Emerging Markets, Stablecoins & Why You Should Look Beyond the U.S. | Amy Oldenburg
Episode publishedPodcast: Forward GuidanceForward Guidance
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I think the thing with EM is The US has been just blazing for, like, a decade now. Everyone's kind of sitting in those allocations. If we see any sort of allocation away from The US, it doesn't take too much capital to start moving some of these markets. If we look forward on some of these markets, we do think there's still an opportunity for that dollar to weaken going forward. Definitely beneficial to not all of our markets, but a lot of our markets. Obviously, it's not gonna be a straight line, but I would definitely keep an eye on the rest of the world.
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Thanks so much for having me today. It's a great time to be here. I was actually here the same week last year, so a continuation in another year of what's going on in the emerging markets in Korea.
There you go. Nice. So I heard on the panel you mentioned that you've been doing EM for twenty five years now, and you're at a crypto conference. How does how does that score up? What's that journey like? You were you were in EM, and now you're fascinated by crypto. Walk us through that journey.
Well, we're at a crypto conference, but actually a number of our portfolio companies or or the companies that have been in our portfolios over the years are also here. So, the convergence comes pretty close to our day to day business. But just the backstory of the crypto connection too, I actually started in tech before I went to Morgan Stanley. I was part of the Internet era of ninety nine, two thousand, building the first websites for Fortune 500 companies. And even back then, I had friends that were building music file sharing companies, so it's kind of coming full circle that we're back at
Yeah, absolutely. No shortage of variance and volatility in this space. So, yeah, you spend all the time in EM. Yeah. We're recording here in Korea. I'm sure you travel a lot for your job, and it's there's always this interesting contrast where crypto skeptics are, you know, a lot of them live in, you know, Western countries, The US. They're like, well, you know, I have Venmo or whatever. What is what what is it missing for me out of here? Like, I can send cash to my friend pretty much instantly, but I feel like the narrative is very different in other countries outside of those Western countr
Yeah. There's so many different layers of it. And I think, really, to start out with, anyone that's coming from the developed world, if they hadn't don't have some sort of family connection back to the emerging markets, if they haven't spent time living there, they don't really understand the challenges that many of these markets face. I mean, it's not even about sending payments. It's just like, let's start with, like, having a bank account. A lot of people in these countries, the unbanked population is still huge. The other thing is a lot of times the banks in many of these markets have been
Yeah. That's interesting. I wanna double click into stablecoin specifically and sharpen the question specifically around how you think emerging
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