| Type | Example | Use Case |
|---|---|---|
| Neobanks | Brex | Cross-border payments |
| Corporate Treasuries | Apple | Yield-bearing collateral |
| Insurance | Prudential | Managing float and reserves with low-risk, yield-bearing collateral |
| Fintech | Robinhood | Yield on idle cash balances |
| MMF Managers | FOBXX | Inflows, counterparty diversification, liquidity risk reduction |
| Customer | Value Proposition |
|---|---|
| MMFs |
Boosts AUM + fee income Reduces cash flow volatility Increases daily/weekly liquid assets Allows for greater counterparty diversification |
| Investors |
Daily yield on idle cash Low minimums Instant settlement + 24/7 minting and redemption Yielding-bearing collateral |
| Payment Providers |
Reduce prefunding from eight days to four Reduce FX fees by 20 to 30 bps Focus on corporate strategy vs. operations Improved access, reduced cost, faster speed, certainty |