THURSDAY, MAY28
1. Fold $150M raise, 2. Bitcoin for banks, 3. Duke Energy storage, 4. Cash App USDC
From Proto and Bitkey - part of the Bitcoin ecosystem at Block, Inc.
1. fold
Fold Holdings, publicly traded bitcoin financial services company, has secured a four-year, $150 million asset-backed revolving credit facility from Encina Lender Finance to scale its Bitcoin Credit Card program without issuing new equity. The facility is secured by a pool of consumer credit card receivables and includes an uncommitted accordion feature capping maximum capacity at $150 million. CEO Will Reeves said the capital will allow the company to “meaningfully expand the distribution of the Fold Credit Card“ as it works toward becoming “the nation’s personal finance hub for the Bitcoin economy.” The non-dilutive structure is notable: rather than issuing shares to fund growth, Fold is using its receivables book as collateral — a conventional consumer finance approach adapted to a bitcoin-native rewards product. With card-linked bitcoin accumulation gaining traction as an onboarding mechanic for new holders, Fold’s financing architecture positions it to compete for scale without sacrificing existing shareholder value.
-EDITOR·OP_DAILY2. banks
Lightning News has published a practical guide outlining how community banks and credit unions can offer bitcoin services by integrating Lightning Network infrastructure alongside existing core banking systems rather than replacing them. The piece frames Lightning as a composable layer: banks can connect via APIs to custody providers and Lightning node operators, adding bitcoin account functionality and payment rails without disrupting the ledger, compliance, or reporting systems they depend on. The guide addresses the specific operational concern that has kept many smaller institutions on the sidelines — the perceived technical lift of bitcoin integration — by breaking it into modular components: custody, payment rails, and customer-facing interfaces that can be deployed independently. With the Federal Reserve’s master account now granted to at least one crypto-native firm and the CLARITY Act advancing, the regulatory infrastructure for bank-level bitcoin integration is taking shape alongside the technical infrastructure. For community financial institutions evaluating bitcoin services, the guide offers a realistic entry point.
-EDITOR·OP_DAILY3. duke
South Carolina’s Public Service Commission has authorized Duke Energy to launch PowerShare Storage, a demand response program that incorporates commercial and industrial battery systems into grid stabilization, with operations scheduled to begin in August 2026. Participants receive a $120 per kilowatt connection credit and a $3.50 per kilowatt monthly capacity payment, with Duke permitted to trigger up to 36 discharge events per year at up to four hours each. According to TheEnergyMag, the program targets public sector entities alongside industrial and commercial organizations with eligible battery hardware already installed on-site. The structure mirrors demand response programs that bitcoin miners have used to monetize flexible load in Texas and elsewhere — a model where controllable energy assets are enrolled in utility programs to generate revenue during periods of non-peak demand. As battery storage costs decline and grid operators face increasing volatility from renewable intermittency, demand response programs like PowerShare represent the commercial framework within which distributed energy resources, including mining loads, are increasingly compensated for grid services.
-EDITOR·OP_DAILY4. cashapp
Block has begun a phased rollout of USDC stablecoin payments to approximately 25% of Cash App’s nearly 60 million users, with plans to reach all users by end of week, according to CoinDesk’s Olivier Acuna. The feature supports USDC on Solana, Ethereum, Polygon, and Arbitrum as a payments rail, with strict transaction limits and a warning that blockchain transfers are irreversible. The move marks a notable shift for CEO Jack Dorsey, a longtime bitcoin-only advocate, who has acknowledged customer demand for stablecoins despite his ideological position. Cash App will not support stablecoin availability in New York or for sponsored accounts. The rollout adds stablecoin functionality to a platform that has offered bitcoin buying and withdrawals since 2018, putting USDC alongside BTC in the same consumer interface used by tens of millions of Americans — a distribution event for stablecoin adoption that most purpose-built stablecoin apps have struggled to match. The policy tension between Dorsey’s public bitcoin stance and the product decision reflects where consumer demand is actually driving fintech development.
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