Tokenized rewards let stablecoin cards go further than the world's biggest programs ever could. In the US, over 90% of credit card spend is on cards with rewards. So on day one, rewards bring stablecoin cards to parity with traditional programs. In the long run, tokenized points give smaller fintechs and neobanks real flexibility and customizability. Interoperability is the clearest example. Delta and Starbucks are two of the most sophisticated loyalty operators. Their partnership lets the two programs honor each other's rewards. Building it took a lengthy custom integration. With tokenized points, the same thing can be done with the flip of a switch. Further out, a single rewards currency could span an ecosystem of dozens of programs. Each program decides what its points are and what they can do, instead of inheriting a fixed menu. From @BasriRoss's appearance on @TokenizedPod with @sytaylor, @cuysheffield, and @centrifuge CLO Eli Cohen.