Hacker News Reader

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?

View on HN

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

Reply on news.ycombinator.com