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Comment by bfeynman | Hacker News Reader

Is it possible to learn how it actually works?

Banks charge for wiring, so if you are still using bank how do you get around that? I assume that it's not actually doing a wire transfer.

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Built on blockchain rails. Works like a 1-click bundle of debit sender account --> buy stablecoin --> send stablecoin --> (optionally) convert to fiat and disburse to receiver bank.

Well this is the first time I've ever been impressed by an application of crypto, notwithstanding some major concerns.

Thing is though that this is not a wire transfer, and lot of places where wire transfers are used are specifically used because of the infrastructure and guarantees around it. Would be interesting to a shift in adoption though

Do you guys just eat cost of minor fluctuations in stablecoin prices?

Thanks! Fortress can also slot into legacy infrastructure. Finality guarantee is also actually stronger with a stablecoin payment (cryptographically irreversible) vs a wire (99.9% irreversible, absent a bank mistake or court order).

Fully backed stablecoins are redeemable from their issuer 1:1, regardless of what they're trading at on secondary markets

But Binance just stopped all USD withdrwals. Circle is the only other issuer and requires you being licensed in every state as an MSB, plus compliance. And the fact that there is nothing to it tecnologically speaking. The whole moat is in having regulatory approval.

I don't believe they stopped USDC withdrawals, just actual USD

I meant to do a wire in the US you need to get USD out.

Which stablecoin are you using and any particular reasons for choosing it?

USDC. Audited + backed by cash and US treasuries

if my recipient is okay with receiving crypto and I was doing a high volume of transfers, why wouldn't I just make a wallet buy some stablecoin and send it to them directly and not pay you n*$1

Definitely could if you're more technical (not our customer segment). Also want to note that receiver can either keep funds in Fortress or just route to their usual bank account.

How can you do $1 per transfer if the off-ramps and crypto exchanges charge a percentage to withdraw to fiat? Unless you're using Circle which then requires you to be licensed in every state (unless their KYC failed)

Something not adding up here. Money movement (if you touch fiat on the way in or out) is highly regulated, and you would put Western Union and MoneyGram out of business if it wasn't. Moneygram already uses USDC, but it's not that simple.

Is there a reason it wouldn't work with any other imaginary asset?

I guess I just don't really under stand why you can't just can't cut out the crypto part in the middle

You could use a bank that doesn't charge like Ally or a credit union.

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