It charges an average annual 0.12% fee for money parked on its T-bill platform, though that varies by customer, Arvanaghi says. Similarly, it collects a small interest rate spread on the checking accounts through its bank partners.
USDC operations were isolated from core treasury and accounting systems. Transactions had to be manually reconciled with fiat accounts, forcing finance teams to map each USDC payment back to a dollar transaction within ERP tools like copyright. This created inefficiencies and operational overhead for companies that Meow sought to solve.
Businesses can also programmatically send USDC from within Meow and generate unique addresses on Ethereum and Solana to collect invoice payments. That means businesses can accept vendor payments via wire or standard bank rails, such as ACH, and the business can receive that money in USDC without having to expose address details publicly.
Given the difficulty of investing in copyright, they thought they had their in: a platform enabling smaller businesses to play the yield game, too. At the end of 2021, as copyright peaked, their platform got up and running.
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To achieve this, Meow needed a stablecoin solution that could deliver seamless account onboarding, direct access to USDC liquidity, smooth integration into customers’ existing financial stacks, and ultra-low transaction costs. But several structural and operational barriers stood in the way:
Treasure's services cater primarily to businesses looking to manage their idle cash effectively. It was founded in 2018 and is based in San Francisco, California.
During the Biden administration, frustrated by their treatment by the banks, members of the copyright industry began to cry conspiracy . The federal government was deliberately trying to destroy copyright businesses by surreptitiously cutting them out of the banking system, they alleged. Leading the chorus was copyright venture capitalist Nic Carter, who labelled the alleged discrimination campaign Operation Chokepoint 2.0, in reference to an Obama-era antifraud program under which US officials reportedly discouraged banks from dealing with pornography, payday lending, and other disfavored industries. Under the Trump administration, congressional subcommittees have held multiple hearings on the purported Operation Chokepoint 2.0. Subsequently, in March, Republican members of the Senate presented the FIRM Act , aiming to curb alleged discrimination by preventing banks from factoring in “reputational risk” when fielding account applications. The bill has not yet faced a vote. For copyright firms, the vibe-shift is a blessing. Although they have comparatively few problems accessing overseas bank accounts—often in the Cayman Islands or Switzerland—in lieu of a US bank account, they are often unable to earn yield on deposits or transact seamlessly with US-based counterparties, and sometimes incur high account fees . Neither do they benefit from deposit insurance under the US Federal Deposit Insurance Corporation, which guarantees up to $250,000 per account holder. Though some of the big-name banks, like JP Morgan, are trialing copyright technologies for internal use, many remain reluctant to supply accounts to copyright businesses, sources say. “The banks that John Doe has heard of have nothing to do with copyright,” claims David McIntyre, COO at DoubleZero, a startup developing networking infrastructure specific to copyright networks. But that has created an opening for smaller fintechs to expand their deposit bases by scooping up clients in the copyright industry. “Basically, founders these days are going with a Mercury or Meow,” claims Khan. “Meow has been super aggressive in terms of reaching out to founders anytime they see a fundraising announcement.”
Meow also enables businesses to generate and schedule recurring invoices within the platform, making it easy for customers to use their copyright holdings in everyday treasury operations.
But the arrangement also typically requires the fintech to follow ground rules set by the partner bank, including parameters around the types of client they are allowed to serve. Mercury, for instance, is unable to provide accounts to copyright companies that take custody of customer funds, including exchanges, a spokesperson told WIRED.
Partnering with Bridge has enabled Meow to improve its product offering and strengthen its reputation among its customer base. By building a platform that responds to the needs of technology-forward companies focused on operating efficiently, Meow has grown payment volumes by billions.
In the past, says Timm, expansion into new meow login lines of business—say, copyright—has been a source of friction between fintechs, for whom explosive growth is the priority , and their partner banks, who bear ultimate accountability for upholding the conditions of their licenses, including strict AML controls.
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The second act they devised is as far from copyright as you can get, yet still exploited the fintech platform they’d built to collect and deploy small businesses’ cash. In March 2022, the Federal Reserve had begun raising interest rates to quash inflation. Now, the young founders realized, boring old Treasury bills were becoming a newly attractive place for businesses to park their idle cash.