| Of course, moving the goal-posts are we? > "Stripe talks a lot, while TranferWise (among others) gets shit done wrt cross border payments on real rails." Stripe has also shipped theirs though and it is available and is in use. [0] So have Moneygram [1], Visa [2], Checkout.com [3], PayPal [4] and beyond payments, Walmart Canada is using one right now. [5] The fact is, they are using blockchains and they are not going away (or dying) anytime soon, like it or not. [0] https://stripe.com/gb/use-cases/crypto [1] https://stellar.org/products-and-tools/moneygram [2] https://usa.visa.com/about-visa/newsroom/press-releases.rele... [3] https://www.checkout.com/solutions/crypto [4] https://www.paypal.com/us/digital-wallet/manage-money/crypto... [5] https://hbr.org/2022/01/how-walmart-canada-uses-blockchain-t... |
PIX in Brazil and UPI in India are evidence of what instant payment systems do to incumbent instant (credit card) rails. Central banks are coming for cross border payments next. For profit firms need profit and investors. Central banks (or other nation state monetary policy orgs with similar functions) simply need mandates. Congress told the Fed to build FedNow (to prevent private/for profit instant rails from gating access), and they did, because they were told to.
Visa, Paypal, and others in the space have an existential crisis, no different than Intuit with the IRS preparing to offer filing for free. A Paypal stablecoin? Are you kidding me? Why would you use that versus an FDIC insured deposit account or a money market fund?
https://archive.ph/vh3Dh | https://www.bloomberg.com/news/articles/2022-11-23/brazilian...
https://www.livemint.com/economy/indians-pick-upi-over-debit...
https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2693~8d4e5804...
https://news.ycombinator.com/item?id=37920633
https://www.paypal.com/us/legalhub/cryptocurrencies-tnc?loca...
https://paxos.com/stablecoin-terms-conditions/