Because of time, I'm going to speak in English so that I can go faster.
We were absolutely supportive of the stablecoin act from just our own experience. Our clients already hold U.S. denomination stablecoins on our platform. We see that, whereas the vast majority of the assets they hold with us on the investment side are buy and hold, 250% of the total stablecoins that we typically hold move on and off in a given month, so the behaviour is very different, as you say, as a payment instrument.
We have encouraged the provincial government, which is our principal regulator, to make it clear that a federally regulated stablecoin, in a one-to-one back that meets all those requirements, is not a security and is not covered under, for example, the Ontario Securities Act.
There is still a role for provincial jurisdiction. For example, the Tetra project that Wealthsimple and Shopify and National Bank and Shakepay are invested in is an Alberta regulated trust company, and they are the issuer—