# Circle Becomes a Bank While SWIFT Arms the Incumbents - Stablecoins Eat Banking - Week of July 13, 2026

> Stablecoins and payments newsletter for the week of July 13, 2026. Circle won a national trust bank charter, SWIFT and 17 mega-banks went live with a tokenized-deposit ledger, JPMorgan shipped a 0.0% APY deposit token, and the fight over who keeps the yield on stablecoin reserves ran straight through the stalling Clarity Act.

## Stablecoins Eat Banking

### Week of July 13, 2026: Circle Becomes a Bank While SWIFT Arms the Incumbents

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*Circle got a bank. The banks got a blockchain. The consortium that was going to eat Circle spent the week explaining that half its members never signed up.*

## TL;DR

- **Circle became a bank, and it barely mattered.** Circle won final approval from the OCC (the federal bank regulator) for a national trust bank charter, letting it custody its own USDC reserves and stop paying middlemen like BNY Mellon. The stock popped ~10% pre-market, then gave half of it back to close ~7% up. The catch: a trust charter is now a participation trophy, Anchorage has had one since 2021, and Ripple, BitGo, Fidelity, Paxos, Bridge/Stripe, Crypto.com and Sony are all in the conditional-approval line. Still, it's a clean reversal from last week's 17% wipeout.
- **The incumbents shipped, not just announced.** SWIFT and 17 of the world's biggest banks (HSBC, Citi, BNP Paribas, UBS, ANZ, DBS, Standard Chartered) went live with a permissioned "tokenized deposit" ledger for 24/7 cross-border payments. JPMorgan launched its deposit token, "Vault," at a gloriously insulting 0.0% APY. This is the co-option thesis in production code, banks want the rails without giving up the float.
- **Clarity is dying on schedule.** Betting markets put passage before January at ~37% (Kalshi), down from 84% in February. Coinbase's top lawyer resigned. Five Democratic senators demanded hearings into the ~$1.4 billion President Trump reportedly earned from crypto. And Jamie Dimon reportedly "cursed out" Coinbase's CEO over the bill's stablecoin-yield provision. A new draft is promised "as soon as next week." August 7 is the drop-dead date.

## What's new

**1. Circle got its bank charter, the win everyone expected, priced like the win everyone expected.** On [FOMO Hour (Jul 10)](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOg8-2BHi4Sp9qO605DXc5jKBVy3fN96mMH563Vt1tbjO00LjkIqbxj-2F3AsJH9UUdAt-2FUEg-2BN-2FfcPmjd-2FtsHJVGx8-2F9D4LVZ0uhwdBAh2HWaM65g-3D-3DE3J7_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5h3NDCLX4KvEA-2FR4uA4wZ-2BzYgiJ5rIZwbsimlejBzqYM9piu7pEa9pUCqQsbGDzQDg9QQ83cPoFg88-2BEd6PfY00QFinUERS8bkE-2B3w-2Ftml6-2BrGFGar0pa6K-2Ff0c9EmUIraQ-3D-3D), the hosts (pundit/trader) dug into what Circle actually got: a *trust* bank charter, not a full commercial bank license. Plain English, Circle can now custody assets and hold its own USDC reserves under direct federal (OCC) oversight, but it cannot take deposits or make loans. Why it matters for the numbers: "it lets them drop their reliance on third-party custodians, like BNY Mellon, who they use, that cuts some of their fees out," and "it turns them from a crypto company into a federally regulated financial institution." The stock "jumped 10% pre-market, but it's 7%" by the time they spoke. The wry part: "they already had conditional approval for this back in December 2025. So this is kind of a check-the-box exercise." On [The Wolf Of All Streets (Jul 10)](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhccOdukSDUADfMDrQ2mLPx1f2gsDdp1wC6IKgzRKMsLTLSCJtq1Qc3PGEoC5sYU12IfxQJbGxBl1GC75yot-2BzQdqaiSX2mvP7dtkO18-2FTfeQ-3D-3D_bQR_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5h60NH-2FDmgVk3ptxa9ph-2BHRTOr2h1JX6ptAM0PmiO4luFvkeiGjpv0Uc3X93gWNPXTNlYiGzzoGRUucFiSzCYUckUxi2x-2F-2FhCUVSjWKkBPZLrlU6eN1p8f2gqQd7KfO8i1w-3D-3D), Scott Melker (pundit/trader) put a finer point on the moat problem: "Anchorage has had this since like 2021," and the conditional-approval queue already includes "Ripple, BitGo, Fidelity, Paxos, Bridge/Stripe, Protego, Crypto.com" plus Sony. Melker still called it a "humongous change" because Circle can now "cut out the middleman and custody their own assets and become a custodian for others", no more paying "BNY Mellon or State Street." Read: a real structural upgrade to Circle's cost base, wrapped in a headline the whole industry can now buy off the shelf.

**2. SWIFT plus 17 mega-banks put tokenized deposits into production, the empire's own rails.** On [Thinking Crypto (Jul 10)](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhkGiXsDBfE7h1r30SquvCkddj1aNaE3wOf4o-2FTj8GBEezarusNgRXHhVKG4yNsi1OrNgbUKgT-2FmphEDIKAhaemJ9VkQVQsN5pMDSD-2BOCw1QQ-3D-3Dluoa_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5h-2BECXc8fBi4otmazxIVQPMp-2Fh1vbj9D3tKRJaARIpC71j-2BKgnVc9z0OX6CSFBAmlIGwgEE7BB8uB9GBdUDmGlKXXYxvX79HQRzWTOGTQl5DAni2MOynPi8RcOkYHOYcp-2BA-3D-3D), host Tony Edward (pundit/commentator) laid out the deal: "17 major banks, including HSBC, Citibank, BNP Paribas, UBS, ANZ, DBS, and Standard Chartered, are preparing to pilot cross-border payments using tokenized bank deposits on the new ledger SWIFT announced on Thursday." The ledger runs on Linea, an Ethereum layer-2 built by ConsenSys, using a permissioned, EVM-compatible design, and it leans on Chainlink's cross-chain protocol (CCIP) for settlement plumbing. The point of it: "24/7 cross-border payments, including overnight and weekend transactions," while keeping banks' existing compliance and risk controls. Edward's skeptical read, "walled gardens don't work well," and this is JPMorgan's failed 2018 Quorum idea in a new suit, but the tell is that the banks are now competing on product instead of lobbying Washington to kill crypto. Same episode, two more data points: Sony's banking arm got conditional approval to set up a U.S. national trust bank, "Connectia Trust National Association," based in New York, capitalized with $40 million, to issue dollar stablecoins; and stablecoin transaction volume "hit a $1.79 trillion record last month, 63% more than in May, and more than doubled a year-earlier level, according to Visa's on-chain dashboard." The float is getting huge, and the banks want to be the ones sitting on it.

**3. JPMorgan launched its deposit token, "Vault," at 0.0% APY.** The single most on-brand fact of the week comes from the title of [The Paul Barron Crypto Show (Jul 8)](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiRlglGJd91iuAUQR9izzVUqHkp7SOVvzS-2FrQWuiVFfPnArTtxQfazdbUpyaSIrzDicN8vabGPcCWJJ-2FEAy-2F4gBh8sjbP0nOnbp-2BdX8-2FCvImw-3D-3DLeYv_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5h1JqrsQPzA8x52eTlvCAf3FCEIs122F-2FDlyPTlJG9OCvEUMXH1DqZ7rNSGWUP5LFrgbJmS8lAOHzfUI4DmIrUJS9qNQ8I09gTZJQWckag-2FIE1hwVBuFSs4WTwmmXDw8FlA-3D-3D): "JP Morgan Vault Launches with 0.0% APY." A deposit token is a bank's own money moved onto a blockchain, and JPMorgan's pays holders nothing. That is the co-option strategy stated out loud: banks will happily tokenize the plumbing so long as they keep every basis point of the yield. It's also a gift to the disintermediation case, why hold a bank's zero-yield token when a stablecoin issuer or a fintech will pass you 4%+? `[DIRECTIONAL]` on any Vault volume; none was disclosed on the show.

**4. OpenUSD, last week's Circle-killer, spent this week wobbling.** The 140-firm consortium coin (Visa, Mastercard, Stripe, BlackRock, BNY, Coinbase, Ripple; CEO Zach Abrams, ex-Bridge) was last week's whole story. This week the cracks showed. On [CoinDesk Podcast Network (Jul 6)](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiIjv1bS9LMBcnKM3b6Oh1youHV5ZLQty1GzuKFvp4i6pwtwBFad3KvhmATgitSqQhcKg115aZmxqimFcp3zr4mSp1FoP9u36r1Zwdqyt-2Blhw-3D-3DOt6P_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5hyLuWFUTJ2niMQwvZ8XAgFNgoASlGU5SXZE-2F6SdmRQvViJU9nzFqlBxEQD7hdLSwN3iOojYIWKyT7bOSRq9aTeVHfmICbrdy1RC-2BrE6VRycbCNWM-2FsWQrpmNkXul5ejFlg-3D-3D), Two Prime CEO Alex Bloom (investor) compared it directly to two famous flops: "historically, I've seen these in my career, like R3 Corda or Facebook's Diem, these splashy press releases where you go, wow, every single group in the world is involved." His warning shot: "We've already seen some South Korean groups that didn't agree to be part of this press release, which I don't take as a positive sign," and coordinating "100, 150 big companies to all do the same thing with economics being split and control over the rails being split... is a very hard thing to pull off in any kind of feasible time frame." He called the Circle sell-off "probably an overreaction," and reminded listeners that Tether has its own U.S. product, USAT, "aggressively moving into this market" backed by the most liquid stablecoin in existence. On [Thinking Crypto (Jul 6)](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgXZRwcZxU35-2F81xqRPnlOSIJRa9LypHE1MhalfqEoACAzXNnTu-2BRTphfijphIxiBMs9OPSSpy9aGESGOKX4t-2FoaDyGaRGO08wYnzYBosa5gQ-3D-3DE-St_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5hzneXkV6-2FMnyE-2FDBIX9WPg1Hb1RYrW-2B6luF50lR0tdNz41HxLyaE3Pm2WYoysIjT7mONjMXYdYB62X3juidoFgHUPxmG7bWeRf2IcJuF5uqmnuxZQT-2FGqtNe7LA-2F36gVIg-3D-3D), the Samsung denial got airtime too, a listed "member" saying it never agreed to join. For the mechanics, [Cryptocurrency for Beginners with Crypto Casey (Jul 12)](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgqrFkFQMl2gsm-2FJiZVF-2B-2FskO4XHclRd-2FGE5CuhfZYClFQSYRobmGOnJuFMN47Olfu7llaKwfekNUjW-2BnfmXBykior5bhh-2F59QKhwozHQVrHA-3D-3Dg-kC_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5h7lwdlLEGETwedSfhqzqgfYzWcXkJ8wIUS-2F9aNPdklTord0d-2BASgiemse5Vobru-2B0ZFNgAeOrShXzvJ6oIs7SPZ-2FvjP0p3Htulqf0ckVQesOdRUKys-2FcN9dDZEOGYf8lqA-3D-3D) (pundit) recapped the design: launched June 30, yield from reserves shared among all partners after management fees, zero mint/redeem fees, no volume caps, but "slated for later 2026." Nobody has shipped a line of it. The narrative that scared Circle last week is, so far, still a logo wall.

**5. Robinhood's own chain is on fire, and the stablecoin economics underneath it are getting specific.** On [Unchained (Jul 10)](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjDUfAhmECpmyqMz62qNTv7ui3CltIbeNXjytopW-2B-2BtjwP8vvA8Lqh61FL6fCfpfNEgocxhoF4BwrVLdQ8Eus-2BtQkL32rpVuGOl-2Frm0fvKg0w-3D-3DegVR_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5h3HxiLAWYKQMS9eYntmS41zMC0lhvX29Exzch-2B-2FBwq8s-2B4EL-2FPoN3yVEHaLco67BDwrov8Ipyvlz7tv1STLTlFeBGNTERXd5YYErxIJDzrerJ-2BavDQIBupR1UIoV1IUyuw-3D-3D), Lighter founder/CEO Vlad Novakovski (operator/insider) detailed the deal powering Robinhood's new perpetual-futures product: Lighter's exchange plugs directly into Robinhood Wallet, trades settle in the USDG stablecoin, and "the revenue is shared 50/50." Because Robinhood is a corporate partner of USDG, that stablecoin float throws off interest income to Robinhood on top of the trading split. US rollout is gated: Lighter is "working with the CFTC on a license for decentralized perps... no one has that kind of license yet." He flagged the risk honestly, USDG is less liquid than USDC or USDT, so a de-peg "could cause liquidations." Meanwhile [FOMO Hour (Jul 10)](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOg8-2BHi4Sp9qO605DXc5jKBVy3fN96mMH563Vt1tbjO00LjkIqbxj-2F3AsJH9UUdAt-2FUEg-2BN-2FfcPmjd-2FtsHJVGx8-2F9D4LVZ0uhwdBAh2HWaM65g-3D-3DUf4a_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5h3sLobbNDCt5BTr-2Bx1meFw0dZa5o16Cv-2FOuzv8Pg25GzxSL22i3COtrdKotDsG1RPosz25liuGnHZdB8gM8QT36W7-2FSjtstyufwGNRqKO0icXNQ1qrrofhrUQkfoDKe-2FFA-3D-3D) put numbers on the launch mania: Robinhood Chain did ~$580 million of DEX volume Wednesday and ~$560 million Thursday, over $1 billion in two days, up from $35 million the prior weekend, and briefly out-traded Hyperliquid on 24-hour DEX volume ($433 million). CEO Vlad Tenev's own scoreboard: "17 million transactions, 350,000 total addresses, $250 million in TVL, $1 billion in DEX volume." Distribution plus a captive stablecoin is the exact yield-share mechanic OpenUSD is only promising.

## The debate

**Do stablecoins genuinely disintermediate the banks, or do the banks co-opt the tech and keep the money?** This week handed both sides fresh ammunition, and the honest answer got more interesting.

**Co-option is winning, in production.** The bank camp stopped talking and started shipping. SWIFT's 17-bank tokenized-deposit ledger and JPMorgan's 0.0%-APY Vault token are the thesis made concrete: banks will move deposits onto a blockchain to get 24/7 settlement, but on *their* permissioned rails, keeping the float. And they're playing hardball on the money. On [Thinking Crypto (Jul 13)](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgWP6f9jKHZbYpDMPmFByBdpmg0oyEYd-2FUguz9Q8aLCZKhVj7iVRJEnA4W6UZdL1OueTHH91K4lWvFfgBX0CoxnwXkKD5y2llWvR4TXUpHnrA-3D-3DWeoV_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5h1Kk1NfeMRK-2F7tqkVvCa4ktQ1Z6CpamTEEiKcQD5vLiQ7WbIpe40I9WI12KHxFoYb0XybyOGoFpHsGSzh4Yu3xmO5fHKC5bV-2BMYxPcFzhjLWzMf0y2jMhDJWA9k9fO55oA-3D-3D), the report was blunt: "Jamie Dimon cursed out Brian Armstrong, CEO of Coinbase, and said this bill is no good, he doesn't like the stablecoin yield, he wants to relitigate that." The single most valuable prize in the whole fight is who gets to keep the interest on the reserves, and the incumbents are lobbying to make sure stablecoin issuers can't legally pay it out.

**Disintermediation is winning, in economics.** The counter-case is that the banks' own model is the vulnerability. On the [Bitcoin Magazine Podcast (Jul 8)](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgwWF6oriHQ5641orjMIUEz9VK4KFLSjsfQgcKOg7-2Fs4YWhR-2BkBUNqXJbPmhr58RR4fP8M-2BsxfBHJZTIW-2FEDPazx9qghAHhJUtH0NIq5gRlAw-3D-3DY-cZ_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5h0fTUnZv4xXNLezzMtaD7WQEA3oY3vdN5mnqh1WV9ptOuEy7qvoIHVFehW8TVjcBik2rpmyDgjRxnD7T23uOmPpHVa-2B9ZxDRNVvCEey6D-2BdDLNqG5zA2G1akMwUy-2B5iY8w-3D-3D), BitGo CEO Mike Belshe (operator/insider) framed it as theft in plain sight: "There's the risk-free rate, which is putting it into a T-bill, so today that's 4%. But when you put your money at the bank, they give you 0%. Why do they do this? Because they're subsidizing big business." A JPMorgan token that pays 0.0% is, in Belshe's telling, the problem, not the solution. And on [The Edge Podcast (Jul 10)](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhb9L8u5zAS4GPhPCFqAUe0DXgn7Gf4vPzZu5Ns4eGYtWHPFdDSzW6LYATAwIeq-2BTGJlKEgzprWVySno2nb-2B9POii3Hzt9kifqkFYu7VsNoyA-3D-3DC0Uc_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5h5-2BctvdgF20sVmq0yj9XeaoLhzppPWZ67-2FVJ9nczdo7z8RpSxsYU7aWf4fHbp1GjYU4fs0TpPU3OGGRaceg5hGZInUtS9UXdNma29x4kG2mSjAw-2BiysZy1l0uhUaXaCAog-3D-3D), John of Milk Road (pundit/commentator, ex-BlackRock) drew the sharpest dividing line of the week: the banks will fight because "their business largely depends on the custody of assets", he pegged BNY Mellon at "over $50 trillion of assets under custody", so they'll "launch their own and create their own consortiums" to keep everything "on rails that they own and control." But asset managers like BlackRock "don't custody anything" and are fiduciaries, so they'll "just use whatever the best system is." His prediction: the custody-defense playbook is "obsolete or at best optional," and with $50 trillion at stake the banks "can fight it pretty hard in a lot of very creative ways", but eventually lose to public rails.

> "They put your money at risk in various loans and duration mismatches... You should get compensated. The risk-free rate is 4%. When you put your money at the bank, they give you 0%." (Mike Belshe, BitGo, operator, on the Bitcoin Magazine Podcast)

**My read:** the debate quietly split into two questions this week. On *settlement plumbing*, the banks are winning, SWIFT and JPMorgan are shipping, and they've clearly decided tokenized deposits are how they defend the franchise. On *who keeps the yield*, it's a genuine knife fight, and it now runs straight through the Clarity Act's stablecoin-yield fight and Dimon's lobbying. Circle becoming a regulated bank is the wild card that scrambles the old framing: the issuer is now becoming the incumbent. And OpenUSD, the thing that was supposed to settle all of this by commoditizing the issuer, is looking a lot more like R3 Corda than like a product.

## Stocks in play

- **CRCL (Circle)**: *This week's winner, on a technicality.* Final OCC national trust bank charter; stock +10% pre-market, settled ~+7% ([FOMO Hour](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOg8-2BHi4Sp9qO605DXc5jKBVy3fN96mMH563Vt1tbjO00LjkIqbxj-2F3AsJH9UUdAt-2FUEg-2BN-2FfcPmjd-2FtsHJVGx8-2F9D4LVZ0uhwdBAh2HWaM65g-3D-3DBoRe_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5hzRN8SghJiSoXBYxs4YzlnR5qG2ZlVElSNDOeWplNCW8bpD-2BMH1s8dqay603t0Wh5hjVaJ1qiI8ILJTtY5whMTxZwD3rPVqAc5QLX2W3FYu0LXfEn6kCiO0X3HdghyEkvg-3D-3D); [Wolf Of All Streets](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhccOdukSDUADfMDrQ2mLPx1f2gsDdp1wC6IKgzRKMsLTLSCJtq1Qc3PGEoC5sYU12IfxQJbGxBl1GC75yot-2BzQdqaiSX2mvP7dtkO18-2FTfeQ-3D-3DoJkK_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5h49hU4UI0bCXSKU9Q18ZjOb41euyD9XCOQH0DkyrM-2F-2FYRDGTCxu0nidWq7JNCsLjh5wmTPX4IeAP1nu6wlllFkonyLtoUXrpREfI0vFcfD0frHBvc8WdHnM5ySZhE72tkw-3D-3D)). **Bull:** cuts custody fees (drops BNY Mellon), gains federal legitimacy, becomes custodian-for-others; OpenUSD looks wobbly and the sell-off may have been an overreaction (Alex Bloom, [CoinDesk](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiIjv1bS9LMBcnKM3b6Oh1youHV5ZLQty1GzuKFvp4i6pwtwBFad3KvhmATgitSqQhcKg115aZmxqimFcp3zr4mSp1FoP9u36r1Zwdqyt-2Blhw-3D-3DMUWR_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5h-2BXx5hrpp6gj7-2BMLgbCx9z6i4CVLXaMjcYRHHPeWwhVRCAhNQnXwgLAKGrtf30yhllCLpeNJRemlyuMozUEAIs6rHrmQDA9LVMboRdF-2BthUvSqlRENn484zQpvVOFRKW-2Bw-3D-3D)). **Bear:** the charter is commoditized (Anchorage since 2021; six-plus rivals in the queue); float economics still under attack from OpenUSD's "fee race to zero" and Dimon's push to ban stablecoin yield. FOMO Hour: "I still don't like the stock here myself... this pump probably gets sold off." **Watch:** the August Coinbase revenue-share renewal (still live), and whether the charter actually shows up in reserve-custody cost savings.
- **COIN (Coinbase)**: *Lost its top lawyer.* Chief Legal Officer Paul Grewal is leaving (staying on the board); the news knocked Clarity betting odds from ~45% to ~40% the same day ([FOMO Hour](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOg8-2BHi4Sp9qO605DXc5jKBVy3fN96mMH563Vt1tbjO00LjkIqbxj-2F3AsJH9UUdAt-2FUEg-2BN-2FfcPmjd-2FtsHJVGx8-2F9D4LVZ0uhwdBAh2HWaM65g-3D-3DQ3Be_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5hxeynQKRmzOLk3lkm-2BMuBsz31MD0rX-2FyT95JaidtjybhzTReStjmBAT2lVodZGCeu1HIRkkMqDZci94tWXf8OjJg9PCT21M33h3NFY-2Fz2yRcCsLY0-2FeP5PNViNuuMKsB7A-3D-3D); [Wolf Of All Streets](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhccOdukSDUADfMDrQ2mLPx1f2gsDdp1wC6IKgzRKMsLTLSCJtq1Qc3PGEoC5sYU12IfxQJbGxBl1GC75yot-2BzQdqaiSX2mvP7dtkO18-2FTfeQ-3D-3DKhHv_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5h2y0xjb-2F0Zs-2F9OKc0v-2Bcr9zVFQo6ogMZ97a1FLXc1SKTDh1u6lJF3FNVoLbdogWmLbxFcpQ3-2FV-2F-2BGAXeOulQJCQOIng9AIH8yeJS8pmqFaPNNuHTTIQpmviQSYx1I8DnuQ-3D-3D)). **Bull:** still the distribution kingpin; earns the USDC revenue share regardless of who wins issuance. **Bear:** losing its most effective Washington advocate right as the legislative window closes; Dimon reportedly "cursed out" Armstrong over the yield fight. **Watch:** who replaces Grewal, and whether Coinbase still has the juice to move Clarity.
- **JPM (JPMorgan)**: **No longer QUIET.** Launched its "Vault" deposit token at 0.0% APY ([Paul Barron, Jul 8](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiRlglGJd91iuAUQR9izzVUqHkp7SOVvzS-2FrQWuiVFfPnArTtxQfazdbUpyaSIrzDicN8vabGPcCWJJ-2FEAy-2F4gBh8sjbP0nOnbp-2BdX8-2FCvImw-3D-3D7_mk_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5h98pfjOnHMZlHyAcr-2FgiKs-2FrLkr37bJa0dJU0Cjkv9a-2FI9CTVQ6zOZFb9EGW4uv6c3AA0nURpaZ0JtHUIJqF-2FoOjPuxekh1x6IQMZT-2BNan9OoTIS-2BSIzVvLKKRjqTD4MbA-3D-3D)) and is central to the SWIFT tokenized-deposit push; Dimon is openly lobbying against the Clarity bill's yield provision. **Bull:** controls the deposit relationships and is tokenizing on its own terms without conceding the float. **Bear:** a zero-yield token is a sitting duck if issuers are ever allowed to pass through 4%+. **Watch:** Vault adoption metrics (none disclosed yet) and Dimon's influence on the final Clarity text.
- **V (Visa) / MA (Mastercard)**: *Quiet on their own initiatives this week.* Both surface only as OpenUSD backers and via Visa's on-chain volume dashboard ($1.79T monthly, [Thinking Crypto](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhkGiXsDBfE7h1r30SquvCkddj1aNaE3wOf4o-2FTj8GBEezarusNgRXHhVKG4yNsi1OrNgbUKgT-2FmphEDIKAhaemJ9VkQVQsN5pMDSD-2BOCw1QQ-3D-3D66IA_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5h6j-2FXfqrvU-2B4wetPYq08BAL0Aofl-2BbmZbl0V0cINocH35TIoI8QTekWehG3cBGChA7B5foWGHchmn-2BeAWVohNaccYY00eaT686jgo3HrfxuI7nFql0yejJQsSGDX82zGmg-3D-3D)). No fresh VTAP or Multi-Token Network news. **Watch:** whether OpenUSD's wobble pulls the networks back toward their own settlement products.
- **HOOD (Robinhood)**: *The week's momentum story.* Robinhood Chain flipped Hyperliquid on 24-hour DEX volume; >$1B traded in two days; Lighter perps live with a 50/50 revenue split settled in USDG, from which Robinhood also earns stablecoin interest ([Unchained](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjDUfAhmECpmyqMz62qNTv7ui3CltIbeNXjytopW-2B-2BtjwP8vvA8Lqh61FL6fCfpfNEgocxhoF4BwrVLdQ8Eus-2BtQkL32rpVuGOl-2Frm0fvKg0w-3D-3DUJp3_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5hwKGdm-2F3OZHl4ojCXQD9IYwzj1Nh5mbcB5fQT3tTIpBD75liC91vpsKY8otIrOSs9a8onbxXbVGorGMIgpWZWlYQb7pJlqAek4m-2Fwmk4NTYyqPM9VUk-2FqTOqv9jU-2Fua5eA-3D-3D); [FOMO Hour](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOg8-2BHi4Sp9qO605DXc5jKBVy3fN96mMH563Vt1tbjO00LjkIqbxj-2F3AsJH9UUdAt-2FUEg-2BN-2FfcPmjd-2FtsHJVGx8-2F9D4LVZ0uhwdBAh2HWaM65g-3D-3DI-rj_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5hzTT51gePdDpfLHx5QKSwBVpomsBLHjel2BpZhMBnY3hoxdRvulyVXYzTN4TQXaWg9DJi3GSW8V02J1-2FE0lKfaa93Aolbr7FOBpeMC9jTfeWsxwCgQydkqeyZlu-2FDt3CUg-3D-3D)). **Bull:** distribution + a captive stablecoin + product velocity, the exact model OpenUSD only promises. **Bear:** US perps are gated on a CFTC license nobody has yet; the volume is early and meme-driven. **Watch:** the CFTC decentralized-perps license and whether Chain volume is sticky or a launch spike.
- **Tether (USDT)**: *Not in OpenUSD, doesn't need to be.* Alex Bloom flagged Tether's U.S. product USAT "aggressively moving into this market," backed by the most liquid stablecoin around ([CoinDesk](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiIjv1bS9LMBcnKM3b6Oh1youHV5ZLQty1GzuKFvp4i6pwtwBFad3KvhmATgitSqQhcKg115aZmxqimFcp3zr4mSp1FoP9u36r1Zwdqyt-2Blhw-3D-3DbSSM_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5hw7Evlo64FneA1rInOhSYtHWziSIwDxCknYnJriXozm6ABgLGz06EfaoqTPq-2FsEVzgCvqIXQIdZMJfs2pqkkHI43pIOKys-2BUXUymnOB4JgiCPmtXJTu4jfoCOnk-2By6vd0Q-3D-3D)). **Watch:** USAT traction under GENIUS Act foreign-issuer rules.
- **SONY**: *New entrant.* Conditional OCC approval for a U.S. trust bank subsidiary, "Connectia Trust National Association," NY-based, $40M capitalized, 100% owned by Sony Bank, to issue dollar stablecoins ([Thinking Crypto](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhkGiXsDBfE7h1r30SquvCkddj1aNaE3wOf4o-2FTj8GBEezarusNgRXHhVKG4yNsi1OrNgbUKgT-2FmphEDIKAhaemJ9VkQVQsN5pMDSD-2BOCw1QQ-3D-3DLRki_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5hxaN5wGd8YWt68ch61KP3NZRDdCmPDWi88oETTXbq6qVlh1QkdddPg-2B7ZV9-2FYPzaLKFXbk0G73IuM1GNu-2FjP-2FfOm0Qq-2BvcBqfBJ5J8sYPLqaFv0n6o-2BIDIm4gR2ukL5baQ-3D-3D)). A tech giant getting a stablecoin bank charter is exactly how commoditized issuance looks.
- **Ripple (RLUSD / XRP)**: Named as an OpenUSD member; and via [Thinking Crypto (Jul 8)](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjklBhHD-2FKjOMwz9K7cq1Qn8KsKJoU3yaDLPj5-2F4oVVvzLEiaXAagzVIPoRA0DolLDBMJ2jyKaz-2BlWjyy9E-2BrR5WMvvJ1uD8wVsnJJd8pl6BQ-3D-3DdFpK_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5h4Jsz6hNNb2SBqdA2WJhX-2BORHfMjdURmjqAg5EF7f81SKL7kkSC0FDnzldYkjbwdJyJLbZ43DKFxI-2FXT1X8uvqQfNUqKZ0Dcvjoi6BdPgh8GKlHJ3XAVnmBtqGKz2D5jzw-3D-3D), SBI's VC Trade unit now offers RLUSD in Japan, while SBI's trust bank issued a yen stablecoin, JPYSC. Distribution in Asia is quietly building.
- **BitGo**: CEO Mike Belshe gave the sharpest deposit-disintermediation argument of the week; BitGo itself went public in January and holds a conditional trust charter ([Bitcoin Magazine](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgwWF6oriHQ5641orjMIUEz9VK4KFLSjsfQgcKOg7-2Fs4YWhR-2BkBUNqXJbPmhr58RR4fP8M-2BsxfBHJZTIW-2FEDPazx9qghAHhJUtH0NIq5gRlAw-3D-3D5lru_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5hz8EAIRdmOqEJdGLJOt8xFkxyZzYls-2FsOMy6iw5Mub-2FpT-2F-2BLbQy2vAEqYK7eMI7X58u6MFAMYWsQJsDmDOOfYmwADD7n2g5jztPlDup-2FkhntmgknbgpCISDlS5-2BJNZb6Iw-3D-3D)).
- **Ethena (USDe)**: Not a listed name, but worth tracking: ~$7 billion stablecoin supply, ~11% APY on its staked version, and "zero depegs since launch," per Multicoin's Tushar Jain (investor) on [When Shift Happens (Jul 9)](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjaBjZvdxWeFIWfM7d3z-2Bpmpa-2Fn7LmjRRIss5LNtcXy-2B9fEoPE4tOpycEkSHRWy-2FPs1yisSdqdhjorNQiLukAR1MgEn7tCO0kxGIHcvQIngdw-3D-3DTNS0_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5h8o8b88cllAKaC6grcAf5iXRQJ7O-2B0q7WfeuAZ8ORdEnPMAECBMQ8R9wT14ah-2FOYXHjX3kmYBYM-2BMMGoxIWUSf8keHaM12RLeLgur0ZfI8DV-2BhZOnpzLROQlQowRHpo82A-3D-3D).
- **QUIET this week on their own stablecoin initiatives:** **PYUSD/PayPal** (still conspicuously absent, no update), **C (Citi)**, appears only inside the SWIFT consortium, no standalone Citi Token Services news; **SOFI, XYZ/SQ (Block), FI (Fiserv), FIS, GPN (Global Payments), GLXY (Galaxy), BAC, WFC, GS, MS, BK (BNY)**, no dedicated coverage; **MoneyGram, Western Union**, both were the story two weeks ago, silent this week.

## Read-throughs

- **Card networks / interchange:** Quiet at the product level, but the direction is set. Visa's own dashboard shows $1.79 trillion in monthly stablecoin volume ([Thinking Crypto](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhkGiXsDBfE7h1r30SquvCkddj1aNaE3wOf4o-2FTj8GBEezarusNgRXHhVKG4yNsi1OrNgbUKgT-2FmphEDIKAhaemJ9VkQVQsN5pMDSD-2BOCw1QQ-3D-3DrCpe_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5h65NCSFrVfRm9i6UOIgkVm7YFM64d5pG-2F8awL-2Fbhl5Mwjx6H5IgD84lsHAYkA2kQSvG3nejsJjPU8rBAtTuL3Uz83ENS4STHUSelllPSouc-2B7rkerQQr7zg4iCJoduQLpg-3D-3D)), the networks are documenting the disintermediation of their own rails even as they hedge into OpenUSD. If OpenUSD stalls, expect Visa and Mastercard to lean back on their proprietary token platforms.
- **Money-center & correspondent banks:** The SWIFT 17-bank ledger is the incumbents' answer to correspondent-banking disintermediation, 24/7 tokenized-deposit settlement without ceding the customer or the float. But the demand-side pressure is real: on [Thinking Crypto (Jul 13)](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgWP6f9jKHZbYpDMPmFByBdpmg0oyEYd-2FUguz9Q8aLCZKhVj7iVRJEnA4W6UZdL1OueTHH91K4lWvFfgBX0CoxnwXkKD5y2llWvR4TXUpHnrA-3D-3DS04J_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5h9m1UHgTsm3fhkFHiNP-2BuQ8rBVU0K2ZIlCBCQYTKKk4b5E-2BGYjg5aWX4pJTFWdZwZQZgklP3F1-2FbGdjHovtGiSEUQABekKP5AVlPsG8B9j0TSS9EqJvmNC52kskIqLZDXw-3D-3D), Hyundai, the world's third-largest carmaker, became the first major South Korean company to run internal cross-border transfers on a stablecoin, moving money between its US and Mexico units "in about seven minutes" on the Avalanche blockchain. That is precisely the corporate treasury flow that used to sit in correspondent-bank rails for days.
- **Payment processors:** The pressure point is the yield fight. A zero-yield JPMorgan token and Dimon's lobbying against stablecoin yield tell you the banks intend to keep the float; the processors and fintechs (Robinhood/USDG, Ripple/RLUSD) that *can* pass yield through have the wedge, if Clarity's yield language survives, which is now the central legislative battle.
- **Custody / exchange infrastructure:** Two structural moves. Circle's charter lets it pull reserve custody in-house, taking fees away from BNY Mellon and State Street. And Securitize went public on the NYSE (ticker SECZ) via SPAC, tokenizing ~$300 million of its own stock on Solana and Avalanche, trading ~33% above its $10 SPAC price and raising over $400 million ([CoinDesk](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiIjv1bS9LMBcnKM3b6Oh1youHV5ZLQty1GzuKFvp4i6pwtwBFad3KvhmATgitSqQhcKg115aZmxqimFcp3zr4mSp1FoP9u36r1Zwdqyt-2Blhw-3D-3DX9-s_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5hwVWA6fL-2BPHN3zxxAUacPR-2FhMtFO4Kj-2FVmaAOGln8ntdtwQBHEpTL1cyrdFie9zDrkIMaTvtCRj7yI61qd7FgqAB-2BgkEPbxpI0l2oGkuOga7KulLeTNoZprs-2FHDycZnP-2Bg-3D-3D)). Tokenized real-world assets are becoming listed equities.
- **Treasury-bill demand:** Every model still routes reserves into T-bills, and the base keeps compounding. $1.79 trillion in monthly stablecoin transaction volume (+63% month-over-month, >2x year-over-year) means a structurally growing, if increasingly commoditized, bid for short-dated Treasuries. The open question is who collects the ~4% on that float: issuers (Circle, Tether), banks (JPMorgan's 0% Vault), or, if the law allows, the end user.

## What changed vs last week

Three clean reversals and one continuation.

**First, Circle flipped from villain to victor**, sort of. Last week it was the 17%-down poster child of the OpenUSD threat; this week it won its federal bank charter and closed up ~7%. But the win is commoditized, and the float-economics overhang (OpenUSD, the Dimon yield fight, the August Coinbase renewal) is unchanged.

**Second, OpenUSD went from juggernaut to question mark.** Last week's 140-firm wall of logos is this week's coordination problem, Samsung and other named "members" saying they never agreed, and a credible investor (Alex Bloom) putting it in the same sentence as R3 Corda and Diem. The consortium is now "slated for later 2026" with no product shipped.

**Third, Clarity faded further and got uglier.** Betting odds slipped to ~37% on Kalshi (from ~39% last week, and 84% back in February); Coinbase's top lawyer resigned; five Democratic senators formally demanded hearings into the ~$1.4 billion President Trump reportedly earned from crypto (his 2025 financial disclosure); and Jamie Dimon reportedly cursed out Coinbase's CEO over the yield provision. A new draft is promised "as soon as next week," but the ethics fight, the one that has never been resolved, is now a national headline. Swan Signal Live went as far as "basically zero chance" before the midterms. Rebecca Rettig of Jito Labs (operator/insider), on [Paul Barron (Jul 8)](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiRlglGJd91iuAUQR9izzVUqHkp7SOVvzS-2FrQWuiVFfPnArTtxQfazdbUpyaSIrzDicN8vabGPcCWJJ-2FEAy-2F4gBh8sjbP0nOnbp-2BdX8-2FCvImw-3D-3DN045_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUMiHivMZn7N5Tt7ZVRPAUH9nK7VoYN1Brgr3YI8kI5h9-2FTc3PUTGIFcPy1nSHA-2BODMImnQz8Nd0MZAn7Zg9hQEAUjPTzcop-2BqiS4kFG1wN27zKUQSafd1Naud66IFbNXWPqhC-2Fx4obxp0mDLFImq1OwfATXdrPn2upvj0fPoS8xA-3D-3D), gave the calendar: Senate procedural votes July 13–17, floor window July 27–August 7, and her own odds at "maybe 35, 40 percent." Separately, an anti-CBDC ban was quietly signed into law via a housing bill, but it sunsets in 2029 `[CLAIM, unverified, per Thinking Crypto, Jul 13]`.

**The continuation:** the banks are still executing on tokenized deposits, only louder. JPMorgan moved from "QUIET on Kinexys" last week to shipping a 0.0%-APY Vault token and anchoring the SWIFT ledger this week. Still genuinely QUIET on their own initiatives: PayPal/PYUSD, a standalone Citi Token Services update, and the entire second tier (SOFI, Block, Fiserv, FIS, Global Payments, Galaxy, BNY, the remitters).

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