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@vercelabloh
This might sound like a weird question but bear with me please: Why do we want USDC retail payments (esp. in countries like the US?) Not benefits. I'm talking about bigger strategic goals here. What happens when daily consumer payments happen w/ stablecoins? https://x.com/jonwu_/status/1823367216797986854
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@vercelabloh
I take it back. LFG. @jessepollak https://www.bloomberg.com/news/articles/2024-08-14/apple-to-open-payment-chip-to-third-parties-and-charge-fees
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jesse.base.eth 🔵
@jessepollak
1. fees for small businesses should go from ~3-4% to <1%. the average small business *total* margin is 3-6%, so this is a doubling of their margin. 2. choice for small businesses (POS, accounting, tax) and consumers (wallets, rewards) should dramatically increase bc it's all in an open ecosystem vs. locked into a specific platform 3. UX for small businesses and consumers should get 10x better bc we'll have so many more people building great solutions on top of the open platform
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Erik
@eriks
for me personally on the consumer angle i’d prefer my cash to be easily converted to eth + other assets and vice versa once/if we have fully collateralized banks approved, and it’s likely stablecoin issuers will use them alongside short term t-bills, i’d prefer to hold usdc for credit risk too i’d like to see long term lending and short term payments have mode separation on the biz side, i’d prefer to accept usdc if no % fees other than gas on @base , and if onchain payments were widely accepted so i don’t need to offramp, although i believe @jessepollak and team are even making that a seamless experience for businesses w no added fees
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Sam (crazy candle person) ✦
@samantha
just easier for businesses (including mine) since I need a consistent flow to offramp to buy candle supplies! :) also international sending is helpful.
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Garrett
@garrett
enhanced interoperability and programmability
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Tom
@dstny
The main answer is around lower fees / better margins (definitely true and valid) but that won’t make it take off Businesses ofc like lower fees, but that doesn’t benefit the consumer — unless the saved $ from lower fees is passed on as a discount (rare) Until crypto has cashback it will struggle against CC imo
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ted (not lasso)
@ted
would be curious to hear answers from @dcposch.eth, @jda.eth, and @jesse
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six
@six
wdym by "strategic goals"? i'd like to pay irl with stablecoins cuz it means i need to hold less in my bank account lol - and i just prefer holding my funds in crypto. and then both the customer and business can avoid the CC fee. but i imagine both of these are what you're referring to as benefits, not strategic goals
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EleniThinks
@elenithinks
Consumers want to pay quickly and easily with the funds they have, where they have them. @jonwu's post even highlights this - if he didn't already have funds on-chain, it would have felt like too much of a task. Merchants will want to accept crypto bc their customers want to pay with it (yes there are other benefits, but those benefits are only realized when there's a sale). It's that simple. As more money moves on-chain bc on-chain payments solves a pain point (e.g. ability to hold a stable currency especially in markets where there is high inflation, access to financing, ability to be your own bank, fast and cheap B2B cross-border payments, remittances, etc), + more infra being built that makes it simple and easy for merchants to do so, on-chain acceptance will be ubiquitous. It's about when, not if.
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Peter Watts
@pw
I think it's a wedge for more people to own crypto, and thus be able to directly use crypto native experiences, without using clunky onramps
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mmu
@mmu
People are forgetting that the users data from these onchain transactions can be tokenized. The data if tokenized will be much more accurate and reliable than what we currently have. Its actually what Ive been tackling for some time now, Im that confident in it
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Tecmo Bo
@tecmobo
As a business owner currently accepting USDC payments I could give you a mile long list of the benefits. Only downside is, we’re early… but that’s temporary. Programmable money is a huge unlock for small businesses.
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Joan
@joalavedra
Margin opportunity
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JestemZero
@jestemzero
The USD for the vast majority of daily transactions behaves the exact same way as a stablecoin.
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Miguelgarest
@miguelgarest.eth
Speed and lower fees for instance
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Jack Chong
@jackchong
Rewards will be fucked up for sure
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