“So we do not expect it to be sort of material to our payments business anytime soon.”

In context

“focus is just interoperability. So when it starts to be operational. We should be able to accept and process stable coins as well as interoperate within the banking system. So that sort of what our focus is. We are quite ready to pilot our own stable coin. There's a lot of partnership capabilities in the industry that allows you to stand that up. So we accept that this will be here. The use cases that we hear most about why this was needed or why that was important are cross-border in nature today. And as you know, they are institutional in nature. And we do not really have a big institutional cross-border payments business. Our payments businesses are a large card issuing business. And they are a large merchant, which is very focused on the small business and largely focused on the U.S. So we do not expect it to be sort of material to our payments business anytime soon. I think the issue, though, is if it does become a consumer day-to-day B2B type of a product or a pervasive institutional payments product, then it would compete with treasury management services. Gerard, I'll tell you there are a lot of things to be yet sorted out, both from a technology standpoint and the market structure. So I would just say at this point, we are quite ready to participate in it, quite ready to engage in the industry discussions around stable coin, but not anticipating immediate revenue impact to any of our businesses. Operator: Your next question comes from the line of Ken Usdin of Autonomous Research. Kenneth Michael Usdin: John, I just wanted to ask you real quick on the third quarter NII outlook and a little bit on the wholesale deposit costs. So I think you had men”