SS #107 - Meta Pays Creators in USDC

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Good morning.

Meta paying creators in USDC is the easy part. The hard part, converting digital dollars into pesos or pesos into anything spendable, is still a multi-step crypto obstacle course that Meta hands off entirely to the user, and that gap is where the real payments war is being fought.

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In Today's Edition:

• Headline: Meta Pays Creators in USDC

• Quick Bites: Coinbase & Cardless Unveil Stablecoin Credit Card

• Yield of the Week: PT jrRoyAPYUSD’s 19.13% APY

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HEADLINE

State of play: Meta's USDC creator payouts across Colombia and the Philippines validate stablecoins as a disbursement tool, but expose the industry's unresolved last-mile problem: getting from digital dollars to spendable local currency.

• Creators must connect external wallets, choose a supported network, and manage custody themselves, with Meta exiting the transaction after settlement.

• Converting USDC to local currency still requires exchanges, compliance checks, and domestic banking withdrawals, each adding fees and delays.

• Card networks are taking the opposite approach, embedding stablecoins behind existing infrastructure so users never touch wallets, with Mastercard's BVNK deal and Visa's Bridge partnership as leading examples.

What’s Next: Meta's 160-country expansion by year-end will stress-test whether fragmented off-ramp infrastructure can actually scale.

Why it Matters: Stablecoins solved settlement, not usability. The next phase is won at the off-ramp, and whoever owns that owns the end-user relationship.

Our Take: Meta gave creators faster rails and a crypto problem to solve. Card networks got the architecture right: stablecoins in the middle, fiat on both ends, complexity invisible. Until platforms match that, USDC payouts are a press release, not a product.

QUICK BITES

• Meta is paying creators in Stablecoins.

• Coinbase and Cardless unveil credit card backed by stablecoins.

• Zodia Custody secures payment license to expand EU stablecoin services.

• Japan's SBI Shinsei Bank plans crypto rewards program for depositors this fall.

YIELD OF THE WEEK

PT jrRoyAPYUSD: 19.13% APY

• The market accepts jrRoyAPYUSD deposits, the Royco junior tranche for apyUSD providing first-loss liquidity to back Apyx's dividend-backed stablecoin, maturing November 5, 2026, while also earning 52x APYX points.

• Capital is deployed into the Royco Junior Tranche via native minting, with 1 jrRoyAPYUSD currently converting to 0.9919 USD worth of apyUSD, reflecting active first-loss coverage mechanics with redemptions available after several days.

• Yield is generated from apyUSD's DAT preferred share dividends amplified through junior tranche risk premium, with the PT locking in a fixed 19.13% APY while YT holders capture remaining variable yield and points.

Flowdesk AUSD RWA Strategy: 13.74% APY

• The vault accepts AUSD deposits and allocates capital across Morpho markets backed by tokenized real-world asset collateral with a focus on equity exposure, with ~$15.18M in total deposits and ~$1.26M in available liquidity.

• Capital is primarily deployed into sUSDat/AUSD (~$12.41M at 93.88% utilization) and PT-USDat-27AUG2026/AUSD (~$2.6M at 89.89% utilization), with a smaller allocation to wSPYx/AUSD at 90.00% utilization.

• Yield is generated from lending demand across RWA-collateralized markets, with primary market APYs of 21.78% on sUSDat and 6.88% on PT-USDat, net of a 10% performance fee and 0% management fee.

Tulipa USDC: 10.14% APY

• The vault accepts USDC deposits and allocates capital across private DeFi deals, tokenized RWAs, and structured yield products sourced via direct counterparty relationships unavailable to passive depositors, with ~$8.81M in total deposits.

• Capital is deployed across RWA lending, fixed yield products, structured LP arrangements, and incentivized liquidity positions, all USD-denominated and actively managed by Tulipa Capital's risk-first framework.

• Yield is generated from private deal flow and direct issuer relationships unlocking yields beyond what aggregators can access, targeting ~14% net APY after a 1% management fee and 10% performance fee.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.