Founder @magnolia_hq | banking 🤝 crypto 🤝 fintech
NYC đź—˝
Joined August 2013
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Harsha Goli retweeted
we have an early early version of SolOS to show you guys
come join us in SF this Friday evening to try it out!
give us feedback, give us praise, we love u
RSVP below so we can get enough snacks partiful.com/e/oWNxO4tCF5RzE…
> global payouts
Key words. visa direct doesn't support Alice -> Bob, only Alice -> Alice.
JUST IN: Visa officially launches stablecoin payments through Visa Direct, enabling near-instant global payouts using $USDC across 180+ countries.
> real bank
At some point the industry will have a reckoning over this
Rain just filed to become a real bank.
Yes, you heard that right. This is a major step towards something bigger for Rain, its customers, and the entire industry.
If this goes through, customers get SAFER custody and cleaner stablecoin rails, while Rain gets the regulatory stamp that bigger institutions actually trust.
whoever thinks this will result in bank runs hasn't heard of cdns, reg d, or the banks many tools for ensuring deposits are sticky
Brightline’s funding situation was super cool.
They raised private market by issuing tax advantaged bonds.
The IRS wouldn’t tax ANY income from the bonds, and at 10% that income would be substantial.
Sort of publicly funded, with no risk to the tax payer even in failure!
idk why this was ever a private company
it costs you for 2 people close to $400 to go to Orlando from Miami lol
Hopefully state government picks it up
Regardless of what you think about stablecoins.
This is a current fatal flaw.
Erebor Bank attracted crypto clients this year with a pitch -- the bank would convert their Circle and Tether stablecoins to cash for free.
Sophisticated crypto trading firms quickly figured out a way to make an easy profit out of the offer -- at a cost to Erebor.
Story with @MichaelRoddan
theinformation.com/articles/… 1/
Harsha Goli retweeted
Erebor Bank attracted crypto clients this year with a pitch -- the bank would convert their Circle and Tether stablecoins to cash for free.
Sophisticated crypto trading firms quickly figured out a way to make an easy profit out of the offer -- at a cost to Erebor.
Story with @MichaelRoddan
theinformation.com/articles/… 1/
I think this is really cool,
But this isn’t a clawback! This is fraud insurance.
Harsha Goli retweeted
Block just applied for a second bank charter.
This one is for stablecoins.
Square Financial Services, the first one, takes deposits and lends. Builders Bank & Trust, the new one, holds bitcoin, executes trades, and settles stablecoins. It will be OCC-supervised, uninsured, and based in Sioux Falls.
Day-one activities, from the filing:
- Custody of bitcoin and "other digital assets," folding Cash App's existing bitcoin custody into the bank
- Buy and sell execution as riskless principal (the bank stands between the customer and the market)
- Deposits, withdrawals and transfers of digital assets
- "Stablecoin settlement and transfer services"
Cash App shipped USDC in May, and you have to imagine this move is them seeing some early traction worth at least buying the option of becoming a trust bank.
Today, that stablecoin and digital assets business runs on 50+ state money transmitter and virtual currency licenses. It did $10.7bn of bitcoin volume in 2025 for about 2 million monthly actives. One federal charter replaces the state patchwork for all of it.
Three things this gives Block that it didn't have:
1. A qualified custodian.
The filing says "institutional-grade fiduciary custody" and "expand into a broader customer base." I read that as using stablecoins and digital assets to expand internationally.
2. A federally supervised settlement entity for stablecoins.
Do not underestimate the attraction of "federal preemption." Answering to 50 states with different crypto rules is PAINFUL.
3. A clean insured bank.
Bitcoin never touches the FDIC-insured ILC. Lending risk and custody risk live in separate charters with separate regulators. JPMorgan and BNY are built that way.
In March, Dorsey said, "I don't like that we're going to support stablecoins, but our customers want to use them." September's charter application lists stablecoin settlement as a core activity. Well, there's proof: customers won, and stablecoins have real demand.
Everyone else in the OCC trust charter queue is crypto-native or a stablecoin issuer: Anchorage (live since 2021), Circle (final approval July), Coinbase, Ripple, Paxos, BitGo, Bridge.
Block is the first consumer app with 60 million users to file.
The CEO is Lee Woolley, formerly of Northern Trust and BNY Mellon. A custody banker, hired to run a custody bank.
Honestly, this one took me by surprise, but it makes so much sense as you look at it.
If you want to be in stablecoins, better to have a single federal entity to do that with.
Harsha Goli retweeted
this will be my first paper :D
I'm excited to share some of what i've been working on at Sesame!
turnbench.sesame.com is our turn-taking benchmark for real-time conversation: when to speak and when to yield
Harsha Goli retweeted
I'm excited to share some of what i've been working on at Sesame!
turnbench.sesame.com is our turn-taking benchmark for real-time conversation: when to speak and when to yield
Is this more or less a total acquisition of all the good parts of nydig?
All that’s left is the mining which they got from a failed loan
BitGo has entered a definitive agreement to acquire @NYDIG's institutional trading business, adding execution, derivatives, structured products, and financing capabilities that complement our federally-regulated custody, settlement, and wallet infrastructure.
NYDIG's institutional trading business serves asset managers, hedge funds, corporates, family offices, and other sophisticated institutional investors.
This acquisition strengthens BitGo's position as a comprehensive platform for digital assets, giving institutions access to a broader range of trading and capital markets services in one integrated, regulated system.
Read the full release: businesswire.com/news/home/2…
The most disruptive thing to a fintech company is partner bank migrations.
Why is this considered the norm? No one switches servers this often?
i was the biggest @mercury fan up until this month.
they changed partner banks. every single debit card suddenly started failing without any indication, services started getting canceled, etc.
pretty bad.
Fraud is a bigger problem than anyone realizes.
if you want a sense of how much fraud we deal with, stripe has blocked $300M worth of fraud for us in the past few days
Harsha Goli retweeted
> what can we do with covenants?
There are *many* powerful use-cases.
getcofund.com/research/coven…
To learn about them, turn on your audio 🔊, click into our visual study & let the geometric tones guide you 🎨