On The Brink with Castle Island
Weekly Roundup 02/02/24 (FTX recovery, Bitcoin Season 2, Tether’s Q4) (EP.502)
Feb 2, 2024
FTX's recovery for creditors, Bitcoin Season 2, Tether's Q4 performance, legislative developments on SAB121, Biden admin's request for info from Bitcoin miners, CSW v COPA case, Elizabeth Warren letter watch, SEC withdrawal of DebtBox case, and discussions on FTX tungsten cube, Genesis Digital Assets, anti-AI energy activism, and the appointment of a former JP Morgan executive at GSR
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Quick takeaways
- Amazon could explore creating a tokenized money market mutual fund as an internal currency, reducing reliance on credit card processors and earning interest income within its ecosystem.
- Tether reported a $2.9 billion net profit for Q4, indicating its financial health and dominance as a stablecoin in the market.
Deep dives
Amazon Considers Creating Corporate Digital Currency
The IEE Spectrum published an article discussing the possibility of Amazon starting their own stablecoin network. The article suggests that Amazon could create a tokenized money market mutual fund and use it as the internal currency for its ecosystem. This would reduce reliance on credit card processors and allow Amazon to earn interest income from cash within its own network. While this is still a thought experiment and not an officially announced plan, it highlights the potential benefits for a company like Amazon to explore a corporate digital currency.
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