8/15/24: The Fox's New Card 💳📱💬

Top News

  1. MetaMask launches debit card in partnership with Mastercard

  2. Circle CEO says tap to pay using USDC on iPhones is coming soon

  3. Telegram introduces feature that lets creators earn TON

Specs’ Breakdown

1. MetaMask launches debit card in partnership with Mastercard

⌐◪-◪ → MetaMask just launched a debit card in partnership with Mastercard and Baanx Group, allowing users to spend crypto directly from their self-custody wallet.

From a distribution standpoint, this is a big deal. Mastercard has over 1.2B debit card users and is accepted by over 110M merchants globally.

These are exactly the kinds of partnerships that blur the lines between TradFi and DeFi while maintaining one of crypto’s core components: self-custody.

The product is launching in the EU and UK first, and will initially support most popular cryptocurrencies. You can join the waitlist here.

This is a win for the industry, addressing one of the public's biggest objections: “but how do you spend your magic internet money?” Now we can respond with, “just like this.” → swipes card.

2. Circle CEO says tap to pay using USDC on iPhones is coming soon

⌐◪-◪ → Jeremy Allaire, CEO of Circle, just told developers to “start your engines” because tap to pay using USDC on iPhone is coming soon.

This is made possible by iOS 18.1, which lets third-party developers access the iPhone’s NFC chip, enabling contactless payments outside of Apple Pay and Wallet for the first time. Circle has no official relationship with Apple.

This move is very un-Apple, opening up their walled garden thanks to a settlement in the EU that challenged Apple’s previous NFC limitations.

The functionality will launch first in Australia, Brazil, Canada, Japan, New Zealand, the UK, and the US, with more regions to follow.

Get ready for a rush of new NFT-based use cases on iPhone, one of the more bullish updates for web3 UX we’ve seen in a while.

3. Telegram introduces feature that lets creators earn TON

⌐◪-◪ → Telegram is making moves on the crypto front, announcing a new feature that lets creators earn TON, the native cryptocurrency of The Open Network.

Users can now send reactions in Stars, an off-chain in-app currency, which can later be converted into TON.

This is a big pro-crypto move for Telegram, one of the world’s largest messaging apps with over 1B users—about 35% of WhatsApp’s size.

For context, TON is the 8th largest cryptocurrency with a market cap of $16.75B, bigger than Dogecoin, Cardano, Tron, and Bitcoin Cash.

If you haven’t explored Telegram’s crypto ecosystem or mini-apps, I highly recommend starting with Fragment, an NFT marketplace for Telegram usernames.

Everything Else

⛓️ Crypto & DeFi

  • TON collaborates with Pyth Network for gaming and DeFi data

  • Swell imports wrapped Bitcoin for liquid restaking

  • Renzo announces liquid staking token ezSOL on Jito

  • EigenLayer tests permissionless token support

🏦 Wallstreet & VC

🏛️ Legal & Regulatory

  • SEC approves first leveraged MicroStrategy ETF

  • US Government moves $600M in Silk Road Bitcoin to Coinbase

  • State of Wisconsin increases BlackRock Bitcoin ETF holdings

  • Senate leader Schumer to speak at Crypto4Harris town hall

  • Sen. Schumer vows to pass crypto regulation this year

🌎 Rest of the World

  • Binance re-enters India after settling $2.25M penalty

  • Binance to pay $1.7M to Brazil's SEC to end derivatives probe

🖼️ NFTs & Metaverse

  • Confiction Labs launches Proof of Exposure to combat Web3 bots

  • Sotheby's launches new digital art sale: most diverse

  • MON Protocol partners with iAgent Protocol, a DePIN gaming protocol