Financial Innovation

✨ DEBRIEF | Ryan & David unpacking the episode:
https://www.bankless.com/debrief-the-jeremy-allaire-interview 

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Joining the podcast today we have the man behind the largest US based stablecoin, Jeremy Allaire, the Founder of USDC Circle.

A year ago USDC depegged in the face of major banks like SVB and Silvergate collapsing. How did Jeremy deal with that? What year is crypto in internet years? Why don’t we have a venmo for crypto yet? Fast forward to 2030, what’s the total value of stablecoins?

Stay tuned because we ask all that and much more.

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TIMESTAMPS

0:00 Intro
5:47 SVB Crisis Reflections
24:00 Crypto Age in Internet Terms
31:15 The Future of Stablecoins
41:42 The Crypto Venmo
56:18 Blackrock’s BUIDL Fund
1:01:44 US Government
1:16:35 USDC vs Tether
1:22:00 Central Bank Stablecoins
1:28:14 Regulatory Protectionism
1:32:25 Closing Thoughts

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RESOURCES

Jeremy Allaire
https://twitter.com/jerallaire  

USDXX - What backs a USDC?
https://www.blackrock.com/cash/en-us/products/329365/circle-reserve-fund  

Circle
https://www.circle.com/en/  

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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures ⁠  

✨ DEBRIEF | Ryan & David unpacking the episode:
https://www.bankless.com/debrief-patrick-mckenzie

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Why do banks have holidays? Should we redesign the banking system? Is there a future for crypto?

Today we’re joined by Patrick McKenzie, an advisor at Stripe who writes about the modern financial system helps us answer these exact questions.

First, we talk about the inner workings of the existing banking system. Then we get into crypto, where Patrick shares his reasons for skepticism.

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BANKLESS SPONSOR TOOLS:

🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
https://k.xyz/bankless-pod-q2    ⁠  

💸 CRYPTO TAX CALCULATOR | USE CODE BANK30
https://bankless.cc/CTC  

🦄 UNISWAP | SWAP SMARTER
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🛞MANTLE | MODULAR LAYER 2 NETWORK
https://bankless.cc/Mantle 

🔗CELO | CEL2 COMING SOON
https://bankless.cc/Celo   

🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION
https://bankless.cc/toku   

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TIMESTAMPS

0:00 Intro
6:35 Patrick’s Background
9:48 Banking System Evolution
20:09 Banking Holidays
26:44 Financial System Redesign 
40:12 Transactional Freedom Trade-offs
1:03:39 Crypto Slogans
1:11:36 Crypto Predictions
1:21:42 Closing Thoughts

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RESOURCES

Patrick McKenzie
https://twitter.com/patio11 

Check Out Patrick’s Blog 
https://www.bitsaboutmoney.com/ 

Molly White Episode
https://www.youtube.com/watch?v=y9Itd3g23QI 

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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets.

See our investment disclosures here:
https://www.bankless.com/disclosures  

In today’s podcast episode, we’ll hear a discussion between Craig Jeffery and Yogaraj Jayaprakasam on the transformative power of generative AI in treasury. They discuss generative AI's transformative impact on communication, reasoning, and domain-specific applicability, as well as how Deluxe is looking at the adoption of AI.

Speakers:

Craig Jeffery, Managing Partner at Strategic Treasurer

Yogaraj Jayaprakasam, Chief Technology & Digital Officer at Deluxe

Have you been staying up to date on how artificial intelligence is transforming the landscape of treasury operations? Join us in today’s discussion as we explore AI's current and future impacts with Royston DaCosta, Assistant Treasurer of Ferguson PLC, and gain insights into technology's evolving role in shaping the finance world.

Speakers:

• Royston DaCosta, Ferguson PLC
• Craig Jeffery, Strategic Treasurer

Pushpendra Mehta meets with Jack Large, Editor of CTMfile, and Ben Poole, Writer at CTMfile, to review the latest treasury news and developments. Topics of discussion include the following:

• GTreasury and C2FO partner on treasury liquidity management solutions
• UK plans to boost open banking 
• Swift explores blockchain interoperability                                             
• Trovata’s multi-bank API integration available to SAP and Oracle customers 
• The future of payments success: embracing ePayables and real-time payments

In this episode, we sit with Sheridan Claybourne, an entrepreneur whose journey began at the age of 15 with a passion for startups and a knack for making profits. Discover how Sheridan's early success in acquiring and selling sneakers led him to launch his own company, Lendtable, and embark on a remarkable entrepreneurial career. Sheridan shares his experiences working in the finance industry, including stints at renowned firms like JP Morgan and Goldman Sachs. Tune in as he discusses his decision to leave these prestigious positions behind in pursuit of creating startups that could address the flaws he observed in the existing financial landscape. Learn how he identified opportunities to generate outside returns and provide non-accredited investors access to private equity funds through his FinTech ventures.

Explore Sheridan's diverse background, from working at a credit-boosting startup to becoming a machine learning product manager at Dropbox. Find out why he ultimately decided to forge his own path and how his varied experiences equipped him with the necessary skills to launch Lendtable. Discover how this platform is revolutionizing the way small and medium-sized businesses access financial services.

If your company is looking to scale its AI initiatives, head over to Tesoro AI (www.tesoroai.com). We are experts in AI strategy, staff augmentation, and AI product development.

Founder Bio:

 Sheridan is Co-Founder & CEO of Lendtable - the first platform for providing "wealth-building loans". Born in Chicago, Sheridan was the youngest African-American to ever get into Northwestern at age 15. Since enrolling in school, he built his first business (Snatcher - automatically buying and selling limited edition items/tickets) to $10million+ in revenue in 3 years. During which, he spent time working at Goldman and J.P. Morgan in their Special Situations Group. This ignited his passion for fintech and creating financial equality for all people. In its first 3 months, Lendtable raised $1million+.

Time Stamps:

 03:13 Sheridan’s background and professional journey

07:41 Exploring the possibilities of fintech to create a positive impact

10:59 Exploring wealth-building loans for 401k match and employee benefits

12:26 Benefits of debt financing for wealth building

14:35 Exploring guaranteed returns and artificial intelligence in financial platforms

16:46 Collecting data and leveraging third-party vendors

18:54 Direct-to-consumer 401k matching services

20:08 Significance of user interface and user experience in consumer-facing technology

21:21 Collaboration between co-founders to create a fintech business

25:43 Team makeup, fundraising journey, and learnings raising capital for a start-up

29:44 Seed and pre-seed round investment considerations for a startup

30:03 Identifying the best investors for a startup

32:13 Generating wealth through referrals and word of mouth

34:51 What’s next for the Lendtable team

35:54 How to get in contact with the Lendtable team

Resources:

Company website: https://www.lendtable.com/

Facebook: https://www.facebook.com/lendtable/

Instagram: https://www.instagram.com/lendtable/

LinkedIn: https://www.linkedin.com/company/lendtable

Twitter: https://twitter.com/lendtable

Be a smarter trader/investor with CI Markets. Learn more: https://completeintel.com/markets

In this episode of "The Week Ahead," Tony Nash hosts guests Doomberg and Albert Marko to discuss two key topics: stagflation in 2024 and the ongoing clash between Binance and the SEC. 

Tony highlights the survey results showing significant concern among respondents regarding stagflation. Albert discusses the impact of economic and political policies on persistent inflation and believes that the stagflation argument may be more of a "stagflation light" scenario due to the resilience of the service industry and ongoing market rallies. Tony adds additional points, including the IBD economic optimism index remaining below expectations and signs of cracks in the middle-class economy. They acknowledge that inflationary pressures, rising prices, and elevated interest rates contribute to declining optimism and a challenging economic landscape. 

Doomberg provides insights into the counterintuitive inflationary effects of rapid interest rate hikes and discusses potential impacts on oil prices due to changes in the US shale industry and rising housing costs. He suggests that global stagflation in regions like China and Europe could have a spill-over effect on the US economy. 

The conversation also covers arguments against deflation, with Albert highlighting wage inflation as a factor preventing deflation. They discuss the challenges of US debt, the impact of inflation on household costs, and potential signs of deflation in the commercial real estate sector. 

Shifting to the energy sector, they discuss the potential impact of stagflation on energy, mentioning challenges faced by the oil industry if prices fall below $65. They highlight the tight supply of oil and gasoline, contradicting claims of low demand, and discuss the role of electric vehicles and the divergence between physical and paper markets. 

In the cryptocurrency industry segment, Tony and Doomberg address the legal issues surrounding Binance and Coinbase. They discuss accusations of unregistered securities and criminal activities by these platforms. They emphasize the potential consequences of disregarding rules in the cryptocurrency industry and the need for stronger regulatory action. 

The discussion concludes with a focus on the recent actions of the SEC in relation to the cryptocurrency market. They discuss the challenges of regulation, the susceptibility of the regulatory apparatus to corruption and political forces, and the erosion of trust in the SEC. They also highlight the need to address pump-and-dump schemes and the potential expansion of investigations into the venture capital space. 

Key themes: 

1. Stagflation in 2024 
2. Binance & the SEC 

This is the 68th episode of The Week Ahead, where experts talk about the week that just happened and what will most likely happen in the coming week. 

Follow The Week Ahead panel on Twitter: 

Tony: https://twitter.com/TonyNashNerd
Albert: https://twitter.com/amlivemon
Doomberg: https://twitter.com/DoombergT

Watch this episode on Youtube: https://youtu.be/LExqD5pkSUI

This week Rachel Rickard Straus joins editor Simon Lambert and Share Radio presenter Georgie Frost for a fun look at the week's money news.

This week a shocker from Nationwide on savings rates (clue it was a rise), the DVLA's driving licence hire car madness, what to do if your holiday is hit by Spanish air strikes.

And the RBS question: would you buy (or sell) a bank now?