We had a great time at Lagos Startup Week yesterday! Check out the video for a snippet of @sosarichards running an exclusive live demo for the audience 🚀
Shoutout to our friends at @chowdeck and @ChickenRepublic for coming through with a speedy delivery #Besties 💙
#LSW24
🚨 BREAKING: Circle received final OCC approval for its national trust bank.
Circle National Trust is now a federally chartered bank. That means no deposits, loans, or FDIC insurance. But it does bring USDC's infrastructure under direct federal supervision, starting with custody. This is a major step to full "GENIUS compliance" nicely before the rules come into force.
This is a major notch in Circle's credibility, which made its name as the credible onshore choice for stablecoins.
However, management of the USDC Reserve itself is listed as a "future capability." The part of this charter that matters most comes later.
What I wonder about is the Fed master account. This would allow them to get much closer to honoring $1 USDC for $1. Getting that account is a separate fight, and trust banks land in the Fed's Tier 3 review, the slowest and most scrutinized lane.
The possible hope in that battle, is that Kraken appeared to sneak in before everything got slowed down, and non bank payment like companies may still have a path to the "skinny master account"
The thing I can't escape is the idea that getting the charter was the easy part.
The OCC approved Circle, Ripple, Paxos, BitGo and Fidelity in December. Bridge and https://t.co/Fe9UBDCAHy followed. The long drought of new de novo charters made these look impossible to get.
But keeping a charter is the work, times ten, forever. Ask Anchorage who got a trust charter in 2021, AML consent order by 2022. These approvals require conforming stablecoin activities to the GENIUS Act and every future implementing rule. Fall short, and the remedy can be exam failures, consent orders or even as extreme as a cease-and-desist.
Treasury's proposed rules require issuers to freeze, block and burn tokens on lawful orders. Circle took heavy criticism after the $285m Drift hack for waiting on a legal order while $232m in USDC moved across chains. This week, an ICIJ investigation revealed Wisconsin prosecutors filed a criminal complaint against Circle in a stolen-funds case.
Circle became a federally approved bank the same week a state prosecutor accused it of obstructing a warrant.
Revolut learned this under MiCA: full licensing changes what you have to say no to. Circle is about to find out what it has to say yes to.
You can now pay for things in Africa directly from your AI agent.
Today we’re introducing Paystack Index, the easiest way to check out with Paystack merchants through Claude, ChatGPT, OpenClaw, and any AI agent.
At launch, you can:
→ Buy airtime: “Buy ₦500 MTN airtime for 080…”
→ Send money with @zapbypaystack: “Send ₦25k to…”
→ Buy food with @ChowdeckHQ: “Order jollof under ₦3k near me”
As more merchants join the Index, you’ll be able to do more, from booking rides and ordering groceries to paying utility bills, quickly and securely.
Paystack Index is now available in Nigeria, with more African markets coming soon.
An experimental product from Paystack and TSG Labs.
Always been my dream that Africa’s financial relationship with the rest of the world will feel like WhatsApp’s UX.
Stablecoin infra and regulation are converging towards making that fully possible over the next few years.
Congratulations to Arsenal, the players and the fans for winning the league title.
Especially to Mikel Arteta. You always believed in the club and worked harder than anyone to achieve this. You deserve it, boss.
Congratulations, family ❤️ @Arsenal
When Mikel entered and North London Forever is playing in the background man.. why am I tearing up again. I love this team. What a long while it has been.
Baobab Microfinance Bank is helping Nigerians access loans, save smarter, and manage their money.
In this video, Eric Ntumba, Ejiro Ovuakporaye, and Adewale Onifade from Baobab Microfinance Bank share how Paystack makes deposits and withdrawals seamless.