Global reach in 200+ countries, 500,000 retail locations worldwide - more than McDonald's, Subway, and Chipotle combined. While world talks about stablecoin, consumers still need cash for daily use like paying bills. Goal is to be the link connecting digital world with physical world. Recent deal with Kraken allows crypto users to convert to cash and spend at any retailer.

We have a $5 billion digital endpoints, but it's that physical layer that's important.

Some movement seen, more quarter-specific. US to Mexico corridor has seen some stress, but total payment volume from US to other countries has actually increased. Workers are still finding work, just in different places. Service is a need, not a want.

Operate in very regulated environment with required licenses. View that as a great thing - can't just put AI over it. Identification is a requirement to use the network for safety and anti-money laundering reasons.

Total payment volumes increasing. Some lower-end consumers struggling, but many still thriving and spending at highs. New partnerships like Kraken bringing different customer segments. Will be an open network bringing in more users from different income spheres.