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Earlier quoted context omitted.
Because they are legally barred to doing the same thing in USD. Which is exactly what’s going to happen to this once enough people actually use it.
The situation has changed. The US is now leaning pro-crypto and they're also for sale.
What is this supposed to deliver to their users?
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Pretty sure the TLD choice is meaningless in this day and age. Why would anyone even try to suggest that?
Incorrect. Try sending a SMS message with .xyz domain. It won't be delivered.
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There are lots of crypto skeptics on HN (and we ourselves were disappointed with crypto's payments utility for much of the past decade), so it might be interesting to share what changed our mind over the past couple of years: we started to notice a lot of real-world businesses finding utility in stablecoins. For example, Bridge (a stablecoin orchestration platform that Stripe acquired) is used by SpaceX for managing…
Earlier quoted context omitted.
Because they are legally barred to doing the same thing in USD. Which is exactly what’s going to happen to this once enough people actually use it.
The situation has changed. The US is now leaning pro-crypto and they're also for sale.
Unironically excited to learn: Why is this a blockchain? Why could stripe not just do this (maybe better) without the blockchain bit? I am actually optimistic that, finally, there could be a convincing answer, because stripe does not strike me as the type of company that would do this without a very good reason. (I am slightly less optimistic, because the page itself does not offer an answer to this question, and ins…
I don't really get the draw either - what is the point of having a distributed blockchain if it is controlled by a single entity?
The folks on Hacker News seem pretty anti-crypto, but I feel like they're missing the point. If we're actually looking for ways to fix the US debt, stablecoins are definitely worth considering
What does a separate payment rail have to do with the US debt?
Earlier quoted context omitted.
Because they are legally barred to doing the same thing in USD. Which is exactly what’s going to happen to this once enough people actually use it.
The situation has changed. The US is now leaning pro-crypto and they're also for sale.
This end-run around foreign government monetary control has been touted by Stripe executives as one of the main selling points for USD stablecoins but I don't see how foreign governments don't clamp down on this is in the same ways the clamp down on other uses of USD in the country; most monetary transfers have some physical presence or touchpoints the government can control.
More importantly the US itself is eventually going to come to the conclusion that it does not want people holding US dollars for similar reasons: it also loses control over monetary policy, with excessive inflows un-intuitively leading either to unemployment or excessive debt (c.f. Michael Pettis)
That said, it's possible stablecoin networks succeed for other reasons, particularly having a widely-accepted "API" that is developed at the pace of modern technology companies instead of laggard banks.
Earlier quoted context omitted.
Because they are legally barred to doing the same thing in USD. Which is exactly what’s going to happen to this once enough people actually use it.
The situation has changed. The US is now leaning pro-crypto and they're also for sale.