📱 Venmo’ing stablecoins?

…and earnings wrap feat. UPS, Chegg, and Beyond Meat   A stable pal? (Justin Sullivan/Getty Images)   [Sponsored by]( Yesterday’s Market Moves   Dow Jones 35,314 (-0.45%) S&P 500 4,499 (-0.42%) Nasdaq 13,884 (-0.79%) Bitcoin $29,857 (+2.34%) Dow Jones 35,314 (-0.45%) S&P 500 4,499 (-0.42%) Nasdaq 13,884 (-0.79%) Bitcoin $29,857 (+2.34%) Hey Snackers, Cows are being bred to [burp]( less methane, and it’s not to make them more polite. One estimate said livestock belch (and toot) out nearly 15% of global greenhouse-gas emissions. Put that on a Chick-fil-A billboard. Banks had a tough Tuesday, pulling down the markets after [Moody’s]( slashed 10 regional lenders' credit ratings. Healthcare stocks rose after pharma giant [Eli Lilly]( reported strong sales of its diabetes drug, Mounjaro, which — like Ozempic — is widely used for weight loss. STAYPAL PayPal launches a stablecoin straight into crypto’s muddied regulatory waters Venmo’ing Satoshi… [PayPal]( is doubling down on crypto. On Monday, the Venmo owner said it was [launching]( a [stablecoin]( that’ll be available to US customers through PayPal. The payments biz said it hoped to build a link between digital currencies and OG payments used by merchants and shoppers. Picture: folks sending PayPal USD (PYUSD) between PayPal and (eventually) Venmo wallets just like cash. - Washingtons: PayPal said PYUSD will be pegged to the US dollar (think: 1 PYUSD = $1) and fully backed by USD deposits and cash equivalents like short-term Treasuries. - WhoSD: While it’s PayPal’s token, PYUSD is issued by New York’s Paxos Trust and lives on the [ethereum]( blockchain. Hoping for stability… With the launch of PYUSD, PayPal’s diving headfirst into an industry in flux. Earlier this year, New York regulators [ordered]( Paxos to stop issuing the Binance-affiliated BUSD stablecoin — reportedly over customer due-diligence concerns — sparking a selloff of the coin. Now Tether’s USDT and Circle’s USDC command a combined 87% of the stablecoin market. Meanwhile, industry heavyweights are looking abroad as they point fingers at a crackdown by US regulators like the SEC. - Exod-US: Earlier this year, [Coinbase]( and Gemini moved to expand overseas while Bittrex sought to exit the US altogether. Last week the $33B fintech startup Revolut said it would end crypto offerings to American customers. THE TAKEAWAY Swimming against the current can give you a boost… when the tide turns. PayPal’s decision to forge ahead while crypto regulation remains up in the air could help it secure a piece of the $126B stablecoin market as other players exit. Despite the choppy waters, a PayPal exec said regulatory clarity might be on the horizon. Still, last month the White House was said to have derailed a potential bipartisan stablecoin bill. 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However, as a trusted partner, Snacks readers can [skip the waitlist to join with this exclusive link]( SnacksWrap Earnings Wrap: UPS, Chegg, and Beyond Meat 📦 Return to sender… [UPS]( dipped yesterday after the shipping titan dropped a mixed box of #s. Profit fell to $2.2B last quarter (down 24% from last year) and revenue slipped 11% as global shipping demand waned. UPS also cut its full-year revenue guidance by a whopping $3B+ to meet pay-bump terms for its Teamsters union deal, which avoided what would’ve likely been the [largest]( (and costliest) US strike ever. - Fresh off the call: “We believe this contract is a win-win-win,” UPS boss Carol Tomé said of the deal. 📚 A+ results… [Chegg]( shares surged 5% yesterday after the edu-tech biz beat Wall Street’s revenue forecast, deescalating AI takeover fears. ICYMI: Chegg’s stock tanked 40%+ in May after it warned of students flocking to ChatGPT. Now Chegg’s teaming up with Scale AI to build learning tools. While Chegg's revenue and subs have dipped from pandemic highs, execs think the slowdown may’ve bottomed out. Chegg’s CEO said that while Gen Z is using AI for homework help, students aren’t always comfy with the info’s accuracy. - Fresh off the call: Students “will use ChatGPT, but they're not going to try to use it for the things that they use Chegg for," Chegg CEO Dan Rosensweig added. 🍔 Faux-meat beef… [Beyond Meat]( shares got burned after the plant-based pioneer saw a 30% sales slump in Q2. US revenue fell 40% as Beyond’s grocery and restaurant sales slumped. The pea-protein icon slashed its annual guidance and said it probably wouldn’t reach its cash-flow goals. Beyond has cut prices for its plant patties and sausages to compete with real beef, but price may not be its only problem: consumers are growing skeptical about the health benefits of fake meat (see: 195 mg of salt/patty). - Fresh off the call: "This change in perception is not without encouragement from interest groups who have succeeded in seeding doubt and fear around… plant-based meats," Beyond Meat CEO Ethan Brown said. What else we're Snackin' - [Bud2Bud]( Canadian cannabis company [Tilray]( is buying eight beer brands, including Shock Top, from Bud Light maker [AB InBev](. Tilray has been doubling down on boozy bevs as it waits for broad US pot legalization. - [CutScene]( [Take-Two]( earnings revealed its gaming slump isn’t reversing as quickly as expected. But investors boosted the stock in anticipation of its next “Grand Theft Auto” title dropping this year. - [CityOfStrikes]( Trash piled up in LA as 11K+ public workers (including sanitation) joined a strike. Writers, actors, and hotel workers have picketed across the city as Hot Strike Summer heats up. - [Timbits]( [Restaurant Brands]( said new items and marketing (like a Spider-Verse Whopper) boosted Q2 sales at Burger King and Tim Hortons. Last week [McDonald's]( said customers were buying more “value” foods. - [Masa]( Investment behemoth [SoftBank]( reported $1B in gains at its techy Vision Fund (its first green quarter in over a year) and reiterated its AI interest. CEO Masayoshi Son has said he wants SoftBank “to lead the AI revolution.” 🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up [here](. Snack Fact Of the Day US consumers’ credit-card debt has hit a record $1T [Read more]( Wednesday - Earnings expected from Disney, Wendy’s, Grindr, Sony, Roblox, and Warby Parker Authors of this Snacks own ethereum and shares of: AB InBev, Beyond Meat, and Disney *Advertiser’s disclosure: See important disclosures at [masterworks.com/cd](. 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