Will McComb

@pat_kely @stripe @phantom 🎉

One of the reasons I came to @stripe is to make crypto useful for everyday life, not just trading. Today @phantom is opening the waitlist for Cash, a new feature that lets their users hold a dollar balance, send money, and spend anywhere with a card. All inside a crypto wallet. The infrastructure behind it is Stripe and @Stablecoin : minting, onramping, virtual accounts, and card issuing, all invisible to the end user. They just see dollars they can spend. Time to bring crypto mainstream🚀

@oaktoebark @pat_kely @segall_max @stripe @phantom today - can you update to latest version?

@pat_kely @segall_max @stripe @phantom Already have cash when can I get the card?

you can just use @phantom

@Ross_O_Leary hit that @Amtrak and see @ComeProst

Don’t worry chief; we’re monitoring the situation.

@goldskyio @Stablecoin thank you for the partnership!

Open Issuance by @Stablecoin is one of the most important primitives to ship in years. Any business can launch its own stablecoin in days, keep the yield, and share it with every partner. But this model introduces a new problem for issuers: onchain attribution. To distribute yield and generate the correct documents, an issuer needs to know how much in stablecoins they held, and for how long. If multiple partners distribute your stablecoin and each earns yield on what they originate, you need to figure out who gets credit for every token so you can accurately disperse yield back to them. On high-throughput chains like Solana, tokens quickly intermingle: – millions of onchain events happen daily – ownership constantly changes; mints, transfers, burns, DeFi interactions (lending, liquidity pools, etc.) also need to be considered – still needs to be auditable and traceable back to onchain data The attribution model also matters. FIFO vs LIFO vs hybrid vs ... can mean millions in payout differences. Every decision has to be fully auditable. With USDC or USDT, compliance lives at Circle or Tether. They handle the reporting, audits, and reconciliation burden. Open Issuance moves some of this responsibility to the issuer. Sure the yield is yours, but so is the accounting. $CASH by @phantom was the first to launch on Open Issuance and is currently the largest by market cap ($120M). To solve this onchain attribution problem, Phantom built their attribution engine on Goldsky Turbo Pipelines. In under two weeks, we built a custom ingestion engine for CASH that piped Solana data directly into Phantom's Snowflake warehouse where they run their models and calculations. This setup allowed them to quickly iterate through 6 different attribution logic models without touching any infra. This means the cost of iterating with historical data going back to genesis block was essentially zero. Tradfi firms have entire teams for exactly this problem. Phantom now saves 40+ hours on reconciliation every month, and uses it to expand CASH :) Full story here: goldsky.com/case-studies/p…

Wallets are undervalued by the market. Enormous potential.

Huge deal for @phantom and anyone building in self custody 🇺🇸

@kaycidot great to see 👏

Lil announcement - since the beginning of the year, I've started working on Onramps here at Coinbase! We say this all the time as an industry, but onramping (aka buying stablecoins/crypto outside of a centralized exchange) still hasn't been solved. The biggest complaints I usually hear are 2 fold: 1) Still *expensive* -> Why does it cost me $5 + 2% to go from USD -> USDC? 2) The transaction itself just *fails* -> Why are my transactions getting rejected all the time? There's several reasons for why this happens specifically to onramps today, which I'll cover as separate deep dives.

@HadickM @austincampbell This is it, nothing else and imo smart. Once you attract deposits like this, they tend to stay.

@austincampbell A lot of people are also just subsidizing with negative unit economics for the initial phase of growth

0/ 6% APY is not sustainable, to answer that question. You are either going to be getting that because you are paying large fees for premium versions (in which case that is just your money coming back to you, but with tax consequences) or there are large risks under the hood.

@kugusha indeed

new best city in the world unlocked

@tednotlasso bullish @stripe onramp

consumer app designed for normies that abstracts away all crypto has coinbase and moonpay onramps for funding found that some users churned once they saw coinbase because they associate it too strongly with crypto and moonpay not known/trusted enough beyond crypto interesting

@defyneric just getting started

phantom’s CASH stablecoin is sitting at ~$120M market cap if they’re earning ~5% on that float that’s ~$6M a year in yield just from parking user balances pretty nice business to bolt onto a wallet

@tbpn @0xAneri @elevenlabs Legend

BREAKING: @0xAneri is joining @elevenlabs to build and grow ElevenCreative

@sfspacesquid congrats! let’s talk $CASH

excited to announce what I have been working on, we are moneymaxxing for agents

@amamujee @Stablecoin Let’s go!!

We're building a bank for @stablecoin(s), and just got conditional approval from the OCC. A big step to being GENIUS ready.

🚀

"With each token backed by one dollar, the names don't matter." Exactly right. You can just @useCASH.

Something this WSJ piece omits is that what @brian_armstrong is arguing for is not obviously in Coinbase's interest: in a world where yield sharing is prohibited, USDC will at least in a first-order way be more directly profitable for Coinbase. As far as I can tell, Brian's position stems from his belief in the importance of a vibrant and competitive market that protects consumer liberty, and I think he deserves a lot of credit for that. wsj.com/finance/curren….

@Sjr05d @conorsen it has quietly moved from 2% to 5%

@conorsen Any fun action on the betting markets on this?

This is it. Bessent comes closest to checking his boxes.

Bin it, and just leave us be.