The Stablecoin App Your Paycheck Lands In: Morse After the Sling Money Rebrand

From transfers to a bank

Hudack says Morse moved from a "monoline" peer-to-peer product to one where people around the world get their salaries deposited, and that the closest analogy is a bank. The name Sling, he says, felt very light for that. In the last six months, he says, the company shipped salary deposits, U.S. equities, card spending, bill pay and yield, so users can treat it practically as their only financial app.

Much of the Morse team previously worked at Monzo in the UK, where Hudack says they spent time converting users from treating it as a travel card to using it as a bank. He says the company also built deep infrastructure early, including how key management and transactions should work.

Normal people, not crypto people

Hudack says Morse targets people who work cross border or have family in another country, not crypto or stablecoin people. Its users do not want on-chain perps, he says: "that's just not who they are."

Pricing for an FX-free future

Hudack believes FX as a revenue line item is going to zero or next to zero; the open question, he says, is whether that takes ten, twenty or thirty years. Morse is "not in the business of short term revenue maximization," he says, and focuses on the full relationship with the user and what they want to pay for.

A high bar for yield

Morse asks whether a product would keep working if Bitcoin dropped by 50% tomorrow, and whether people want and trust it, Hudack says. Users want yield in both dollars and local currency, he says, noting local currency can pay 8% or 10% in many places while the dollar pays three or four.

Morse offers fewer features in New York because of NYDFS rules, according to the company. Hudack says on-chain FX needs more development and liquidity, particularly for emerging market currencies.