Sic_mundus

[Sic_mundus @ZP_ZAIN]

@Snapcrackle The concept of collateralized and tokenized receivables is still v cool tho!

[Sic_mundus @ZP_ZAIN]

@Snapcrackle That’s what I thought initially but wasn’t sure that Rain does credit programs. I thought the focus was on debit style stablecoins cards. But maybe they have some credit cards I’m not aware of.

[Sic_mundus @ZP_ZAIN]

https://t.co/amGrW8W56F

[Sic_mundus @ZP_ZAIN]

@defyneric Number 3! 🙏

[Sic_mundus @ZP_ZAIN]

👍 I think in most cases the “owner” of the program e.g. https://t.co/DBqyzv9fgu will want to keep as much of the balances on their sheet, and minimize float for their partner “issuer” e.g. Rain.

And any float that lives in Bridge and Rain is probably only there on a pretty short term operational basis. During conversion/transaction. TBD how much they can actually capture yield on that.

[Sic_mundus @ZP_ZAIN]

Obsessed with crypto cards recently, great read.

Help me understand, how are issuers getting float? Thought funds start on the user balance sheet (wallet, exchange), and quickly pass through issuer (for fiat conversion) straight to acquirer/merchant. Does the issuer need to be prefunded?

[Sic_mundus @ZP_ZAIN]

Great piece by
@nfergus https://t.co/y2bICJuhsR

[Niall Ferguson @nfergus]

My latest foray into applied financial history with @mrinconcruz is here on @business and @BloombergUK: https://t.co/R5ExgjOgPk

[Sic_mundus @ZP_ZAIN]

https://t.co/1SstJroESa

[Sic_mundus @ZP_ZAIN]

More on bank ROEs and primacy: https://t.co/I71AA1ZkMH

[Sic_mundus @ZP_ZAIN]

Link to @artemis report: https://t.co/ZhQBbuzhMr

[Sic_mundus @ZP_ZAIN]

https://t.co/64WA6VoU2Z

[Tokenized Podcast @TokenizedPod]

https://t.co/eCse4IcgS2

[Sic_mundus @ZP_ZAIN]

Another banger by @artemis, this time with my friends from McK.

TLDR: 🚀 Adoption is up, e.g., B2B payments 700+% YoY, demonstrating incremental benefit in key use cases. But very much in the early innings of this journey (~0.02% of tradfi payment volumes, after you strip out volumes from trading, rebalancing by exchanges and custodians, etc.) 🌱

[Artemis @artemis]

We just published the most accurate onchain estimate of stablecoin payments ever.

Everyone keeps quoting $10T–$30T “stablecoin payments.”

That number is wrong. By a lot.

Built with @McKinsey payments team, we used a bottom-up approach to isolate real payments.

This report previews our new stablecoin payments dashboard, launching soon.

The real number will surprise you 👇🧵

[Sic_mundus @ZP_ZAIN]

@digitalassetbuy GENIUS Act prohibits stablecoin issuers from offering yield

[Sic_mundus @ZP_ZAIN]

@defileo @obchakevich_ Etherfi cash back averages 3-4%. The 15% is a targeted offer for dining this month.

[Sic_mundus @ZP_ZAIN]

@echodatruth Coinbase doesn’t lend out your usdc. If they wanted to, they would need a banking license.

[Sic_mundus @ZP_ZAIN]

@patkkim Goated writeup! I was reading up/ChatGPTing this past week to piece things together, after reading @obchakevich_ post(s). But your stack visual is amazing. 🫡