Walter Hessert

Proud to continue our partnership with @Mastercard advancing blockchain infrastructure and digital assets for modern payments !

@henryksarat thank you for being my first AI sherpa :)

I am addicted to Claude. The last time I felt so addicted to software was Chess.com ♟️ I had to cut that habit for my marriage's sake!

Great to have the @Bitpanda_global platform part of @global_dollar !

$PAXG is now available to trade on Robinhood Crypto.

🚨📊 BREAKING: The market cap of assets issued by @Paxos is up from $1B to $6.6B since Jan 2025.

Very bullish on this team !

Officially kicked off our stablecoin journey. Starting with our own CORP$™️ stablecoin service that provides earnings credits and designed for intercompany payments (24/7, instant, free). See PR here >> prnewswire.com/news-releases/… Natively built into Trovata's UX, corp finance & treasury teams can make payments 24/7 with instant settlement for free – all within the context of your existing workflows for corporate security, compliance, and governance. Big thanks to the @Paxos team: @nickrobnett @whessert @chadcascarilla, along with Advisor Paul Bances.

Sad to see banking groups pushing to expand #GENIUSAct yield restrictions from issuers to all intermediaries. It will thwart healthy competition in #Payments, reduce #consumer options w/out clear safety rationale, & stifle #digitalfinance #innovation. Seems designed to protect traditional banking interests rather than address genuine regulatory concerns. It’s not way #FreeMarkets #capitalism is supposed to work. I encourage leaders in Congress to stand firm for competitive #Markets that benefit consumers.

@benhoneill Congrats you and the Native Markets team 👏

So happy for the Native Markets team, they deserve this. Now back to work.

Go Irish

@beardmars @Gemini @Nasdaq Congrats Marshall!

A surreal moment. Couldn’t be more proud of our team and our founders - ten years in the making and many more to come. @Gemini x @Nasdaq

@CL207 The cat has spoken.. disappointed 😢

tldr - we cant vote paxos

theres some info asymmetry going on regarding the usdh situation (my following tweets is not a statement from hypurrscan just me)

Companies that have never issued stablecoins under prudential oversight have a very different road ahead. Set aside that Paxos is in the process of converting to an OCC trust, we have been issuing regulated stablecoins out of an NYDFS trust since 2018. I think it's fair to say there is zero percent chance that issuing out of an NYDFS trust will not be permitted issuance under Genius.

@whessert I'm glad we agree on that! But how is Paxos "already there" without an OCC charter? Without knowing the OCC's capital, liquidity, and risk management requirements? Without knowing the rules for BSA compliance? We all have a long road ahead and a lot of hard work left to do.

The $USDH debate is one of the more interesting events in recent crypto memory — a case where US policy (the GENIUS Act) is crucial to a major design decision. I have no vote, but I do see some misunderstanding about GENIUS worth clarifying. A few points to consider for those evaluating the proposals: 1) There is no such thing as a "GENIUS-compliant" stablecoin today. A lot of the debate has focused on whether the stablecoin proposals comply with GENIUS. But the bill itself doesn't actually provide the rules for how issuers can comply — it sets forth a general framework and leaves the details for regulators to fill in through rulemaking. A whole lot of rulemaking! And until that rulemaking is done, there is no way to evaluate if a stablecoin is compliant. Rulemaking isn't a minor detail or mere delay — GENIUS literally doesn't become effective law until 120 days after the rules are finalized, which is supposed to happen by July 18, 2026. That set the expected effective date of GENIUS at November 15, 2026. Until then, stablecoins will continue to be regulated exactly as they were one, five, ten years ago. Given this, what matters most is that $USDH complies with current law as it stands today. Sure, it's possible to get a jump start on GENIUS by obtaining licenses or charters sooner than later. But it's equally possible to waste time and resources on the wrong approach before rulemaking is done. Stablecoin issuers should have plenty of time to get into compliance with GENIUS as the rules come together. Supporting or opposing $USDH proposals based on GENIUS compliance today — before we even know what GENIUS compliance means — seems like putting the cart before the horse. 2) State regulation offers little or no benefit for stablecoins with over $10b in total supply. Some of the debate has focused on state charters and licensing as an advantage for GENIUS compliance. I don't see it. One thing we know about GENIUS is that it will offer two pathways for stablecoin issuance — state and federal. The state pathway will work for smaller stablecoins that keep their total supply under $10b. The federal pathway will be mandatory for all stablecoins that get bigger than $10b. If you're bullish on the Hyperliquid ecosystem, then you probably want to plan for $USDH to exceed $10b in total supply. This means the issuer will need to follow federal, not state, compliance requirements. To do so, issuers will have to be regulated as banks or obtain a federal charter from the OCC. It's hard to see how state charters or licensing could help with the federal pathway. In fact, obtaining state charters or licenses may be a waste of time and resources, except to the extent necessary to comply with current law before GENIUS becomes effective. So the focus on state regulation seems misplaced. 3) Evaluating GENIUS compliance is a "founder bet" as much as a legal analysis. As I've said a couple times, it is definitely important that $USDH comply with current law as it stands. But since GENIUS isn't effective yet — and since we don't even know what the rules will be — the key question for evaluating $USDH proposals isn't "is this team GENIUS-compliant right now?" but rather "is this team sophisticated and skilled enough to become GENIUS-compliant when the time comes?" As @austincampbell said today, "Fun to see this @HyperliquidX thing waking everyone up to the fact that distribution is the key economic factor for stablecoins...." In my humble opinion, what you want is a killer team that can follow the law today, prepare for the law tomorrow, and meanwhile crush the $USDH go-to-market with world-class execution. I can't wait to see who wins 👀

@web4O @bhau___ @mdudas Yes, they could acquire a regulated entity

@bhau___ @mdudas makes sense. could they acquire a charter?

@0xTrojanhorse @benhoneill 🦗🦗🦗

@whessert please answer this @benhoneill

Can you share what entity you are issuing out of? What regulator? Will this be the first public, open stablecoin you issue?

. @PayPal @krakenfx And more Paxos partners coming...

Respectfully disagree. In that case Stripe would have to hand over issuance to the bank that will then control the smart contract. If you dont use a compliant issuer today you will have a problem tomorrow. Tradfi businesses and institutions wont be able to touch it. And nobody is talking about MICA compliance... NM's USDH will not be useable on any EU platform and has no path to open that market. Paxos has the regulated entities for Genius and Mica compliant issuance today.

@mdudas “will be”. i assume they’ll partner with a chartered bank