__When the 800-pound gorilla gets sick…__ A California bank that's played a vital role in the crypto industry's growth [issued](https://www.ft.com/content/d25c4e79-936e-445b-a664-087af642d2f9) a stark warning on Wednesday: its days may be numbered. Publicly traded __[Silvergate](https://robinhood.com/stocks/SI/)__ said it wouldn’t be able to file its annual report with the SEC on time because its financial position has deteriorated significantly since last month. Now it's "evaluating" whether it can continue operating. The fallout was swift:

- __Not so silver-great:__ The bank's stock plunged nearly 60% yesterday, hitting a record low as anxious investors shed shares.

- __Won't silver-wait:__ __[Coinbase](https://robinhood.com/stocks/COIN/)__, __Galaxy Digital__, and crypto-services biz __Paxos__ all said they're taking their business elsewhere. 

__Silver lining turns gray…__ Silvergate was *the* crypto bank because it was one of the few US banks willing to go all in on crypto, offering companies a bridge between digital assets and dollars. Before that, it was a relatively small community lender with three SoCal branches and less than $1B in assets. Fast forward to last year: Silvergate held $16B in deposits, 90% of which were crypto-related. But things took a turn after __FTX__'s fall (FTX had accounts at the bank). Silvergate reported a $1B loss last quarter, and it’s reportedly facing a Department of Justice fraud investigation.

Searching for a silver lining (Jakub Porzycki/Getty Images)

SLIVER

__Crypto risks becoming an island…__ if it loses its banking bridge to the financial mainland. Crypto promises a system separate from traditional finance (aka: TradFi), but it still heavily relies on regulated banking partners to get US dollars in and out of the system. Without partners like Silvergate, crypto's growth path looks narrower. Even Coinbase's substitute for Silvergate, __[Signature Bank](https://robinhood.com/stocks/SBNY/)__, moved to reduce its crypto exposure last year. That, combined with a recent cautionary note from regulators aimed at crypto-curious banks, could pose a real problem.

Crypto mega bank Silvergate suggests it might not survive, leaving crypto companies scrambling

__Emergency hummus delivery…__ for when you just need to buy the dip. __Instacart__ is America’s grocery-delivery leader, followed by __[DoorDash](https://robinhood.com/stocks/DASH/)__ and __[Uber Eats](https://robinhood.com/stocks/UBER/)__. Unlike its rivals, Instacart is private, so it doesn’t publicly report its earnings. But ahead of its anticipated IPO this year, The Wall Street Journal got its hands on some numbers. 

- __Full carts:__ Instacart’s quarterly sales jumped 50% from last year, while profit surged 80%, [according](https://www.wsj.com/articles/instacart-sees-revenue-profit-boost-ahead-of-public-listing-1d7891d?mod=business_lead_pos7) to WSJ’s “people familiar with the matter” (#PFWTM).

- __Clear aisles:__ Instacart’s sales jumped 39% to $2.5B last year, even as order volume growth slowed from lockdown-era highs.

- __Not just groceries:__ Instacart has delivery partnerships with retailers like __[Best Buy](https://robinhood.com/stocks/BBY/)__, __Sephora__, __Staples__, and __[Walgreens](https://robinhood.com/stocks/WBA/)__. 

__It’s less about avocados…__ and more about ads. While the grocery-ordering boom slowed from its pandemic peak, Instacart prospered from its push into *advertising*. Think: in-app ads for __[Pepsi](https://robinhood.com/stocks/PEP/)__, Bud Light, and Cheerios. For example, you search “chicken” on Instacart and get a sponsored listing for Applegate chicken strips at the top of your page. Instacart’s ad products reportedly generate a 15%+ sales boost for brands on the platform. 

- __Secret ingredient?__ Instacart is one of the “sneaky advertisers” like __Uber__, __[Kroger](https://robinhood.com/stocks/KR/)__, and __[CVS](https://robinhood.com/stocks/CVS/)__, which have leveraged their trove of customer data to sell targeted ads.

- __Silent come-up:__ When it comes to digital marketing, the focus has been on ad-reliant tech titans like __[Google](https://robinhood.com/stocks/GOOGL/)__ and __[Meta](https://robinhood.com/stocks/META/)__. That could be changing….

__It pays to be the destination…__ Unlike Facebook, __Google__, and __Twitter__, Instacart is a shopping destination. You might scroll past a Pepsi ad on Instagram, but you’re less likely to scroll past a Pepsi ad on Instacart that appears after you searched “soda.” People come to platforms like Instacart, __[Amazon](https://robinhood.com/stocks/AMZN/)__, and Kroger with the *intention* of shopping. That makes ad space on these platforms highly valuable for marketers.

Instacart’s reportedly thriving ahead of an anticipated IPO, but growth may be more in ads than avos

🪙 __Coins…__ __Coinbase__ said it would [suspend](https://www.wsj.com/livecoverage/stock-market-news-today-02-27-2023/card/coinbase-to-suspend-binance-stablecoin-trading-64Igh962KkZjMltiqwGe) trading of __Binance__-branded stablecoin BUSD (formerly the third-largest stable). Last month regulators [ordered](https://snacks.robinhood.com/newsletters/3Zy7nWCeAzQOjEeKFD5zwW/articles/3D0jPFFxP4T08iMopuzNVf/) BUSD issuer __Paxos__ to stop minting the coin. 

📸 __Flashy…__ __Yuga Labs__, the crypto biz behind Bored Apes, said it's [launching](https://fortune.com/crypto/2023/02/28/yuga-labs-bitcoin-nfts-ordinals-inscriptions/) a new NFT collection on __[bitcoin](https://robinhood.com/crypto/BTC/)__. The 300 "TwelveFold" NFTs will join a growing number of digital assets tied to bitcoin’s blockchain (aka: [ordinals](https://snacks.robinhood.com/newsletters/hVxJ5P0UXNj7GiarHRYHR/articles/6h6QfaEiiWIYYTVHHiqAf/)). 

💰 __Costly…__ Crypto conglomerate __DCG__ said it [lost](https://www.coindesk.com/business/2023/02/27/crypto-conglomerate-digital-currency-group-reports-loss-of-11b-in-challenging-2022/) $1.1B last year, pointing a finger at declining crypto prices. Also: DCG’s crypto lender, Genesis, declared [bankruptcy](https://snacks.robinhood.com/newsletters/4BoEiy5bSjKJygt8GDtUW3/articles/7tW8jp8mSs2CeUREvHmMNe/) in January.

ORDINAL

The Crypto Catch-Up…

Crypto mega bank Silvergate suggests it might not survive, leaving crypto cos scrambling

Dow Jones

S&P 500

Nasdaq

Bitcoin

The sun is so big it could contain about 1.3M Earths 

🏦 Crypto's banking bind

__Cardi B likes it like that…__ but __[McDonald](https://robinhood.com/stocks/MCD/)'s__ franchisees aren't lovin' it. The fast-food fave announced a new combo meal last month highlighting the date-night order of rappers Cardi B and Offset. Picture: a Quarter Pounder with cheese, a cheeseburger, fries, and apple pie. But some McDonald’s franchise owners are [reportedly](https://www.wsj.com/articles/mcdonalds-cardi-b-offset-meal-promotion-pushback-8c3f5101) refusing to promote it, worried the couple's R-rated lyrics could tarnish the brand's family-friendly golden arches. The chain's own policies might back them up:

- __Burger bible:__ The "Golden Arches Code" of corporate policies forbids music partnerships involving offensive language. But Cardi B songs often get bleeped. 
- __Celeb-centric:__ McDonald’s “famous orders” partnerships with artists like BTS, J Balvin, Travis Scott, and Mariah Carey have been *major* [sales drivers](https://snacks.robinhood.com/newsletters/eQVhHD0t1MjTu4j4q8zVZ/articles/53N6SUUzHD8yZQ3vNQAEMv/). 

__A beef biz's beating heart…__ 95% of McDonald’s locations are franchised, aka: owned by individuals. While they benefit from hitching their wagon to established brands, they pay licensing fees and often fork over a % of earnings back to HQ. It’s not the first time McD’s franchisees have pushed back against corporate: last year 87% of McD’s owners said they disapproved of the CEO. And in 2020 franchisees were in an uproar after corporate [ended](https://snacks.robinhood.com/newsletters/3W2qDBQC1zd66GBLGKcPH5/articles/6HVDpykBMdbjucEqIYnyUg/) the $300/month Happy Meal toy rebate.

McD’s announced a Cardi B and Offset promo (Jeff Kravitz/Getty Images)

Saucy

__Franchising is a two-way street…__ Heavy franchising has helped brands like McDonald's, __Subway__, __[Taco Bell](https://robinhood.com/stocks/YUM/)__, KFC, and __[Chipotle](https://robinhood.com/stocks/CMG/)__ spread across the US. But it's more than just fast food: nearly 300 industries (like: beauty salons, motels) offer franchising. It can be a symbiotic relationship, but when disagreements arise, corporate can’t afford to ignore the people powering their profits.

McDonald's Cardi B promo sparks beef with franchise owners, highlighting their saucy relationship

__Refill relief…__ __[Eli Lilly](https://robinhood.com/stocks/LLY/)__ is [lowering](https://www.wsj.com/articles/eli-lilly-to-cut-prices-of-insulin-drugs-by-70-c554f516) the price of its best-selling insulin drugs, which could ease the financial burden for millions of people with diabetes. Yesterday, Eli Lilly said it would cut prices of its name-brand Humalog and Humulin insulins by 70% this fall. The company added that it would cut its generic-insulin prices by a third. 

- __It’s a big deal__ because __Eli Lilly__ and rivals __[Novo Nordisk](https://robinhood.com/stocks/NVO/)__ and __[Sanofi](https://robinhood.com/stocks/SNY/)__ supply 90% of the world’s insulin — and *100%* of the US’s (#three-opoly). 
- __Big Pharma companies__ can charge as much as $200/dose of insulin, though it typically costs less than 10 bucks to produce. Last year Eli Lilly earned $3B+ in insulin sales. 

__The discount push…__ Of the 37M Americans who have diabetes, nearly a quarter use insulin. But lofty prices have led many to ration or skip doses. While insured folks typically pay less than $35/month for insulin, those without coverage face an average of *$900*/month. Now retailers and governments are scrambling to fill the affordability gap:

- __Governments:__ Dozens of states have already implemented out-of-pocket caps on insulin spend, and President Biden wants $35/month to become the national norm.
- __Companies:__ In 2021 __[Walmart](https://robinhood.com/stocks/WMT/)__ started selling a lower-priced version of analog insulin for people without insurance. In December, Mark Cuban’s discounted __Cost Plus__ biz said it would *consider* testing a three-month supply of insulin for $170.

Meds

__The first mover can move the rest…__ especially in a three-opoly like the insulin market. 
If Eli Lilly’s market share soars thanks to its price cuts, rivals may follow suit to keep customers. Biden and the American Diabetes Association applauded Eli Lilly’s move to cut costs, saying other drugmakers should do the same. Competitive prices, coupled with public pressure, could lead to more affordable medications for those in need.

Pharma giant Eli Lilly is slashing insulin prices 70%, which could pressure its rivals

McDonald's Cardi B promo sparks beef with franchisees, highlighting a saucy relationship

Vanilla flavoring comes from the pod of an orchid

🍔 McDonald’s Cardi B(eef)

__IOU on the hill…__ SCOTUS started [hearing](https://www.wsj.com/articles/supreme-court-signals-skepticism-on-bidens-effort-to-forgive-student-debt-68af1d27?mod=us_more_pos1) arguments challenging President Biden's student loan forgiveness plan yesterday, putting the financial future of 40M+ indebted Americans in the (judicial) balance. Last year, Biden announced plans to cancel up to $20K in federal student loan debt for qualified borrowers. But the program was [halted](https://snacks.robinhood.com/newsletters/5Jm3FdQqXA4zIHXfPN2Skx/) in November after six GOP-led states brought a case against it — and it’s still on pause. Now the US’s highest court must decide whether the forgiveness policy is an overreach of executive power, and if it causes harm to plaintiffs.

- __Behind the bench:__ Conservative justices seemed skeptical, with some saying it would be unfair for Americans who already paid off their loans or never took on debt.
- __Biden’s camp said__ that the debt-relief plan was legal under the Heroes Act, which gives the Department of Education extra power during national emergencies. 
- __State attorneys said__ the plan could strip Missouri (a key player in the case) out of revenue earned from its state’s loan servicer.

__Repayment woes…__ the court’s forgiveness decision isn’t the only challenge borrowers are facing. The pause on loan repayments has been extended eight times through two presidencies, saving borrowers $5B/month. But if the legal disputes aren’t resolved by June, then payments will restart in August. If the court issues a ruling in March, they could restart as early as May.

Busy day in DC (Robert Nickelsberg/Getty Images)

__Americans might not be prepared…__ Some recent college grads have *never* had to make a student loan payment, since the pause has lasted nearly three years. The extra costs could weigh on millions of US families already grappling with record household debt and stubborn inflation. The average loan payment is nearly $400/month.

Biden's student loan forgiveness plan faces the ultimate test at the Supreme Court


__TikTok-ban saga, reloaded…__ The US government’s been talking about banning __TikTok__ [for years](https://snacks.robinhood.com/newsletters/2woouVpp3T4E9DyQs4RPPc/articles/5Upme1v5FQZ3p9BaoiZdul/) over national-security concerns with the Chinese-owned app. The possibility just got more real: yesterday a bill that would give Biden the power to ban TikTok was on track to [pass](https://www.cnbc.com/2023/02/28/new-tiktok-ban-is-poised-to-advance-in-congress-.html) a key House committee vote. If it is greenlighted by Congress, it could lead to a Tok-less life for the 100M Americans using the app. 

- __Tok nerdy to me:__ The bill, memorably named “H.R. 1153,” would change rules that’ve shielded TikTok from US sanctions on China. Those rules exempt “informational materials” like news and magazines from sanctions-related bans. Now…
- __UnStitched:__ The bill could strip protections from companies that share Americans’ personal data with China-affiliated entities. 
- __Tick tock:__ It’s expected to pass in the Republican-controlled House, but its outlook is iffy-er in the Dem-majority Senate. 

__For You-page tunnel vision…__ Supporters of the ban say that TikTok is a tool that the Chinese Communist Party can use to monitor and manipulate Americans (think: weaponizing data, spreading misinfo). Critics like the ACLU argue that a broad ban would amount to censorship of free speech, violating the First Amendment. Meanwhile: 

- __The US, Canada, and the EU__ have already barred federal employees from having TikTok on government-issued devices. India full-on banned TikTok for all its citizens. 

TikBan

__It’s a messy Tok situation…__ The US has criticized China for being a censorship state (__[Google](https://robinhood.com/stocks/GOOG/)__, __Twitter__, __[Facebook](https://robinhood.com/stocks/META/)__, and even TikTok itself are banned there). Now the US wants to ban a social-media app… but for national-security reasons. If TikTok actually poses a serious security threat, there’s a lot at stake: over two-thirds of American teens use TikTok, and a third of US TikTok users say they regularly get their news on the app.

A broad TikTok ban could be in the cards as the US stresses national-security concerns

🐝 *If bees ditched their queen and voted on what to do with all the honey…*

A decentralized autonomous organization, or DAO, is a semi-leaderless crypto org that makes governance decisions based on token holders' votes. So if a bunch of strangers wanted to pool their $$ to [buy a golf course](https://www.coindesk.com/web3/2023/02/22/linksdao-to-bid-on-scottish-golf-course-following-vote/) or run a fast-food franchise, they could create a DAO to do just that (no IRL handshakes required). 

DEFI(NE)

Heard on the Block: "DAO"

Women outnumber men in the US college-educated labor force

📚 Loan forgiveness feat. SCOTUS

__Looks like an iPad…__ actually a cellphone. China’s top phone manufacturers are upping their game as they fight for a bigger share of the $450B industry. __Honor__ — formerly a __Huawei__ subsidiary — rolled out its $1,700 foldable Magic Vs phone onto the global stage this week (it was previously available in China). And rival __[Xiaomi](https://robinhood.com/stocks/XIACY/)__, the world’s third-biggest smartphone seller, showed off its nearly $1,400 13 Pro, which sports super-fast charging and a telephoto camera. 

- __Xiaomi released its first phone__ in 2011 and it now makes up about 13% of the entire smartphone market (up from 2% in 2017).
- __Still:__ __[Apple](https://robinhood.com/stocks/AAPL/)’s__ iPhone and __Samsung’s__ Galaxy phones made up an overwhelming 92% of the high-end-smartphone market last year.

__Battle of the pros…__ China-based Huawei was the world’s #1 smartphone seller as recently as 2020. But the effects of US sanctions, issued in 2019, knocked its 2021 sales down by almost a third. Enter Apple, which ramped up its must-have phone features like film-worthy camera tech and AirDrop file sharing to lure younger consumers and fetch premium prices abroad. So far it’s worked: Apple’s worldwide share of high-end phones (think $800+) grew to 76% last year, up from 65% in 2018.

But does it fold? (Xavi Lopez/Getty Images)

Flip

__Dress for the customers you want…__ Xiamoi and Honor want a slice of Apple and Samsung's massive market share. The Chinese manufacturers are trying to court premium shoppers with flashy features, but that may only get them in the door. There's a lot at stake: over the next five years, $600+ smartphones are forecast to make up a fifth of all smartphone sales growth.

China’s top phone makers embrace flashy features as they challenge Apple and Samsung for premium-smartphone dominance

__It's not a bug…__ it's a feature. Social star __[Snap](https://robinhood.com/stocks/SNAP/)__ said it's [adding](https://www.bloomberg.com/news/articles/2023-02-27/snap-debuts-my-ai-chatbot-powered-by-openai-s-gpt-technology) an AI chatbot to its $4-a-month Snapchat+ subscription service. Dubbed “My AI,” the bot’ll be powered by __OpenAI's__ ChatGPT, and it apparently writes haikus and recommends gift ideas. Snap warned users of My AI's "many deficiencies" and said the bot could be tricked into saying almost anything. Think: less a serious search [solution](https://snacks.robinhood.com/newsletters/64ZuFLHX6YfnQ8QQYZICfn/articles/5EDobF4dEXa3d5APRhq1hn/), and more an entertaining app companion. But when it comes to revenue, entertainment's no plaything.

__Putting an AI cherry on top…__ of a subscription sundae. Snapchat+ has 2M paying subscribers, and it brought in $28M after launching last year. While Snap said it eventually plans to offer My AI to all its 750M users, for now the chatbot is a differentiator for Snap's subscription biz as it looks to move away from ad-dollar dependence. Snap isn't the only ad-reliant social mammoth now offering subscriber-only perks:

- __Blue it:__ __Twitter__ relaunched its $8-a-month Twitter Blue in December with editable tweets and check marks. As of last month, it had about 180K subscribers. 
- __Veribuyed:__ Earlier this month __[Meta](https://robinhood.com/stocks/META/)__ said it would charge users $12 a month to be verified on Facebook or Instagram.

$OCIAL

__Subscriptions need the wow factor…__ Charging for mundane perks on an otherwise free app is a hard sell — just look at Twitter Blue's subscriber #s. Snap's clearly hoping My AI on Snapchat+ will make its paid service a standout. With digital ad spending cooling last quarter (Meta's revenue dipped more than 4%), companies trying to make up for lost $$ with subscriptions will need compelling perks to draw in paying users.

Snap gives its subscription offering an AI boost as socials push for diversification 

China’s phone makers embrace flashy features as they chase premium-smartphone dominance

Black History Month was first officially recognized by a US president — Gerald Ford — in 1976

📱 Smartphone makers’ premium push

__Insta-worthy fit…__ for less than $10. After years of explosive growth, *ultra*-fast-fashion titan __Shein__ is laying out lofty sales goals in preparation for a potential IPO this year. Shein became America’s largest fast-fashion brand thanks to its online offering of endless trendy clothes at super-low prices (think: 6K new styles listed *each day*). Now Shein could become the largest Chinese company ever to list in the US — its #1 market. 

- __New fit:__ In an investor presentation last week, Shein said it was aiming to double its annual sales to nearly $60B by 2025. FYI: that’s more than __H&M__ and __Zara’s__ yearly sales *combined*. 
- __Loose thread:__ Analysts say Shein’s goal could be a stretch, since it would need to get more repeat customers and sell pricier pieces (think: $30 blouse vs. $3 tank). 

__From A to Gen Z…__ Shein became a go-to for young adults thanks to viral __TikTok__ [hauls](https://theweek.com/feature/briefing/1016752/the-real-cost-of-fast-fashion) and influencer endorsements. During the pandemic, its valuation soared from $10B to $100B in two years (but recently dropped to $65B). The novelty of endless cheap clothing scrolling is starting to wear off. Shein’s sales have fallen for six out of the past seven months, and last year it posted its first annual loss since the pandemic.

- __Interest down:__ Online searches for Shein and other fast-fashion faves like __Pretty Little Thing__ and __Fashion Nova__ have tumbled since last fall.
- __Competition up:__ This month Shein’s China-owned rival, __Temu__, became the most downloaded app in the US (topping Walmart and Amazon) after its [Super Bowl ad](https://www.youtube.com/watch?v=RgNuwb9lpeg).

Hit refresh for a Gen Z style overload (Jakub Porzycki//Getty Images)

OOTD

__Cheap is easy to sell, but easier to unravel…__ Gen Z is more open to embracing new brands than other generations, but keeping its attention is hard. Plus, young shoppers are increasingly concerned about the environmental effects of their purchases. That could be bad news for unsustainable fast-fashion brands like Shein, which has been in hot water for contributing to millions of tons of carbon emissions — and has received scrutiny for labor-law violations.

Shein is stitching up a blockbuster IPO, but a fast-fashion slowdown could unravel the plan

__Thursday = the new Friday...__ The four-day workweek is #trending after positive [results](https://snacks.robinhood.com/newsletters/44zd3IQT0JJbWiGwxhlAOc/articles/12KrqK3ZznsRULbKmOL0Go/) from one of the largest trials ever conducted of the concept. The vast majority of companies in the six-month UK study said they’d stick with four-day weeks after seeing major reductions in turnover, happier employees, and mostly steady productivity. Employers in the US, Canada, Australia, Brazil, and other countries are also testing it out. Most companies that have experimented with short weeks are small, but four-day work could become a hot new perk. 

__SCOTUS on YouTube…__ The Supreme Court heard arguments in a case against __Google__ that could decide if tech companies should be liable for content their algos promote. The plaintiffs are the family of Nohemi Gonzalez, an American college student who was killed in a 2015 ISIS attack in Paris. They say YouTube’s recommendations violated anti-terrorism law by helping radicalize viewers. Social giants are protected from being liable for users' posts thanks to Section 230. But now the question of content *promotion* could put some protections in jeopardy.

Zoom out

Stories we’re watching

__Missed the bull’s-eye?…__ __Target__ is expected to report lower sales and profits tomorrow. __Walmart__ unboxed a strong holiday quarter last week as discount seekers flocked to its aisles for essentials like food (groceries = over half of Walmart’s sales). But America’s largest retailer warned that customers are cutting back on higher-margin discretionary items (think: clothes, decor, TVs). That’s even worse news for Target, since discretionary goods make up 60% of its sales. Analysts expect Target’s profit will have dropped by more than half. 

__The doctor will FaceTime you now…__ Telemedicine companies like __Teledoc__, which reported last week, rode the lockdown wave to ballooning growth. But now many IRL doc offices are open and the US government’s Covid emergency declaration is on track to end in May (think: a possible end to video-call Adderall prescriptions). And the shine may be coming off telemedicine's apple. If Teledoc's disappointing forecast is any indication, __Hims & Hers Health__ and __GoodRx__, which report this week, may have reason to call in sick.

Events

Coming up this week

- __[COD](https://snacks.robinhood.com/newsletters/3DpeGe1lyARbnRKJrQl0dF/articles/1NLpPKfmkzaijNqlW1eIyh/):__ Xbox-maker __Microsoft__ struck deals to share some of its top games with rivals __Nintendo__ and __Nvidia__ to win support for its $69B acquisition of __Activision Blizzard__. 
- __[Checkmeta](https://snacks.robinhood.com/newsletters/7njrkTvG6xMWBL9Rp3jjNB/articles/5F00601QGvnAtcX8AWnuoj/):__ __Meta’s__ following __Twitter__ with a blue-check subscription as social giants scramble for *non*-ad revenue. “Meta Verified,” which launched last week, offers Insta and FB app users blue badges for $15/month. 
- __[Scooted](https://snacks.robinhood.com/newsletters/7njrkTvG6xMWBL9Rp3jjNB/articles/1qcuhbwlqr3wvlg1EyIMBh/):__ Electric-scooter startups like __Bird__ and __Helbiz__ have been deeply unprofitable, but __Lime__ said it just became the first micro-mobility company to notch a profitable year thanks to its DIY approach.

ICYMI

Last week's highlights

Raindrops are shaped like hamburger buns, not teardrops

👗 Shein’s IPO runway

__Thursday’s the new Friday?...__ The four-day workweek is #trending. Driving the hype: one of the largest [trials](https://www.wsj.com/articles/after-testing-four-day-week-companies-say-they-dont-want-to-stop-a06089cc) of a four-day workweek ever conducted. In the six-month study, 61 British companies across industries gave 2.9K workers one paid day off each week. The goal: determine whether they could be as productive while working less, but also more *effective* (think: fewer meetings). The results are in — and they’re promising: 

- __More than 90% of companies__ in the study said they’d continue testing the four-day week after seeing major reductions in turnover and absenteeism, in addition to productivity holding mostly steady. And 18 planned to make it permanent.

- __Happy days:__ The pilot found that many workers slept better, were less stressed, and were less likely to say they didn’t have time to care for their loved ones. Male workers spent 27% more time on childcare, compared to a rise of 13% for female workers. 

__Long weekend…__ short week. Four-day-week experimentation isn’t just happening in the UK: companies in the US and Canada recently completed a smaller trial, and pilots are underway in Australia and Brazil. The Spanish government even plans to *pay* companies to try it. But so far, most companies that have experimented with short weeks are small. Many large employers haven’t embraced short weeks, but __[Unilever](https://robinhood.com/stocks/UL/)__ tested four-day work at its New Zealand offices.

Rushing to the three-day weekend (Timothy A. Clary/Getty Images)

Weekender 

__Four days’ work could become the new perk…__ The pandemic transformed the working world, making employers more accepting of flexible arrangements like remote and hybrid work. Four-day weeks could be a new way to attract and retain talent in a still strong labor market. 
But widespread adoption could be hard: it probably wouldn’t work for all businesses, and it’s possible that productivity could go down long term once decisive trial periods end.

The 4-day workweek gains steams as a perk, after positive results from a large trial

__Going hard in the (digital) paint…__ but it's no game. A judge this week [denied](https://www.bloomberg.com/news/articles/2023-02-22/nba-top-shot-nfts-are-securities-judge-says-in-landmark-case) a request from __Dapper Labs__, the maker of NBA-themed NFTs dubbed “Top Shot Moments,” to toss out a lawsuit against it. The suit, brought by Top Shot Moments buyers, alleges that Dapper’s blockchain-based collectibles are securities and therefore should’ve been registered with the SEC. It’s one of the first judicial decisions addressing whether NFTs are securities.

- __Top whats:__ After Moments launched in 2020, the NFT highlight clips found fast success among non-crypto-native collectors.

- __Top whys:__ Collectors could buy Moments with a credit card, no blockchain knowledge required (just a love of b-ball).

- __Top buys:__ Moments have seen $982M in trading volume, with some sought-after NFTs selling for more than $200K.

__On the rebound…__ While crypto winter chilled the already cooling NFT market, it didn't put it on ice. Last month saw $780M in NFT transactions on the __ethereum__ blockchain, up from $547M in December (but way down from *$5B* in January 2022). And Blur, an NFT marketplace that launched in October, has surged in popularity — capturing 40% of NFT retail trades this month. Meanwhile, __[bitcoin](https://robinhood.com/crypto/BTC/)__ hopped on the NFT train with [ordinals](https://snacks.robinhood.com/newsletters/hVxJ5P0UXNj7GiarHRYHR/articles/6h6QfaEiiWIYYTVHHiqAf/). But bubbling NFT hype could be dampened by regulatory scrutiny.

DUNK

__“Fun and games” could get serious…__ While Dapper Labs bills its NFTs as sports collectables, it's not clear if the courts will agree. And although it's no slam dunk, a ruling saying that Top Shot Moments are securities could pressure some crypto businesses to register their NFTs with the SEC and shake up the entire nonfungible industry.

NBA Top Shot heads to court in a case that could classify some NFTs as securities

🌶️ __Spicy…__ Sam Bankman-Fried was hit with *additional* [charges](https://www.coindesk.com/policy/2023/02/23/sam-bankman-fried-hit-with-additional-bank-fraud-charges-in-new-indictment/) this week, including bank fraud and campaign-finance charges. Officials said the former __FTX__ CEO broke donation laws to evade campaign-contribution limits. 

🤹‍♀️ __Quirky…__ A DAO (a crypto community where token holders call the shots) is [angling](https://www.coindesk.com/web3/2023/02/22/linksdao-to-bid-on-scottish-golf-course-following-vote/) to buy a Scottish golf course. The decentralized org, LinksDAO, plans to fund the $900K purchase through NFT sales.

🤖 __Techy…__ __[Coinbase](https://robinhood.com/stocks/COIN/)__ announced it's [launching](https://techcrunch.com/2023/02/23/coinbase-launches-blockchain-base-to-help-developers-build-dapps-on-chain/) a “layer-2” network on top of __ethereum__ with the goal of creating a space for developers to build decentralized apps (“dapps”) on the blockchain.

LINKS

In the second half of last year, the US housing market had its biggest plunge since 2008, losing $2.3T in value

 📅 4-day workweek?

__Multiplayer mode *on*…__ __[Microsoft](https://robinhood.com/stocks/MSFT/)__ is trying to win friends and influence people. The Xbox maker struck deals to share its gaming treasures with some of its biggest rivals in hopes of pushing its [$69B](https://snacks.robinhood.com/newsletters/4eOJialeY3vTs2AHV0FkZt/articles/5Tuqimhcf73WVRvJ5YTv5C/) __[Activision Blizzard](https://robinhood.com/stocks/ATVI/)__ acquisition across the finish line. Microsoft’s bid to buy the “Call of Duty” maker (which would be the largest tech deal *ever*) has been on ice as regulators and gaming rivals worry the merger would hurt competition. Yesterday Microsoft announced moves to soothe their concerns:

- __Chipper:__ Microsoft said it struck a 10-year partnership with __[Nvidia](https://robinhood.com/stocks/NVDA/)__ to make its Xbox PC games available on Nvidia’s GeForce Now cloud gaming service. Microsoft said Nvidia is now “offering its full support” for the Activision acquisition. 
- __Switch’d on:__ __Microsoft__ also sealed a 10-year deal with __[Nintendo](https://robinhood.com/stocks/NTDOY/)__ to make the newest “Call of Duty” available on its devices at the same time it drops on Xbox (if the acquisition gets approved).

__Thinking outside the Xbox…__ and getting “Minecraft”-y. Microsoft said the Nvidia and Nintendo deals will bring C.O.D. to 150M more people, addressing concerns that the popular game would be less available post-acquisition. But one mega-rival remains: __[Sony](https://robinhood.com/stocks/SONY/)__. Microsoft’s trying to convince the PlayStation maker that it’ll keep C.O.D. on PlayStation if the deal goes through, but Sony hadn’t accepted a deal as of yesterday. Microsoft said Sony makes up 70% of the global console market.

The Candy Crush Saga continues (Hakan Nural/Getty Images)

Pause

__Sharing the treasure can win you the chest...__ While it’s not ideal for Microsoft to share its blockbuster-game trove, it could be a small price to pay to own Activision’s franchise treasure. With console sales slumping, Microsoft wants to stack its cloud gaming service, Xbox Game, with top titles to lure subscribers. And in the gaming wars, a hit title like C.O.D. could be worth the battle.

Microsoft plans to share top games like C.O.D. with rivals to save its Activision-quisition

__New coin, who dis?…__ __[Coinbase](https://robinhood.com/stocks/COIN/)__ said it plans to list a new [stablecoin](https://snacks.robinhood.com/newsletters/1alSYApz9fMDqEf8i3IPRi/articles/1vwhQv8VIIqij4eXh9Wsvw/) next week amid a flurry of regulatory attention directed at the crypto asset class. Dubbed __Euro Coin__ (EUROC), the __Circle__-issued crypto is pegged to the euro — aka: it’s designed to = 1 euro. Circle says EUROC is fully backed by euros held in reserve, similar to its US-dollar-pegged stablecoin, __USDC__, the second-largest stablecoin by market cap. 

__Stables get the shake-up…__ The SEC is [investigating](https://www.wsj.com/articles/stablecoins-attract-scrutiny-in-secs-drive-to-control-crypto-12179e04) whether stablecoins violate investor-protection laws. It’s looking into Coinbase’s and Circle’s stablecoin businesses, though Coinbase says USDC is “not a security.” Meanwhile, the SEC reportedly plans to sue crypto-services company __Paxos__, arguing that its Binance-branded __BUSD__ stablecoin is an unregistered security. The scrutiny is problematic for crypto exchanges as stablecoins are increasingly important to their bottom lines: 

- __Interest-ed:__ In its earnings report this week, Coinbase said it had earned $146M in interest income from USDC — nearly one-fourth of its total quarterly revenue.
- __Fi-nanced:__ Last month (before its market cap nosedived) BUSD stablecoin transactions made up 40% of __Binance's__ trading volume.

__The road to diversification can be bumpy…__ As crypto winter scared off investors, exchanges reliant on transaction fees saw their revenue plummet. Coinbase's trading volume sank 50% last year, making $$ earned from stablecoins (and [staking](https://snacks.robinhood.com/newsletters/3Zy7nWCeAzQOjEeKFD5zwW/articles/7A7vAvybFvXFNBUcPqFsGU/)) more important than ever. Now regulatory scrutiny could threaten that #diversification. While Coinbase said its "regulatory focus" will position it for success, this week it also said it might decide *not* to pull a crypto off its exchange — even if the SEC says it's a security.

Coinbase leans into stablecoins as regulators set their sights on the crypto asset class

⚽ *Like when a team pulls ahead after being down the entire first half…*

In the world of technical analysis, when a stock's 50-day moving average crosses above its 200-day moving average, it makes a cross-like pattern on price charts that’s referred to as a "golden cross." Some investors consider it a bullish signal. __Bitcoin__ just had a [golden cross](https://www.coindesk.com/markets/2023/02/21/crypto-markets-analysis-bitcoin-breaches-rare-golden-cross-threshold/) moment last weekend — its first since August 2021.

Heard on the Block: "golden cross"

This week Jennifer McClellan became Virginia’s first Black congresswoman

🎮 Microsoft’s game plan

__I'm blue da ba dee da ba da.…__ __[Meta](https://robinhood.com/stocks/META/)__ launched a subscription service (dubbed: Meta Verified) in hopes of turning blue checks into big bucks. Starting this week, Facebook and Instagram users can pay $12/month on the web (or $15/month on iOS) to gain the coveted blue check mark (after providing a government ID). The __[Netflix](https://robinhood.com/stocks/NFLX/)__-priced roll-out will kick off in Australia and New Zealand, but other countries are expected to join soon.

- __Big guards:__ CEO Zuckerberg says the service is about “increasing authenticity and security” and that subscribers will get *extra* protection against fake accounts.
- __Small print:__ To start, Meta Verified badges *won’t* be available for businesses, but accounts that already have a blue check won’t have to pay to keep it — yet.

__Déjà blue…__ Big tech has scrambled to find fresh revenue as the ad-pocalypse hits profits. Meanwhile, the clamor for social-media clout has created a multimillion-dollar black market for verification (users have spent thousands of $$ for blue-check status). Now Meta’s joining other social titans like __Twitter__, __Reddit__, and __[Snap](https://robinhood.com/stocks/SNAP/)__ in launching its own (official) VIP badge service. But results so far have varied: 

- __Twitter’s__ Blue subscription, which starts at $8/month, has [reportedly](https://www.theinformation.com/articles/musks-twitter-has-just-180-000-u-s-subscribers-two-months-after-launch) attracted fewer than 300K subscribers (less than 1% of its total users).
- __Snap’s__ Snapchat+, which offers features like exclusive badges and story-rewatch counts, has gained 2M+ paid subscribers just over six months after launching.

Less meta innovation, more revenue generation (Onur Dogman/Getty Images)

Checkmeta

__This is Meta’s anti-Meta move…__ After burning through billions of dollars on its floundering metaverse ambitions, Meta’s going back to basics to recoup some cash. It’s a boring move, but it aligns with Meta’s new “[efficiency](https://snacks.robinhood.com/newsletters/4Tr1pVtVj5AQBMTXX7CQ0g/)” focus. While verified subscriptions could help combat fake accounts, they could also make Meta less accountable in building trust free of charge.

Meta rolls out a blue-check subscription as social biggies look beyond ads for fresh cash

__Scootin’ my way downtown…__ Electric scooters were the talk of the prepandemic town as venture-capital cash flowed into micro-mobility startups with four-letter names. In 2019, __[Bird](https://robinhood.com/stocks/BRDS/)__ became the fastest US startup to reach unicorn status, followed by its scooter rival, __Lime__. But valuations plunged as commuting sagged, and startups like Bird, Lime, and __[Helbiz](https://robinhood.com/stocks/HLBZ/)__ remained deeply unprofitable. 

- __Update:__ Yesterday, Lime said it [achieved](https://techcrunch.com/2023/02/21/lime-reports-first-profitable-year-tests-the-waters-for-ipo/) full-year profitability, which would make it a standout in a sector that’s notorious for burning cash (and giving drivers anxiety). 
- __The (still private) startup__ said it’s the first micro-mobility company to post a profitable year after gross bookings grew to a record $466M last year. FYI: Lime’s eyeing an IPO. 
- __Meanwhile:__ Rival Bird hasn’t reported a profit since going public, and its shares are down 97% since its SPAC debut in November 2021. 

__Stockholm scoot commute…__ Lime says it’s the biggest scooter operator in the US and Europe, and its scooters line streets in cities like Berlin, Sydney, Tel Aviv, and Rio. CEO Wayne Ting said Lime’s global presence is a big differentiator from “weaker” players. But it has another big distinguisher: building its *own* scooters instead of buying from manufacturers. 

Scooted

__DIY is harder, but it can pay off…__ Lime invested in designing and building its own scooters with swappable batteries, which it says has massively reduced its capital expenditures. Lime added that, thanks to its DIY approach, it has won more than 90% of competitive permits against other micro-mobility companies. In 2019, the average e-scooter lasted only three months. But Lime says its latest fleet of e-scooters and e-bikes lasts more than five years.

Lime says it’s the first scooter startup to notch a profitable year, thanks to its DIY moves

Meta rolls out a blue-check subscription as social biggies look beyond ads for fresh cash 

Microsoft's ChatGPT-powered Bing search has had 100M+ users so far

✅ Meta’s verified subscription

__Done playing ketchup…__ Last week Kraft Heinz [said](https://www.wsj.com/articles/kraft-heinz-khc-q4-earnings-report-2022-fa266bb) it would pause its price hikes, noting that 90% of its planned increases were already in effect. The biz behind kitchen staples like Oscar Mayer wieners and Kraft Mac & Cheese grew its sales10% last quarter as it jacked prices by 15% last year. Price hikes have also helped big foodies like __Pepsi__, __McDonald's__, and __Coke__ rake in higher profits. But as inflation starts to cool, some grocery giants are pushing back for fear of losing customers:

- __Smallstart:__ __Walmart__, America’s largest grocer, is reportedly telling some suppliers price hikes are a nonstarter (and is promoting its cheaper private labels). Its earnings today could shed more light on its pricing plans. 
- __Bowl foods:__ __Amazon__-owned __Whole Foods__ said it lowered prices on cereal and bread, and that it'll focus on discounts this year. It *also* reportedly asked big suppliers to lower their prices. 

__Two price roads diverged…__ in a Jell-O wood. While Kraft, Pepsi, and Slim Jim maker __Conagra__ said they’d ease off on price increases, others are taking the hike road. __Nestlé__, the world’s largest food company, said last week that it's still on the hiking path. It raised prices 8% last year, but said that wasn't enough to offset surging costs. Meanwhile, __Unilever__ (picture: Hellman's mayo, Ben & Jerry's), said earlier this month that it'd keep upping prices this year. 

Crafty price moves (Kevork Djansezian/Getty Images)

Fork

__The little guy can win when giants fight…__ While inflation's slowing in the goods and services sector, food has been sticky. Last week's consumer-price report showed that food inflation actually *accelerated* from December to January. It’s early innings, but if grocers and food giants start battling for customers by lowering prices (or at least\ not hiking them) that could cool food inflation. Consumers want to see food prices *fall*, but they’re expected to jump another 7% this year.

Kraft Heinz puts the brakes on price hikes as grocers battle for inflation-weary shoppers

__Chinese tech on deck…__ __Alibaba__ (the Amazon of China) and __Baidu__ (the __Google__ of China) are set to report. Last year China’s economic growth sagged to one of its worst levels on record as its zero-Covid policy and lockdowns crushed production. After China reopened for business this year, its tech stocks have rallied in hopes of a rebound. While last year’s #s might not be stellar, earnings forecasts could be more upbeat (especially as regulatory crackdowns cool). Both Alibaba and Baidu are planning ChatGPT-style AI tools, which could also rev growth. 

__Bubbles & bench presses…__ __Keurig Dr Pepper__, the beverage icon behind K-Cups, Snapple, 7UP, and (of course) Dr Pepper reports Thursday, and analysts expect refreshing results. Last quarter, KDP's sales jumped 11% as people splurged on inflated bevvies. Rivals __Pepsi__ and __Coke__ untapped strong earnings this month. While the overall soda market has been flat, demand for Dr Pepper soda has spiked. And KDP might have another winner in its fridge: it recently took a 30% stake in energy-drink maker __Nutrabolt__, which expects record sales this year.

__Green juice…__ The White House [announced](https://snacks.robinhood.com/newsletters/uT55YYjHMaCpHlECAHSwL/articles/3MU8hqm7IDoDdzsy7wRvAf/) that __Tesla__ would open up at least 7.5K of its US charging stations to *non*-Tesla EVs by the end of next year. Right now, Tesla’s US charging network — the country’s second largest — is compatible only with Teslas. Tesla might lose its exclusivity edge, but it would qualify for a share of billions in federal funding for building a national network. The Biden admin wants 500K+ EV chargers on US roads by 2030, and it also secured commitments from __GM__, __Ford__, __ChargePoint__, and others with charging networks. 

__Ballooning tensions…__ After the US shot down a Chinese surveillance balloon, relations between the world’s two largest economies have worsened. Last week China sanctioned US defense contractors __Lockheed Martin__ and __Raytheon__ over weapons sales to Taiwan. Earlier, the US barred Chinese companies that it said were tied to the balloon incident. China is one of the US’s largest trade partners, but relations are at the worst level in decades and could get worse. President Biden plans to talk with China’s President Xi to “get to the bottom” of things.

Zoom Out

- __[#ad](https://snacks.robinhood.com/newsletters/4cP1wAWKETQMe6BHcsj3mv/articles/1OeheJX1Er2P0In8mmqiVJ/):__ __Uber__ and __Lyft__ are seeing their ad businesses boom (think: an in-app Expedia ad en route to JFK). As companies like Uber, __CVS__, and __Kroger__ capitalize on customer data to sell targeted ads, __Google__ and __Meta__ are losing market share. 
- __[Hasno](https://snacks.robinhood.com/newsletters/4cP1wAWKETQMe6BHcsj3mv/articles/2Q2pDc6EBD3ByUBt6K1UzX/):__ __Hasbro__, the toy titan behind Monopoly, Jenga, and Dungeons & Dragons, reported bummer earnings as holiday toy sales slumped. But fantasy card game “Magic: The Gathering” became its first billion-dollar brand. 
- __[Shaky](https://snacks.robinhood.com/newsletters/3Zy7nWCeAzQOjEeKFD5zwW/articles/3D0jPFFxP4T08iMopuzNVf/):__ New York regulators ordered the third-largest stablecoin to wind down, which could spell trouble for its brand partner, __Binance__ (aka: the world’s largest crypto exchange) as investors ditch the coin.

Kraft puts the brakes on price hikes as grocers battle for inflation-weary shoppers

In 1870, Hiram Rhodes Revels became the first Black American to serve in Congress

🥫 Kraft cuts it out

__Expedia ad en route to JFK…__ well played. __[Uber](https://robinhood.com/stocks/UBER/)__ said that its record revenue last quarter was driven partly by an acceleration in its ad biz. Refresher: Uber [launched](https://snacks.robinhood.com/newsletters/74zHu2wNENpA7EgJyuw9OM/articles/7aqUbrU41BN6Q7GgITCtKZ/) in-app “journey ads” in October, a few months after Lyft launched its *own* ad-media unit. Think: interactive tablets in cars, digital screens *on top* of cars, and branded logos in the app (like Oscar Mayer [wienermobiles](https://media.lyft.com/) moving on the Lyft map). 

- __Uber__ said it surpassed $500M in annual run rate for ads as advertisers on its platform soared. 315K companies ran ads with Uber last quarter — nearly double the # from a year earlier.

- __[Lyft](https://robinhood.com/stocks/LYFT/)__ said its ad sales almost 7X’d from the previous quarter. While it didn’t break out #s or discuss its ad biz in its latest earnings, it said ad growth exceeded its goals. 

__Taco Tuesday gets #targeted…__ Uber and Lyft have data on your riding habits (weekend trips to the bar, midweek rides to yoga), which they can use to surface targeted ads. Those are highly valuable to marketers. Unlike Lyft, Uber has the benefit of a food-delivery biz, so it knows about your late-night taco cravings. And it sees plenty of room for growth, since only a fourth of companies listed on Uber Eats are advertising there. Uber’s targeting $1B in annual ad revenue by 2024.

Where there’s an eye, there’s an ad (Liz Hafalia/Getty Images)

Ride

__Competition can come from unlikely sources…__ When it comes to digital marketing dollars, the focus has usually been on ad-reliant tech titans like __[Google](https://robinhood.com/stocks/GOOGL/)__ and __[Meta](https://robinhood.com/stocks/META/)__. Now, not only are they getting competition from newer social platforms like __TikTok__, they’re losing market share to companies like Uber, __[Kroger](https://robinhood.com/stocks/KR/)__, __[CVS](https://robinhood.com/stocks/CVS/)__, and __[Ulta](https://robinhood.com/stocks/ULTA/)__, which have leveraged their trove of customer data to peddle ads (and, in [some cases](https://snacks.robinhood.com/newsletters/3Hl3mc6sCkfmjzLxurSluj/articles/2ZU99eIEYGaFwEr5tLkHUp/), just data). Last year, Google and Meta’s share of US digital ad revenue was less than 50% for the first time in a decade.

Uber and Lyft see their ad businesses boom as advertisers look beyond Google and Meta

__GI Joe no…__ __[Hasbro](https://robinhood.com/stocks/HAS/)__, the toy giant behind Monopoly, Jenga, and My Little Pony, dropped not-so-fun earnings yesterday. Its sales fell a worse-than-expected 17% last quarter, and it swung to a $128M loss after posting a profit the year before. Hasbro (like Barbie maker __[Mattel](https://robinhood.com/stocks/MAT/)__) struggled during the holidays as parents cut back on costlier name brands. Hasbro said toy-flation could extend the buying blues through the first half of the year.

- __Un-boxing:__ Hasbro shares are down 40% this year, and last month it laid off 15% of its workforce as it looks to cut costs and offload its TV and film biz.

- __Halo effect:__ But Hasbro had record revenue for its Marvel toys and fantasy card game “Magic: The Gathering,” and says new expansion packs could pay off in later quarters.

__Bibbidi Bobbidi boost…__ Hasbro started the year on a sour note after losing its Disney princess licensing rights to Mattel and dropping other popular franchises like Trollz. But it had Magic to fall back on: last quarter the card game became Hasbro’s first billion-dollar brand, making up nearly a fifth of its annual revenue. Magic’s popularity has inspired video games, comic books, a Caribbean cruise, and an animated __[Netflix](https://robinhood.com/stocks/NFLX/)__ series.

Magical

__A magic player can carry the team…__ As consumer shopping slows from its pandemic highs, companies are leveraging franchises with passionate fan bases to keep sales afloat. Hasbro’s CEO said Magic fans are “very resilient” and motivated to spend on things they really enjoy. It’s also leaning on its hit Dungeons & Dragons franchise. Still, some analysts say that player fatigue and pricey cards (think $50/pack) could hurt growth.

Hasbro bums on earnings as toy sales slump — but Magic helps it score its first billion-dollar brand

🌶️ __Spicy…__ The SEC [sued](https://www.bloomberg.com/news/articles/2023-02-16/sec-poised-to-sue-over-terrausd-stablecoin-that-rocked-crypto) __TerraForm Labs__, the biz behind the failed TerraUSD stablecoin, alleging it committed fraud and sold unregistered securities. TerraUSD blew up in May and erased $40B in market value. 

🤖 __Techy…__ __[Bitcoin](https://robinhood.com/crypto/BTC/)__ NFTs (dubbed: [ordinals](https://snacks.robinhood.com/newsletters/hVxJ5P0UXNj7GiarHRYHR/articles/6h6QfaEiiWIYYTVHHiqAf/)) are picking up steam with 126K+ added since their blockchain debut last month. The project lets users store audio, images, and videos directly on the bitcoin blockchain. 

🪙 __Coins…__ After __Paxos__ said it'd [stop](https://snacks.robinhood.com/newsletters/3Zy7nWCeAzQOjEeKFD5zwW/articles/3D0jPFFxP4T08iMopuzNVf/) issuing the __Binance__-branded __BUSD__ stablecoin, the coin's market cap [plummeted](https://fortune.com/crypto/2023/02/15/binance-usd-stablecoin-billions-sold-off/) $2B+. Rival stablecoin __tether__ (aka: USDT) has benefited as crypto traders look for alts.

BNFT

US consumer debt hit a $16.9T record at the end of last year, up from $1.3T a year earlier