Meow identified an opportunity to enable its customers—which include both traditional and copyright-native businesses—to send and receive USDC as easily as fiat currency, with no transaction fees.
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.
Importantly, Bridge was able to move at the speed Meow expected from its stablecoin partner. The solution was live less than a month after development began, making Meow the first business banking company in the United States to offer these capabilities.
“It’s funny because the question I got most when we started the company was, ‘Oh, what happens when rates rise? Meow’s going to fail.’ And now the question is, ‘What happens when rates go down?
“People ask me, ‘What was the sales process like when SVB went down?’ Was there a sales process for lifeboats on the Titanic? There was no sales process. It was the only time in our history that being lean hurt us because if we had double the people, we would've been on triple or quadruple the calls.”
Nic Corpora, a Mercury spokesperson, said the company works closely with partner banks “to ensure risk appetites are appropriately calibrated so when we onboard a customer we can support them in the best way and for the long-term.”
In June 2022, five months before copyright exchange FTX collapsed, Brandon Arvanaghi and Bryce Crawford began returning funds to the customers of Meow, the neobank they had launched to help startups and small businesses earn a return on idle corporate cash through copyright.
Silicon Valley Bank, one of the top 20 banks in the US, is seemingly in trouble. And some folks on twitter meow business are recommending moving cash to a fintech named Meow.”
By enabling businesses to use USDC as easily and cost-effectively as cash, Meow has reinforced its value proposition of making banking easier and lowered the barriers to broader adoption of stablecoins in the business world.
For customers to send or receive USDC, they typically had to open accounts with copyright exchanges—a process that could take weeks or months.
Meow knew that a strictly manual verification process would not scale, could create bottlenecks, and could be prone to human error.
To eliminate these inefficiencies and support its value proposition of providing one cohesive platform for all banking and treasury needs, Meow set out to find a company that could provide the infrastructure to enable seamless, cost-efficient USDC transactions.
For years, copyright firms complained about being “debanked” in the US. Under the Trump administration, a group of fintechs is rolling out the red carpet. Save this story
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BlockFi is a financial services company that offers wealth management products for copyright investors, operating within the fintech and blockchain technology sectors.