✳️ dcposch on daimo
@dcposch.eth
What's the best stablecoin onramp? Looks like Circle charges ~3% for card transactions, 0.2% for ACH and $8 for wires. Is that the best you can do? I *think* Coinbase users can ACH in $1000, then withdraw 1000 USDC. Are they just eating the cost as a loss leader? https://www.circle.com/en/pricing#payments
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jesse.base.eth 🔵
@jessepollak
Coinbase has fee free fiat to USDC!
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✳️ dcposch on daimo
@dcposch.eth
like, directly from fiat to USDC address? or fiat > Coinbase account > convert to USDC > withdraw to address?
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Greg
@greg
afaik the USD and USDC books are unified so no need to convert within Coinbase anymore. But there might still be a few day settlement between ACH and free to withdraw. I’ve only gone the other way recently and it was v smooth with no waiting time
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Kori
@kori
So does Coinbase absorb Circle’s fees as OP theorised?
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Greg
@greg
I think Circle and Coinbase are partners so maybe there’s some agreement to avoid/lower fees. I don’t work at Coinbase, just sharing a recent experience. @jessepollak might know
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jesse.base.eth 🔵
@jessepollak
USDC is issued by Centre which is a consortium that includes Circle and Coinbase
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Kori
@kori
Do you think stablecoins can be used as a backend for international fiat transfers as a way to reduce settlement time to t0? With 0 fees sounds like it could work
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jesse.base.eth 🔵
@jessepollak
yes, I expect an increasing portion of retail FX (and likely all FX) to move to L2 + stablecoins + DEX. it's already starting to be significantly more cost effective than any other option: https://uniswap.org/blog/uniswap-circle-foreign-exchange-defi.
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