Now, if we look at CBDCs, there's an awful lot of work going on in the space. About 93% of the world's central banks are currently engaged in CBDC development and research. 
Many of them are expected to have production systems in place by 2030. Most of them are retail systems, and we've seen some early examples of those retails systems. 
But a number of them are wholesale systems - they're CBDCs that will be used for banks transfers and the interactions between the central banks and the banking industry. And so we see here the list of various different countries, India's very high on the list. They come in different formats as well. Some are what are called 'wallet-based architectures', which are much more blockchain-oriented and much more like real, traditional cash. 
And then there are 'account-based systems', which are much more like traditional bank accounts but at the backend they are run by a central government, but typically implemented in partnership with banks in the respective geographies. And then there are a number of companies and jurisdictions that are currently working on wholesale projects as well.
 
The stablecoin marketplace is very interesting. The two dominant ones are UDST (Tether) and USDC (By Circle). And then there is DAI which is an automated algorithmic stablecoin which uses algorithm to try to stabilize itself. 
The two former ones are actually stabilized against real currency - stocks, bonds and the like - and are highly convertible and very successful at maintaining their peg. This is a very large marketplace, $ 161 billion currently, and they are being used in an awful lot of different place. 
Especially in countries that have experienced high inflation rates. 
Countries like Turkey have extremely high penetrations of stablecoins as consumers are looking to find ways of protecting their savings against the problem of inflation.
 
We are also seeing some new payment companies, companies like Paypal, entering the marketplace with a stablecoin of their own to try to have a mechanism that facilitates certain kinds of transactions. 
This is often also a gateway into the Web3 world. And then of course there are platforms like the Quartz platform that are actively working with governments and banks around the world to enable CBDCs and stablecoins. So, they are an increasingly important player in the space.