ON THE GROUND

OpenUSD's vs USDT, Bitget's 100M Users, Banks to Buy Fiserv Debit Network, Swift's Tokenized Ledger OpenUSD launched with 140 backers. @BitgetWallet crossed 100 million users. US banks are trying to buy their way around Durbin. And @Swift just went live with a blockchain-based shared ledger for tokenized bank deposits. This episode covers all four. Sam sat down with @AlvinKan, COO of Bitget Wallet, to break down OpenUSD's consortium stablecoin model, why it shifts stablecoin yield from the reserve layer to the distribution layer, and what Bitget's 100 million user milestone actually measures. We also get into why Bitget is betting on emerging markets over the US and UK, how the wallet works without a banking license, and where AI agent payments are headed. Then Otabek and Sam cover the week's biggest infrastructure news. @jpmorgan, @BankofAmerica, @WellsFargo, and @PNCBank are reportedly in informal talks to acquire Star and Accel, the debit networks owned by @Fiserv, whose stock has fallen sharply this year. The real motive is the Durbin Amendment, which caps debit interchange fees for large banks when transactions route over an outside network, but exempts banks that own the network itself. It is the same loophole logic behind @CapitalOne's acquisition of @Discover, and we discuss whether this leads to more merchant and consumer costs, and whether the payments world is fragmenting instead of consolidating around a few big rails. We also break down Swift's new blockchain-based shared ledger, now ready for initial use after nine months of development. Seventeen banks across six continents, including @ANZ_AU, @BNPParibas, @Citi, @dbsbank, @HSBC, @LloydsBank, @MUFGGroup, @StanChart, and @UBS, are piloting live transactions using tokenized bank deposits instead of stablecoins. We get into how this differs structurally from @Tether_to's USDT and @circle's USDC, why it overlaps with a separate live initiative from @Barclays, HSBC, Lloyds, and @NatWest_Help, whether Swift's 11,500-bank network gives it a structural edge over consortium stablecoins like OpenUSD, and why smaller emerging markets, including Central Asia, are still missing from every major cross-border rail being built right now. Subscribe for weekly conversations on payments, stablecoins, and fintech infrastructure. Leave us five stars on @ApplePodcasts and @Spotify.

OpenUSD launched with 140 backers. Bitget Wallet crossed 100 million users. US banks are trying to buy their way around Durbin. And Swift just went live with a blockchain-based shared ledger for tokenized bank deposits. This episode covers all four. Subscribe for weekly conversations on payments, stablecoins, and fintech infrastructure. Leave us five stars on Apple Podcasts and Spotify.

OpenUSD launched with 140 backers. @BitgetWallet crossed 100 million users. US banks are trying to buy their way around Durbin. And Swift just went live with a blockchain-based shared ledger for tokenized bank deposits. This episode covers all four. @alvin_kan youtu.be/pTgh5PUnVww?si…

More than 140 companies, including @stripe, @Visa, @Mastercard, @coinbase, @BlackRock, @Shopify, and Google, have joined forces to launch OpenUSD (OUSD), a new stablecoin designed to challenge the dominance of Tether and @circle. In this clip, Otabek explains how OpenUSDT's revenue-sharing model works, why major financial and technology companies are backing it, and how the announcement triggered a sharp market reaction, sending Circle shares down 17%. Is this the beginning of a new chapter in the stablecoin wars?

ElevenLabs Doubles Valuation to $22B in 5 Months @ElevenLabs, the European AI voice startup founded in 2022 by ex-Google and ex-Palantir engineers, is reportedly in talks for a secondary share sale that could value the company at $22 billion — double its $11 billion valuation from just five months ago. This discussion covers ElevenLabs' shift from consumer to enterprise revenue (expected to hit 70% enterprise by 2027), its 400 employees across London, Warsaw, and New York, and the nearly 250,000 job applications it received last year. It also looks at what this means for customer service and contact center jobs in markets like the Philippines and India — and whether valuations like this signal an AI bubble.

The Wall Street Journal reports @SpaceX showed investors a handset-like AI device prototype reportedly sleeker than the iPhone ahead of its June IPO. Musk has publicly denied it, calling the report "utterly false." But SpaceX has the manufacturing muscle (via Tesla) and the AI (via xAI) to pull it off, and Musk has already hinted at ambitions in wireless, positioning Starlink Mobile as a potential threat to Verizon and AT&T.

@tether's USDT has been dropped by MiCA-licensed EU exchanges Tether's USDT has been dropped by MiCA-licensed EU exchanges, including Coinbase, Kraken, and Crypto com, after failing to secure the e-money token authorization required under Europe's new stablecoin enforcement, effective July 1st. Circle's euro-pegged EURC remains compliant and unaffected. Sam breaks down Tether CEO's pushback on MiCA's reserve rules (60% held at often-reluctant European banks vs. Tether's US Treasury-backed approach), why Tether's real usage lives in emerging markets rather than Europe, and the bigger fallout: of 1,200 EU exchanges, only about 210 hold full MiCA licenses, leaving the rest, including Binance, shut out of the market.

OpenAI in Talks to Give US Government 5% Stake. @OpenAI is reportedly in early-stage talks to hand the US government a 5% stake in the company, as AI firms work to smooth relations with the Trump administration. CEO Sam Altman has floated the idea of giving the American public a financial stake in AI's growth — with other major players potentially expected to follow suit.

140 companies just teamed up to launch a stablecoin built to take on @tether and @circle. @stripe, @Visa, @Mastercard, @coinbase, and BlackRock are all in it together, and Circle's stock felt it immediately. @OpenAI wants to hand the US government a stake worth over $42 billion. @AnthropicAI said no to the same offer. Europe just locked Tether out of its exchanges. Circle didn't get the same treatment. @SpaceX may be building a phone. Musk says the rumor is false. The prototype says otherwise. @Klarna just won close to $2 billion from @Google in the biggest antitrust ruling in Swedish history. And an AI voice startup doubled its valuation to $22 billion in five months, while holding less than 1% of the market it's supposedly worth that much in. Otabek and I go through all six on this week's episode of On The Ground. Full conversation is live now, link in bio.

140 companies just launched a stablecoin to go after @tether and @circle. @stripe, @Visa, @Mastercard, @coinbase, BlackRock, all in on it. Circle's stock dropped 17% the same day. @OpenAI wants to give the US government a $42 billion stake. Anthropic turned down the same deal. Europe just banned Tether from its exchanges overnight. Circle stayed untouched. @SpaceX might be building an AI phone to rival the iPhone. Elon says it's fake. The leaked prototype says otherwise. @Klarna just won almost $2 billion off @Google, the biggest antitrust win in Swedish history. And an AI voice startup @ElevenLabs doubled its valuation to $22 billion in five months, while owning less than 1% of the market. We break down all six on this week's episode of On The Ground. Full episode is up now, link in bio. youtu.be/Z1ttFXxIKtU?si…

SpaceX's & Musk's AI Phone; OpenAI Gives US Gov 5% Stake; Stripe, Visa & Coinbase vs Tether & Circle 140 companies just launched a stablecoin to take on @Tether and @circle. @stripe, @Visa, @Mastercard, @AmericanExpress, @BlackRock, @coinbase, @Ripple, @Google, @Shopify, and @DoorDash are all behind Open USDT. Unlike USDC and USDT, most of the reserve income gets shared back with partners instead of kept. Stripe already made it the default for its businesses. Circle's stock dropped 17% on the news, and CEO Jeremy Allaire publicly pushed back, calling the model unsustainable. @OpenAI has reportedly proposed giving the US government a 5% stake worth $42.6 billion. Sam Altman wants Google and Meta to do the same, folding it into a sovereign wealth fund-style vehicle. @AnthropicAI has refused any government equity arrangement. A regulator becoming a shareholder is a conflict of interest waiting to happen. Europe's MiCA rules kicked in July 1, and Tether's USDT just got locked out of EU exchanges, including Coinbase, @krakenfx, and @cryptocom. Circle's USDC stays compliant. Tether says MiCA's reserve rules, which force issuers into smaller, less capable European banks, could hurt consumers more than protect them. @SpaceX reportedly showed investors an AI phone prototype sleeker than an iPhone, ahead of its IPO. @elonmusk denies it. The device would run on a custom OS built around @xai, and could position SpaceX to take on @Verizon and @ATT in wireless. AI hardware has a graveyard already, @Humane and @rabbit_hmi both flopped. @Klarna just won nearly $2 billion from Google. A Swedish court found Google illegally favored its own shopping service over Klarna's PriceRunner for 15 years. It's the largest antitrust award in Swedish history. Google is appealing. @elevenlabsio doubled its valuation to $22 billion in five months. The AI voice startup holds under 1% of the broader AI voice market, and independent leaderboards rank Google's Gemini TTS and @inworld_ai ahead of it. The valuation is being driven by enterprise distribution, not the best model. Subscribe for weekly breakdowns of the news shaping fintech, crypto, and payments, and let us know what you think of the new format in the comments.

Binance has informed EU customers that it will halt all crypto asset services starting July 1, 2026, after failing to secure a MiCA (Markets in Crypto-Assets) license from any EU member state. The immediate trigger was @binance's withdrawal of its license application in Greece on June 24th, after it became clear no formal decision would come before the deadline. Binance's plan now is to apply for a MiCA license in France, with hopes of obtaining it within the next two months — but in the meantime, it must pause all crypto-related activity in the EU and refund customer funds.

BREAKING: @OpenAI Delays IPO to 2027 — Sam Altman Won't Budge Below $1 Trillion OpenAI is leaning toward pushing its IPO from late 2026 into 2027, according to a named source cited by the New York Times. The company had already hired bankers and lawyers for a Q3/Q4 2026 debut, with Sam Altman pushing for a $1 trillion valuation. The choice came down to this: go public sooner in 2026 at a lower valuation, or wait until 2027 and hit the trillion-dollar mark. For Altman, any cut below $1 trillion is a non-starter.

@OpenAI Makes $13B in Revenue vs. $21B Losses (The Numbers Nobody Talks About) OpenAI hit $13B in revenue in 2025 (up from $6B in 2024) and was tracking toward $25B annualized by February 2026. But they also posted $21B in net losses — with $13-14B in projected losses for 2026. In this clip, we break down OpenAI's revenue engine (ChatGPT subscriptions + API), their eye-watering $1.4 trillion infrastructure spending plan, the Stargate joint venture, and why OpenAI is now renting compute from direct competitors like Google, Microsoft, and AWS.

Why Facebook Is Building a Prediction Market App @Meta is building a standalone prediction market app called Arena, according to the New York Times. Users will forecast outcomes across politics, sports, entertainment, and world affairs, powered by AI and running independently from Facebook, Instagram, WhatsApp, and Messenger. At launch it runs on points, not real money, a structure designed to dodge regulatory scrutiny and let Meta operate across all 50 states immediately. Real money wagering hasn't been ruled out for later. Meta is making this move now, how the company's 3.5 billion daily active users and dopamine-driven algorithms set it up to dominate prediction markets, and how Meta could monetize through ads, API licensing to hedge funds, and its own AI models without taking a cut of any bets.

@Worldpay_Global went offline on July 23rd during England vs Ghana. For a few hours, pubs, restaurants, and supermarkets across the UK couldn't accept card payments. The timing couldn't have been worse. During England vs Croatia, pub and bar transaction volumes rose 91% and peaked at 230%. The same surge was expected during this match. Instead, customers were queuing for ATMs and asking strangers for cash. In this episode, @Nuritdinov and @samboboev break down what actually happened, who took the hit, and what it means for the payments industry. WorldPay blamed a third-party power grid disruption. But the real story is bigger than one outage. Merchants lost revenue in a window they can't recover. WorldPay's valuation has dropped from $30B to $11B. And the outage raises a question the industry hasn't fully answered: if card infrastructure can fail at peak load, how confident should we be in the shift to a cashless society? We also get into what Decta's CEO Scott Dawson said about high-interest events creating narrow windows where every failed transaction is a lost customer, not just a lost sale. If you work in payments, fintech, or merchant acquiring, this one is worth your time.

Worldpay Crashed, @OpenAI Is Stalling, and @binance Lost Europe WorldPay went offline during England vs Ghana. Pubs, restaurants, Tesco — none of them could take card payments for hours. Transaction volumes in bars were up 148% that day. The cause was a third-party power grid disruption. Cash lines formed. OpenAI is pushing its IPO to 2027. Sam Altman won't go public below a $1 trillion valuation while burning $21B a year and paying Google, Microsoft, and AWS for the compute it needs to compete against them. Airwallex raised $320M at $11B, up from $8B in December. Revenue grew 74% to $1.3B annualized. A Ramp board member publicly called it a Chinese data backdoor. The CEO rejected it. Make of that what you will. Meta is building a prediction market app. 3.5 billion daily users, AI-powered, starting with virtual points. The ad revenue and data play is obvious. Kalshi just raised at a $40B valuation, doubling from $22B two months ago. Starling Bank deployed an AI agent running on Gemini that intercepts payments it suspects are fraud and asks the customer questions before the money moves. APP fraud hit $576M in the UK last year. Binance suspended EU operations after failing to get a MiCA license from Greece, Latvia, or Ireland. Revolut immediately ran a campaign targeting their customers.

@OpenAI Wants to Delay Its IPO, @binance Is Getting Kicked Out of Europe, @Worldpay_Global Is Down;

Adyen just launched @Adyen Agentic — a universal integration layer for AI agentic commerce supporting every major protocol: Google's Agent Payment Protocol (AP2), OpenAI's agentic commerce protocol, and Meta AI. Their pitch: integrate once, sell everywhere. But as Otabek points out, this is less about product and more about hedging. Every major AI platform runs a different protocol. We don't know which one wins. And Adyen, by staying protocol-neutral, is playing the same game browser makers and search engines played in the early internet — with no guarantee that today's frontrunner is tomorrow's Google.

Which AI Company Will Be the Next Unicorn? Aisha Chandraker from @CBinsights uses their Mosaic score a data-driven predictor of unicorn status, to identify which AI company stands out from 170+ on the map. The answer: Glean, sitting in the multi-agent systems and orchestration layer, ranking in the top 1% of private companies. The data also predicts Glean raises within the next 15 months. We break down what the Mosaic score actually measures, why the orchestration layer has the highest momentum right now, and what the funding pattern signals about where smart money is moving in AI infrastructure.