The Loyalty Business on the Fiat Standard

I worked at Mastercard for the last ten years, in the San Francisco office, building card-linked offer solutions to drive merchant loyalty. It’s a fascinating business, where cardholders receive merchant offers delivered via their bank, providing them with a discount if they make a qualifying spend at participating merchants. Below is an example of a sample of these offers/deals from my personal Wells Fargo bank account.

The offers drive new customer acquisition, reactivate lapsed customers and drive higher spend frequency and…

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A significant boost for the cryptocurrency sector emerged as the US Securities and Exchange Commission (SEC) wrapped up its investigation into Paxos, the issuer of the Binance USD stablecoin, without proposing any enforcement action. This development, shared by Jorge Tenreiro of the SEC’s specialized Crypto Asset and Cyber Unit, potentially alleviates concerns about the regulatory future of stablecoins.

Paxos faced scrutiny when it received a Wells notice from the SEC in February 2023, signaling potential legal challenges over whether its Binance USD coin should be considered an unregistered security. However, following a favorable court decision last month regarding Binance’s native token, the SEC has refrained from further action, marking a precedent that could influence regulatory treatment of digital assets.

This closure heralds a more predictable regulatory landscape, encouraging larger entities to consider crypto investments. According to Walter Hessert of Paxos, this resolution could significantly enhance market certainty and foster expansion in the stablecoin arena.

Fortune

As of July 11, 2024, U.S. Bitcoin ETFs have shown noteworthy net flows, indicating substantial investor activity and confidence in the cryptocurrency sector. Leading the pack, BlackRock IBIT registered a significant inflow of 2,095 BTC, boosting its total holdings to 312,565 BTC. This surge underscores growing trust in BlackRock’s Bitcoin ETF management and investment strategy.

In similar strides, Fidelity’s FBTC ETF welcomed an impressive 1,574 BTC in net inflows, reaching holdings of 173,431 BTC. This reflects a strong investor interest in diversifying traditional portfolios with digital assets. Additionally, Grayscale’s GBTC added 433 BTC, signaling a positive market adjustment and investor confidence in its offerings.

However, not all funds experienced growth; Bitwise’s BITB observed a reduction of 82 BTC. On the stable side, ETFs like ARK Invest’s ARKB and Valkyrie’s BRRR maintained their positions without any net inflows or outflows. Overall, the combined holdings across these ETFs now total 877,363 BTC, marking a net increase of 4,048 BTC valued at approximately $238 million, illustrating robust engagement and optimism in the Bitcoin market.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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