[defiamazing]

That's because it has regulatory approval (for now). It's not because of a blockchain.

You can start the thought experiment by asking why USDC is on Ethereum and other popular chains rather than own private blockchain. People could make payments faster. Fees would be lower or more likely zero.

[arandomusername]

If it's not because of a blockchain, how come there is no other good way?

It's not on it's own private blockchain because then no one would use it.

[defiamazing]

No one would use it because people don't actually want to send money internationally badly enough to create a profit opportunity. They want to interact with DeFi protocols, that's why USDC exists on eth, once the DeFi protocols die then so will USDC.

There's no good other way because people don't actually want to send money internationally badly enough to create a profit opportunity.

[arandomusername]

Huh? International payments are a HUGE industry. What are you talking about? Western Union and Transferwise are both huge companies that specialize in international payments.

DeFi protocols are a benefit, but even without it USDC would still persist.

There's no good other way because of extreme regulations that harm law abiding citizens under the guise of AML and other junk.

[defiamazing]

If your application is evading AML then your scale will always be limited. I don’t know how you could possibly feel like that’s a serious pitch. Sounds like, “We’ll just evade the law”. I guess ICOs got away with it for a bit.

They want it sure, but again, not enough to create a profit opportunity. Profit is revenue minus costs, so there's a lot of revenue opportunity (from the bank deposits by the way, not the payments), but the costs are huge. The revenue has to justify the legal headache involved with processing payments in under a minute. That's why the only live solution needs a DeFi bubble to support it.

[arandomusername]

Not sure why you are bringing in ICOs in discussion with USDC/stablecoins and international payments.

> The revenue has to justify the legal headache involved with processing payments in under a minute.

See how AML regulations just harm law abidding citizens?

Please explain how defi bubble is supporting it.

[defiamazing]

AML is good, no I don’t. My turn to ask the questions. Is there literally any scenario where you'd accept that maybe crypto isn't actually useful and maybe it is just a big scam? Think about it hard, otherwise you'll waste years of your life in an internet libertarian larp. Bro USDC is multisig'd, it isn't decentralizing anything and it doesn't even need a blockchain except to interact with DeFi.

[threeseed]

If my aim is transfer money internationally cheaply and efficiently why do I care what blockchain it uses. Or whether it uses a blockchain at all.

[nikita_789]

You don't have to use blockchain, you can use payment systems like Arbonum.