239,
    "text": "in X102 in a nutshell and we'll see that"
  },
  {
    "startMs": 199600,
    "text": "in action in a live demo."
  },
  {
    "startMs": 201840,
    "text": "But then, the question is"
  },
  {
    "startMs": 204360,
    "text": "why do the traditional payment rails not"
  },
  {
    "startMs": 207040,
    "text": "work and why do the agents get stuck?"
  },
  {
    "startMs": 210320,
    "text": "So,"
  },
  {
    "startMs": 211280,
    "text": "the answer is simple, uh because for the"
  },
  {
    "startMs": 213320,
    "text": "last 30 years we built the internet"
  },
  {
    "startMs": 216280,
    "text": "around one customer"
  },
  {
    "startMs": 218160,
    "text": "and that was humans."
  },
  {
    "startMs": 219840,
    "text": "Right? Um so, we built payment schemes,"
  },
  {
    "startMs": 222959,
    "text": "uh monetization strategies, all catered"
  },
  {
    "startMs": 225400,
    "text": "towards how humans interacted. So, you"
  },
  {
    "startMs": 228200,
    "text": "had your sign-up flows, add your credit"
  },
  {
    "startMs": 231239,
    "text": "card, uh put in your information, and"
  },
  {
    "startMs": 234040,
    "text": "manage your API keys, but agents just"
  },
  {
    "startMs": 236720,
    "text": "don't function that way."
  },
  {
    "startMs": 238440,
    "text": "Agents"
  },
  {
    "startMs": 239600,
    "text": "want to like come in and grab that piece"
  },
  {
    "startMs": 241960,
    "text": "of data, resource, compute, inference,"
  },
  {
    "startMs": 244560,
    "text": "whatever, and just"
  },
  {
    "startMs": 246400,
    "text": "uh you know, and they have the ability"
  },
  {
    "startMs": 248200,
    "text": "to even like consume knowledge at a"
  },
  {
    "startMs": 250360,
    "text": "scale that humans just cannot."
  },
  {
    "startMs": 252760,
    "text": "I'm sure like you have seen sessions"
  },
  {
    "startMs": 254400,
    "text": "where it's able to like just scrape"
  },
  {
    "startMs": 256760,
    "text": "through hundreds of web pages, and um"
  },
  {
    "startMs": 259640,
    "text": "then it just like stalls because it"
  },
  {
    "startMs": 261000,
    "text": "can't like reach a particular endpoint,"
  },
  {
    "startMs": 263600,
    "text": "and it skips over it."
  },
  {
    "startMs": 265640,
    "text": "So,"
  },
  {
    "startMs": 267760,
    "text": "then you could think, \"Oh, yeah, just"
  },
  {
    "startMs": 269480,
    "text": "give it a credit card.\" or something"
  },
  {
    "startMs": 270960,
    "text": "like that. So,"
  },
  {
    "startMs": 272400,
    "text": "while that is possible,"
  },
  {
    "startMs": 275000,
    "text": "um these agents,"
  },
  {
    "startMs": 276760,
    "text": "uh because they consume so much data as"
  },
  {
    "startMs": 278680,
    "text": "they go,"
  },
  {
    "startMs": 279760,
    "text": "it's um"
  },
  {
    "startMs": 281520,
    "text": "they pay in fractional amounts, so tiny"
  },
  {
    "startMs": 284160,
    "text": "amounts, uh but at a very high"
  },
  {
    "startMs": 286360,
    "text": "frequency."
  },
  {
    "startMs": 287520,
    "text": "Uh and credit cards and their fees are"
  },
  {
    "startMs": 289640,
    "text": "just like not sustainable for this kind"
  },
  {
    "startMs": 291480,
    "text": "of like economic model. Um you cannot"
  },
  {
    "startMs": 293760,
    "text": "pay like 3% uh each time an agent tries"
  },
  {
    "startMs": 296640,
    "text": "to make a one-cent transaction. And the"
  },
  {
    "startMs": 299560,
    "text": "reason these transaction amounts are so"
  },
  {
    "startMs": 301440,
    "text": "small is because on the sell side or on"
  },
  {
    "startMs": 303640,
    "text": "the merchant side, they've realized that"
  },
  {
    "startMs": 305200,
    "text": "these paywalls were actually catered for"
  },
  {
    "startMs": 308040,
    "text": "humans, and now there's an entirely"
  },
  {
    "startMs": 310360,
    "text": "different customer base which is trying"
  },
  {
    "startMs": 312000,
    "text": "to like access their data, and they just"
  },
  {
    "startMs": 314880,
    "text": "want like a subset of the data. So, you"
  },
  {
    "startMs": 317520,
    "text": "could monetize that as a seller by just"
  },
  {
    "startMs": 320280,
    "text": "offering that, by wrapping that in a"
  },
  {
    "startMs": 322760,
    "text": "uh you know, in a paywall, and saying,"
  },
  {
    "startMs": 324640,
    "text": "\"Hey, I take one,"
  },
  {
    "startMs": 326880,
    "text": "pay me 10 cents and grab this data.\""
  },
  {
    "startMs": 329200,
    "text": "And that's why these are"
  },
  {
    "startMs": 331520,
    "text": "tiny um microtransactions, but highly"
  },
  {
    "startMs": 335240,
    "text": "frequent. So, because the agents are"
  },
  {
    "startMs": 336600,
    "text": "just like making these API calls"
  },
  {
    "startMs": 338320,
    "text": "constantly."
  },
  {
    "startMs": 341520,
    "text": "So, what do these agents need? The"
  },
  {
    "startMs": 344320,
    "text": "agents need um payments to work like the"
  },
  {
    "startMs": 347560,
    "text": "internet."
  },
  {
    "startMs": 348800,
    "text": "So, they have to be real time,"
  },
  {
    "startMs": 351800,
    "text": "low cost, programmable, and always on."
  },
  {
    "startMs": 357040,
    "text": "And that's why we've built the Circle"
  },
  {
    "startMs": 358760,
    "text": "agent stack. So, it's the full stack"
  },
  {
    "startMs": 360440,
    "text": "platform for the agent tech economy. And"
  },
  {
    "startMs": 363200,
    "text": "what we mean by that, let's look at it"
  },
  {
    "startMs": 365440,
    "text": "with a live demo."
  },
  {
    "startMs": 367240,
    "text": "Um yeah, wish me luck."
  },
  {
    "startMs": 372120,
    "text": "Okay."
  },
  {
    "startMs": 374480,
    "text": "So, I'll just explain"
  },
  {
    "startMs": 376920,
    "text": "uh what I'm trying to"
  },
  {
    "startMs": 379400,
    "text": "if I can get the"
  },
  {
    "startMs": 383880,
    "text": "terminal. Okay."
  },
  {
    "startMs": 386480,
    "text": "Okay."
  },
  {
    "startMs": 389120,
    "text": "Let's"
  },
  {
    "startMs": 391919,
    "text": "Mhm."
  },
  {
    "startMs": 394360,
    "text": "Pull it."
  },
  {
    "startMs": 396720,
    "text": "Yeah, I don't know."
  },
  {
    "startMs": 400880,
    "text": "Excuse me, can I"
  },
  {
    "startMs": 402640,
    "text": "Yeah, I tried but"
  },
  {
    "startMs": 406120,
    "text": "it's just not"
  },
  {
    "startMs": 407600,
    "text": "I don't know where the placement of the"
  },
  {
    "startMs": 408680,
    "text": "desktop is."
  },
  {
    "startMs": 412480,
    "text": ">> Can you escape out of this?"
  },
  {
    "startMs": 413964,
    "text": ">> [snorts]"
  },
  {
    "startMs": 420440,
    "text": ">> Okay."
  },
  {
    "startMs": 426760,
    "text": "Thank you. So, so what we have over here"
  },
  {
    "startMs": 429240,
    "text": "are"
  },
  {
    "startMs": 430240,
    "text": "two sessions. One is your regular cloud"
  },
  {
    "startMs": 432440,
    "text": "code and on the other on the right hand"
  },
  {
    "startMs": 434400,
    "text": "side is a cloud code that comes equipped"
  },
  {
    "startMs": 437000,
    "text": "with Circle agent wallet. So, it has a"
  },
  {
    "startMs": 439000,
    "text": "wallet which is funded and has the"
  },
  {
    "startMs": 441200,
    "text": "ability to like make uh has the ability"
  },
  {
    "startMs": 443840,
    "text": "to pay for premium content. And now uh"
  },
  {
    "startMs": 446840,
    "text": "let me actually"
  },
  {
    "startMs": 448560,
    "text": "just uh"
  },
  {
    "startMs": 450840,
    "text": "quickly uh"
  },
  {
    "startMs": 452480,
    "text": "add a task"
  },
  {
    "startMs": 454640,
    "text": "to this."
  },
  {
    "startMs": 456360,
    "text": "Yep."
  },
  {
    "startMs": 458280,
    "text": "And run it."
  },
  {
    "startMs": 460640,
    "text": "So, I'll explain what I'm trying to do"
  },
  {
    "startMs": 462440,
    "text": "over here, which is"
  },
  {
    "startMs": 464920,
    "text": "Yeah, so So, the task I'm giving Claude"
  },
  {
    "startMs": 468000,
    "text": "on and it's the same task on both the"
  },
  {
    "startMs": 470120,
    "text": "terminals is"
  },
  {
    "startMs": 471920,
    "text": "plan my trip for the FIFA World Cup"
  },
  {
    "startMs": 474560,
    "text": "final."
  },
  {
    "startMs": 475520,
    "text": "So, just, you know, give me summary of"
  },
  {
    "startMs": 478720,
    "text": "flights,"
  },
  {
    "startMs": 480400,
    "text": "hotels, logistics. Also, like what are"
  },
  {
    "startMs": 483600,
    "text": "the odds of like my favorite team"
  },
  {
    "startMs": 484880,
    "text": "Argentina being in the final? Who is it"
  },
  {
    "startMs": 487040,
    "text": "going to play? And stuff like that. Um"
  },
  {
    "startMs": 489560,
    "text": "and also"
  },
  {
    "startMs": 491040,
    "text": "what's the ticket prices in the"
  },
  {
    "startMs": 492800,
    "text": "secondary market? How is the experience"
  },
  {
    "startMs": 494720,
    "text": "of other people who've"
  },
  {
    "startMs": 496360,
    "text": "actually been to the stadiums?"
  },
  {
    "startMs": 498520,
    "text": "And"
  },
  {
    "startMs": 499360,
    "text": "are there any FYIs and stuff like that?"
  },
  {
    "startMs": 502040,
    "text": "Grab all of that."
  },
  {
    "startMs": 503720,
    "text": "Send me an email. And if possible uh"
  },
  {
    "startMs": 507160,
    "text": "make me a make a phone call and tell"
  },
  {
    "startMs": 509560,
    "text": "confirm that all of this has been"
  },
  {
    "startMs": 511320,
    "text": "researched and you know, sort of brief"
  },
  {
    "startMs": 513280,
    "text": "me on the summary."
  },
  {
    "startMs": 514680,
    "text": "So, we'll see like what's happening on"
  },
  {
    "startMs": 516640,
    "text": "on both the terminals here."
  },
  {
    "startMs": 518840,
    "text": "And"
  },
  {
    "startMs": 520840,
    "text": "Sorry, it's a bit hard to navigate. So,"
  },
  {
    "startMs": 522800,
    "text": "as you can see, um"
  },
  {
    "startMs": 524640,
    "text": "the left the vanilla Claude code has"
  },
  {
    "startMs": 526960,
    "text": "spun out like a bunch of sub-agents. And"
  },
  {
    "startMs": 530080,
    "text": "it's going about doing its research."
  },
  {
    "startMs": 533400,
    "text": "Similarly, on the right-hand side um"
  },
  {
    "startMs": 536760,
    "text": "it's"
  },
  {
    "startMs": 537640,
    "text": "actually like uh going through"
  },
  {
    "startMs": 540040,
    "text": "the wallets and making like um"
  },
  {
    "startMs": 543200,
    "text": "paying for all of these"
  },
  {
    "startMs": 544960,
    "text": "uh premium content and we'll see like"
  },
  {
    "startMs": 546880,
    "text": "what the results of it are."
  },
  {
    "startMs": 552960,
    "text": "So, as you can see, it's trying to make"
  },
  {
    "startMs": 555760,
    "text": "a phone call to find sorry, an API call"
  },
  {
    "startMs": 558520,
    "text": "to Stable and Rich. Um and it's paying"
  },
  {
    "startMs": 561440,
    "text": "from its wallet."
  },
  {
    "startMs": 562880,
    "text": "It's set up a guardrail of like, \"Hey,"
  },
  {
    "startMs": 564720,
    "text": "max amount is 15 cents.\" The beauty of"
  },
  {
    "startMs": 568280,
    "text": "uh"
  },
  {
    "startMs": 569000,
    "text": "having an agent with a wallet is"
  },
  {
    "startMs": 572120,
    "text": "you"
  },
  {
    "startMs": 573080,
    "text": "sort of build these guardrails into the"
  },
  {
    "startMs": 576000,
    "text": "wallet. And you don't have to as a human"
  },
  {
    "startMs": 578760,
    "text": "approve every single transaction"
  },
  {
    "startMs": 580880,
    "text": "because that would just not scale"
  },
  {
    "startMs": 582520,
    "text": "because these agents are just making"
  },
  {
    "startMs": 583880,
    "text": "these ones and five cents, 10 cents"
  },
  {
    "startMs": 585760,
    "text": "transactions. You want to like enforce"
  },
  {
    "startMs": 587840,
    "text": "those guardrails which is hey, this is"
  },
  {
    "startMs": 589440,
    "text": "the max amount you can send spend per"
  },
  {
    "startMs": 591480,
    "text": "session or this is the max cap you can"
  },
  {
    "startMs": 593880,
    "text": "do per day and stuff like that. So,"
  },
  {
    "startMs": 596920,
    "text": "the agent is still spending within the"
  },
  {
    "startMs": 598520,
    "text": "guardrails that you set but it is"
  },
  {
    "startMs": 600640,
    "text": "autonomous enough to like make these"
  },
  {
    "startMs": 602600,
    "text": "individual API calls."
  },
  {
    "startMs": 607320,
    "text": "So, let me just"
  },
  {
    "startMs": 610160,
    "text": "look at what"
  },
  {
    "startMs": 613600,
    "text": "the vanilla one is"
  },
  {
    "startMs": 616080,
    "text": "looking up and doing some research for"
  },
  {
    "startMs": 618280,
    "text": "hotels."
  },
  {
    "startMs": 622880,
    "text": "Yeah, um"
  },
  {
    "startMs": 625120,
    "text": "flights are coming in."
  },
  {
    "startMs": 628000,
    "text": "Also like in the prompt like try to like"
  },
  {
    "startMs": 630320,
    "text": "tell the agent to"
  },
  {
    "startMs": 632040,
    "text": "wrap this whole thing up within 6 to 8"
  },
  {
    "startMs": 634360,
    "text": "minutes in the interest of time. So,"
  },
  {
    "startMs": 635960,
    "text": "let's see if we're able to like get an"
  },
  {
    "startMs": 638160,
    "text": "email and a phone call done"
  },
  {
    "startMs": 640480,
    "text": "in the same time."
  },
  {
    "startMs": 651640,
    "text": "Let me also walk you through"
  },
  {
    "startMs": 655040,
    "text": "what the agent's doing if I can grab."
  },
  {
    "startMs": 665440,
    "text": "Yep, as you can see over here the agent"
  },
  {
    "startMs": 668200,
    "text": "was able to like make an API call to"
  },
  {
    "startMs": 671280,
    "text": "the poly market data"
  },
  {
    "startMs": 673839,
    "text": "via a provider called Block Run and"
  },
  {
    "startMs": 677560,
    "text": "it provided a query"
  },
  {
    "startMs": 680000,
    "text": "and again"
  },
  {
    "startMs": 681600,
    "text": "set the max amount guardrails"
  },
  {
    "startMs": 685360,
    "text": "and is now passing all the results."
  },
  {
    "startMs": 713120,
    "text": ">> All right."
  },
  {
    "startMs": 714160,
    "text": "So,"
  },
  {
    "startMs": 715600,
    "text": "let's go back to the"
  },
  {
    "startMs": 718520,
    "text": "main subject main agent here."
  },
  {
    "startMs": 743160,
    "text": "Yep."
  },
  {
    "startMs": 743920,
    "text": "And this is where I think you'll see on"
  },
  {
    "startMs": 745760,
    "text": "the left-hand side that the agent gets"
  },
  {
    "startMs": 747680,
    "text": "stuck because"
  },
  {
    "startMs": 749040,
    "text": "the agent just does not have the ability"
  },
  {
    "startMs": 751600,
    "text": "uh it cannot send out an email natively."
  },
  {
    "startMs": 754760,
    "text": "So, what it's doing is it's using my uh"
  },
  {
    "startMs": 757440,
    "text": "it's just like adding a draft into my"
  },
  {
    "startMs": 760080,
    "text": "Gmail account uh that is logged in, but"
  },
  {
    "startMs": 762320,
    "text": "it just cannot send it to someone. Uh"
  },
  {
    "startMs": 764839,
    "text": "whereas the other agent on the"
  },
  {
    "startMs": 766640,
    "text": "right-hand side will just be able to use"
  },
  {
    "startMs": 769480,
    "text": "um a provider, pay it, and send an"
  },
  {
    "startMs": 772360,
    "text": "email."
  },
  {
    "startMs": 780600,
    "text": "Now, let's see like"
  },
  {
    "startMs": 783280,
    "text": "this one's uh the"
  },
  {
    "startMs": 785400,
    "text": "the other agent is also like"
  },
  {
    "startMs": 787400,
    "text": "uh is about to like send an email and"
  },
  {
    "startMs": 789400,
    "text": "place the call, so let's see."
  },
  {
    "startMs": 791400,
    "text": "Does."
  },
  {
    "startMs": 810320,
    "text": ">> Okay."
  },
  {
    "startMs": 812920,
    "text": "So,"
  },
  {
    "startMs": 813880,
    "text": "as the"
  },
  {
    "startMs": 815400,
    "text": "I think the left agent, the vanilla"
  },
  {
    "startMs": 817120,
    "text": "cloud goods finished, and as you can"
  },
  {
    "startMs": 818920,
    "text": "see,"
  },
  {
    "startMs": 819880,
    "text": "it's sort of like made a confession that"
  },
  {
    "startMs": 822120,
    "text": "yeah, it cannot have It does not have"
  },
  {
    "startMs": 824360,
    "text": "the ability to make a phone call. So,"
  },
  {
    "startMs": 826320,
    "text": "it's just like providing me the"
  },
  {
    "startMs": 828320,
    "text": "highlights over here in the terminal"
  },
  {
    "startMs": 829840,
    "text": "itself. Um and"
  },
  {
    "startMs": 833160,
    "text": "now, uh whereas on the right-hand side,"
  },
  {
    "startMs": 835760,
    "text": "the email's been sent. Now, let me try"
  },
  {
    "startMs": 839200,
    "text": "to"
  },
  {
    "startMs": 842240,
    "text": "actually show you the email that we got,"
  },
  {
    "startMs": 845800,
    "text": "I wish."
  },
  {
    "startMs": 850920,
    "text": "Grab this somehow."
  },
  {
    "startMs": 859720,
    "text": "Okay, I'm going to make"
  },
  {
    "startMs": 861920,
    "text": "make the phone call."
  },
  {
    "startMs": 865800,
    "text": "Okay."
  },
  {
    "startMs": 875200,
    "text": "Just going to grab my"
  },
  {
    "startMs": 880760,
    "text": "thing here, and then"
  },
  {
    "startMs": 883560,
    "text": "let's look at the email."
  },
  {
    "startMs": 886560,
    "text": "So,"
  },
  {
    "startMs": 891120,
    "text": "yep, there we go."
  },
  {
    "startMs": 892880,
    "text": "So, I got this email. Oh, this is the"
  },
  {
    "startMs": 895200,
    "text": "old one. Let's see the new one."
  },
  {
    "startMs": 899920,
    "text": "Yep."
  },
  {
    "startMs": 901160,
    "text": "This is the one that we just received"
  },
  {
    "startMs": 903520,
    "text": "like 2 minutes ago."
  },
  {
    "startMs": 905200,
    "text": "And"
  },
  {
    "startMs": 907040,
    "text": "yeah, it has all the"
  },
  {
    "startMs": 909480,
    "text": "details that it was able to like find,"
  },
  {
    "startMs": 912240,
    "text": "including like getting to the stadium,"
  },
  {
    "startMs": 914640,
    "text": "open stadium and maps. It was able to"
  },
  {
    "startMs": 916480,
    "text": "like,"
  },
  {
    "startMs": 917520,
    "text": "you know, find all of these."
  },
  {
    "startMs": 920520,
    "text": "And then,"
  },
  {
    "startMs": 923320,
    "text": "what to expect by looking at like Reddit"
  },
  {
    "startMs": 927600,
    "text": "tickets, etc."
  },
  {
    "startMs": 930440,
    "text": "So, I'll wait for the call but in the"
  },
  {
    "startMs": 932720,
    "text": "interest of time it takes sometimes"
  },
  {
    "startMs": 935560,
    "text": "a few minutes for the call to come in"
  },
  {
    "startMs": 937800,
    "text": "but"
  },
  {
    "startMs": 939160,
    "text": "let's see and I'll move on. So, how does"
  },
  {
    "startMs": 942000,
    "text": "this work uh"
  },
  {
    "startMs": 943480,
    "text": "in the background?"
  },
  {
    "startMs": 945480,
    "text": "Is"
  },
  {
    "startMs": 948040,
    "text": "Yeah, let's get back to this. Let's"
  },
  {
    "startMs": 957240,
    "text": "Yeah, so so as you can see like the"
  },
  {
    "startMs": 959560,
    "text": "agent on the right hand side with the"
  },
  {
    "startMs": 961320,
    "text": "wallet was able to just make a bunch of"
  },
  {
    "startMs": 964480,
    "text": "these API calls and pay for it. While"
  },
  {
    "startMs": 967480,
    "text": "blockchains make all of these things"
  },
  {
    "startMs": 969200,
    "text": "theoretically possible, there are there"
  },
  {
    "startMs": 971520,
    "text": "are also some bottlenecks because uh"
  },
  {
    "startMs": 974000,
    "text": "even the most efficient blockchains"
  },
  {
    "startMs": 976760,
    "text": "have a gas fee and these small"
  },
  {
    "startMs": 979440,
    "text": "transactions just don't scale because"
  },
  {
    "startMs": 981640,
    "text": "the gas fee will again be a significant"
  },
  {
    "startMs": 984720,
    "text": "sort of"
  },
  {
    "startMs": 985880,
    "text": "fraction of the actual transaction. But"
  },
  {
    "startMs": 988160,
    "text": "it is important to have gas fees because"
  },
  {
    "startMs": 990680,
    "text": "they prevent the network from spam and"
  },
  {
    "startMs": 992200,
    "text": "abuse."
  },
  {
    "startMs": 993160,
    "text": "Um and blockchains also have some"
  },
  {
    "startMs": 995320,
    "text": "throughput limitations because there are"
  },
  {
    "startMs": 997000,
    "text": "other use cases that run on blockchains"
  },
  {
    "startMs": 1000120,
    "text": "and block space is shared"
  },
  {
    "startMs": 1001640,
    "text": "infrastructure. So, the problem for"
  },
  {
    "startMs": 1003440,
    "text": "agents is unpredictable latency and"
  },
  {
    "startMs": 1005440,
    "text": "degraded performance under load."
  },
  {
    "startMs": 1007960,
    "text": "So, what we did for that"
  },
  {
    "startMs": 1010680,
    "text": "is"
  },
  {
    "startMs": 1011960,
    "text": "essentially uh we built a new um"
  },
  {
    "startMs": 1015960,
    "text": "infrastructure layer on top of our intra"
  },
  {
    "startMs": 1018440,
    "text": "product called gateway. So, it's called"
  },
  {
    "startMs": 1020360,
    "text": "nano payments. It's built for sub cent"
  },
  {
    "startMs": 1022000,
    "text": "transaction sizes for as low as one"
  },
  {
    "startMs": 1023920,
    "text": "micro cent."
  },
  {
    "startMs": 1025199,
    "text": "Uh it supports"
  },
  {
    "startMs": 1026839,
    "text": "um it is gas free for the seller and"
  },
  {
    "startMs": 1028959,
    "text": "it's instantly cross-chain."
  },
  {
    "startMs": 1032520,
    "text": "And"
  },
  {
    "startMs": 1033880,
    "text": "the way it works is you essentially you"
  },
  {
    "startMs": 1036360,
    "text": "just fund um"
  },
  {
    "startMs": 1037880,
    "text": "your wallet and then Oh, sorry. While I"
  },
  {
    "startMs": 1040720,
    "text": "explain this, let's listen to the actual"
  },
  {
    "startMs": 1042560,
    "text": "call that came in."
  },
  {
    "startMs": 1043959,
    "text": "And"
  },
  {
    "startMs": 1044480,
    "text": ">> Hi Harsha, here is your World Cup final"
  },
  {
    "startMs": 1046839,
    "text": "trip"
  },
  {
    "startMs": 1047240,
    "text": ">> I don't know if it's part of it."
  },
  {
    "startMs": 1048720,
    "text": ">> at MetLife Stadium. Fly SFO to either"
  },
  {
    "startMs": 1051560,
    "text": "EWR or JFK non-stop. SFO is showing live"
  },
  {
    "startMs": 1055120,
    "text": "arrival delays today, so build buffer."
  },
  {
    "startMs": 1057360,
    "text": ">> Awesome."
  },
  {
    "startMs": 1058960,
    "text": "Can you tell me how do I get to the"
  },
  {
    "startMs": 1061800,
    "text": "stadium from my hotel?"
  },
  {
    "startMs": 1065760,
    "text": ">> On match day, take NJ Transit to"
  },
  {
    "startMs": 1067640,
    "text": "Secaucus Junction, then the Meadowlands"
  },
  {
    "startMs": 1069840,
    "text": "Rail Spur direct to the stadium. Budget"
  },
  {
    "startMs": 1071960,
    "text": "about an hour before receipt."
  },
  {
    "startMs": 1073560,
    "text": ">> Thank you. I'll read the rest of it in"
  },
  {
    "startMs": 1075640,
    "text": "my email. Thank you."
  },
  {
    "startMs": 1081000,
    "text": ">> You're welcome. Have"
  },
  {
    "startMs": 1083000,
    "text": ">> All right. So, that was just a quick"
  },
  {
    "startMs": 1085960,
    "text": "demo of like how you can have like AI"
  },
  {
    "startMs": 1088080,
    "text": "agents."
  },
  {
    "startMs": 1089240,
    "text": "Um if they're equipped with a wallet,"
  },
  {
    "startMs": 1090920,
    "text": "they can do a lot of things"
  },
  {
    "startMs": 1092640,
    "text": "with the"
  },
  {
    "startMs": 1093760,
    "text": "as opposed to an agent that does not"
  },
  {
    "startMs": 1095440,
    "text": "have a wallet. So,"
  },
  {
    "startMs": 1097560,
    "text": "I have a couple of more minutes, so I'll"
  },
  {
    "startMs": 1099160,
    "text": "just walk you through how this"
  },
  {
    "startMs": 1101200,
    "text": "technology works underneath."
  },
  {
    "startMs": 1103280,
    "text": "So,"
  },
  {
    "startMs": 1104360,
    "text": "if you have a wallet and you funded it"
  },
  {
    "startMs": 1107040,
    "text": "with USDC, it's very easy because Circle"
  },
  {
    "startMs": 1109800,
    "text": "works with a bunch of providers to"
  },
  {
    "startMs": 1111840,
    "text": "on-ramp your actual US dollars into"
  },
  {
    "startMs": 1113960,
    "text": "USDC. And from there, you can deposit"
  },
  {
    "startMs": 1116640,
    "text": "the funds into a smart contract. The"
  },
  {
    "startMs": 1118560,
    "text": "next thing it does is"
  },
  {
    "startMs": 1121640,
    "text": "the agent just has to like sign these"
  },
  {
    "startMs": 1123480,
    "text": "off-chain authorizations,"
  },
  {
    "startMs": 1125440,
    "text": "which are essentially cryptographic"
  },
  {
    "startMs": 1127120,
    "text": "signatures saying, \"I"
  },
  {
    "startMs": 1129160,
    "text": "am paying this address this particular"
  },
  {
    "startMs": 1132160,
    "text": "amount of money.\""
  },
  {
    "startMs": 1133360,
    "text": "And then"
  },
  {
    "startMs": 1134640,
    "text": "the server just has to like relay this"
  },
  {
    "startMs": 1136320,
    "text": "to Circle and within a few hundred"
  },
  {
    "startMs": 1138800,
    "text": "milliseconds,"
  },
  {
    "startMs": 1140320,
    "text": "this the server knows"
  },
  {
    "startMs": 1142960,
    "text": "the merchant knows that, you know, the"
  },
  {
    "startMs": 1145240,
    "text": "user has the funds and is able to"
  },
  {
    "startMs": 1147440,
    "text": "release the actual resource that the"
  },
  {
    "startMs": 1149080,
    "text": "agent requested. And with this, you"
  },
  {
    "startMs": 1151600,
    "text": "avoid the"
  },
  {
    "startMs": 1153280,
    "text": "issue of like you know latencies and"
  },
  {
    "startMs": 1155960,
    "text": "stuff that are associated with actually"
  },
  {
    "startMs": 1157800,
    "text": "settling every single transaction on"
  },
  {
    "startMs": 1159320,
    "text": "chain and this"
  },
  {
    "startMs": 1161160,
    "text": "the agents are able to like pay for"
  },
  {
    "startMs": 1163800,
    "text": "things"
  },
  {
    "startMs": 1165040,
    "text": "at the speed at which they operate. So"
  },
  {
    "startMs": 1167240,
    "text": "in conclusion the the the way the stack"
  },
  {
    "startMs": 1169760,
    "text": "would work is you have Circle agent"
  },
  {
    "startMs": 1172240,
    "text": "wallets which give you the ability to"
  },
  {
    "startMs": 1175840,
    "text": "equip your agents with wallets."
  },
  {
    "startMs": 1178160,
    "text": "The agents have can now hold their"
  },
  {
    "startMs": 1180600,
    "text": "money, spend that money autonomously but"
  },
  {
    "startMs": 1183760,
    "text": "within the guardrails that you set. The"
  },
  {
    "startMs": 1185760,
    "text": "wallets enforce those guardrails and"
  },
  {
    "startMs": 1188080,
    "text": "then on the sell side the merchants are"
  },
  {
    "startMs": 1190520,
    "text": "able to like just"
  },
  {
    "startMs": 1192360,
    "text": "wrap their endpoints and resources and"
  },
  {
    "startMs": 1194400,
    "text": "monetize it with a few lines of code"
  },
  {
    "startMs": 1197160,
    "text": "using our SDKs."
  },
  {
    "startMs": 1199040,
    "text": "Then"
  },
  {
    "startMs": 1200200,
    "text": "USDC and nano payments is the layer"
  },
  {
    "startMs": 1203280,
    "text": "underneath it which sort of helps settle"
  },
  {
    "startMs": 1205520,
    "text": "these transactions at the speed at which"
  },
  {
    "startMs": 1208000,
    "text": "agents operate which is sub second. So"
  },
  {
    "startMs": 1211400,
    "text": "and that this is how it scales"
  },
  {
    "startMs": 1213560,
    "text": "and you can give it a try yourself by"
  },
  {
    "startMs": 1217040,
    "text": "going to agents.circle.com."
  },
  {
    "startMs": 1220360,
    "text": "It's just a couple of clicks and"
  },
  {
    "startMs": 1224120,
    "text": "you will have your agent equipped with a"
  },
  {
    "startMs": 1226520,
    "text": "wallet and ready to like you know make"
  },
  {
    "startMs": 1229160,
    "text": "these phone calls and things like that."
  },
  {
    "startMs": 1231200,
    "text": "So yeah, thank you."
  }
]