Visa / Mastercard have such large fees that they're mainly used for commercial payments like a coffee or couch.
If most of the Stablecoin transactions were for buying a coffee, I think it'd be fair, but the vast majority of stablecoin transactions are for shuffling money around, i.e. to buy and speculate on bitcoin, or to move money to an exchange to liquidate some crypto into cash.
I think the current use of stablecoin transfers is closer to a wire transfer.
SWIFT apparently deals with about $1.25 quadrillion/year, so ~50x the claimed amount for stablecoins in the article... though there's more than just SWIFT out there too.
idk, I don't really have a point, I'm both amazed stablecoins are such a big number, but also feel like the comparison the article's making with VISA is misleading for how they're currently used.
Visa / Mastercard have such large fees that they're mainly used for commercial payments like a coffee or couch.
If most of the Stablecoin transactions were for buying a coffee, I think it'd be fair, but the vast majority of stablecoin transactions are for shuffling money around, i.e. to buy and speculate on bitcoin, or to move money to an exchange to liquidate some crypto into cash.
I think the current use of stablecoin transfers is closer to a wire transfer.
SWIFT apparently deals with about $1.25 quadrillion/year, so ~50x the claimed amount for stablecoins in the article... though there's more than just SWIFT out there too.
idk, I don't really have a point, I'm both amazed stablecoins are such a big number, but also feel like the comparison the article's making with VISA is misleading for how they're currently used.