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Of course they do. There's a $1.8 trillion dollar market out there (and rapidly growing). There's over $40B of value floating on DeFi (up from less than $1 bill

Of course they do. There's a $1.8 trillion dollar market out there (and rapidly growing). There's over $40B of value floating on DeFi (up from less than $1 billion a year ago!). Not only does it behoove Visa to offer onramps and offramps for crypto services, because they collect fees from such activity, but it helps build their expertise in the fastest growing financial sector on the planet.

arcticbull 6y ago
That money is "floating around DeFi" has no bearing on Visa opting to settle transactions in USDC. They're not getting into DeFi lol, unless you have some unreleased memo. Do you have data to back your claim that it's the "fastest growing financial sector"? By what measure? What metric? Your replies are hyperbolic at best, and read a bit like like zealotry at worst.
- chrisco255 6y ago
  There is no other sector in finance that saw a 40X (!!!) gain in the past year. See for yourself: https://defipulse.com/ https://defipulse.com/ Yes, USDC is by definition DeFi. This is VISA plugging into it, providing ON-RAMPS and OFF-RAMPS into the whole DeFi and Ethereum ecosystem. Take it from Circle's CEO Jeremy Allaire (the organization behind USDC): "Major USDC news today - @Visa has become the first major payments network to support USDC as a native currency and settlement system on its network. This is massive news, and marks a major turning point in mainstream adoption of crypto. With USDC being the fastest growing dollar digital currency in the world, connecting its use to existing global networks will accelerate its adoption as both a store of value and medium of exchange. Crypto dollars FTW! What does this really mean? A customer who has USDC in a wallet, and a card attached to their wallet (there are now dozens of these) can spend at any Visa accepting merchant, and the USDC is used to settle the transaction with Visa instead of the legacy banking system. For Visa, this means they get the money as fast as a blockchain moves funds, without reversal risk, without the time delays and costs of SWIFT, ACH, etc. Huge! This is "Over-the-Top" (OTT) money, and a major step in our mission to build a new global economic system on a more open, global, safe and inclusive foundation built on crypto and blockchain tech. Huge congrats to @cuysheffield and the team at @Visa for really putting your money where your mouth is and embracing the future, we welcome you with open arms in the movement towards an open internet of value!" https://twitter.com/jerallaire/status/1376493343476187138 https://twitter.com/jerallaire/status/1376493343476187138
  - arcticbull 6y ago
    > There is no other sector in finance that saw a 40X (!!!) gain in the past year. See for yourself: https://defipulse.com/ https://defipulse.com/ I didn't ask how much DeFi has grown, you said 1 to 40B I can divide 40 by 1. Im curious why you think no other sector has grown by $39B. For instance the S&P 500 is $33.4T in market cap and it's up 75% year over year, or an increase of 20T. That's a substantially larger sector growth. Or are you measuring it by percentages? It's really easy to grow peanuts into 40 peanuts, and I'm sure I can find you another sector. Point is you haven't provided any explanation or citations for your claim. USDC isn't the definition of DeFi, it's a stablecoin. It's a literal pile of tokenized money. That's a centralized system. It's not like Visa is allowing settlement via DAI. > With USDC being the fastest growing dollar digital currency in the world, connecting its use to existing global networks will accelerate its adoption as both a store of value and medium of exchange. Crypto dollars FTW! Paolo would obviously disagree with that lol. > What does this really mean? A customer who has USDC in a wallet, and a card attached to their wallet (there are now dozens of these) can spend at any Visa accepting merchant, and the USDC is used to settle the transaction with Visa instead of the legacy banking system. I didn't see that in the article. Given that it's on Ethereum, and gas prices are staggering, it's very unlikely that's what's happening, so exactly what is? And why? Merchant's don't want USDC they want dollars, who's on the other end of the settlements? Ok they'll accept digital currency to net up once a month but then what? Will they be the ones to liquidate it? > For Visa, this means they get the money as fast as a blockchain moves funds, without reversal risk, without the time delays and costs of SWIFT, ACH, etc. Huge! Uh... buddy? The blockchain is slow, you know that right? Visa can move money way, way faster through a network known as Visa. And they can do it far less expensively. And yeah, they're the ones who get to dictate reversal risk because they're Visa. If people didn't want reversal risk Visa wouldn't have it. But they do want it. And for them ACHs cost about 1/10th of a penny each, and wires are roughly free, too. RTP is going to be free and instant - rollout is going well in the US. Visa is also way cheaper, they take a few basis points on Visanet transfers. > This is "Over-the-Top" (OTT) money, and a major step in our mission to build a new global economic system on a more open, global, safe and inclusive foundation built on crypto and blockchain tech. Why does one centralized organization moving a centralized representation of a centralized currency (the USD dollar in a big ol' bank account at Circle HQ) -- roughly speaking company scrip -- fit that definition at all? > Huge congrats to @cuysheffield and the team at @Visa for really putting your money where your mouth is and embracing the future, we welcome you with open arms in the movement towards an open internet of value!" At this point I'm actually not sure if you're a bot. Say potato!

arcticbull 6y ago

That money is "floating around DeFi" has no bearing on Visa opting to settle transactions in USDC. They're not getting into DeFi lol, unless you have some unreleased memo. Do you have data to back your claim that it's the "fastest growing financial sector"? By what measure? What metric? Your replies are hyperbolic at best, and read a bit like like zealotry at worst.

chrisco255 6y ago
There is no other sector in finance that saw a 40X (!!!) gain in the past year. See for yourself: https://defipulse.com/ https://defipulse.com/ Yes, USDC is by definition DeFi. This is VISA plugging into it, providing ON-RAMPS and OFF-RAMPS into the whole DeFi and Ethereum ecosystem. Take it from Circle's CEO Jeremy Allaire (the organization behind USDC): "Major USDC news today - @Visa has become the first major payments network to support USDC as a native currency and settlement system on its network. This is massive news, and marks a major turning point in mainstream adoption of crypto. With USDC being the fastest growing dollar digital currency in the world, connecting its use to existing global networks will accelerate its adoption as both a store of value and medium of exchange. Crypto dollars FTW! What does this really mean? A customer who has USDC in a wallet, and a card attached to their wallet (there are now dozens of these) can spend at any Visa accepting merchant, and the USDC is used to settle the transaction with Visa instead of the legacy banking system. For Visa, this means they get the money as fast as a blockchain moves funds, without reversal risk, without the time delays and costs of SWIFT, ACH, etc. Huge! This is "Over-the-Top" (OTT) money, and a major step in our mission to build a new global economic system on a more open, global, safe and inclusive foundation built on crypto and blockchain tech. Huge congrats to @cuysheffield and the team at @Visa for really putting your money where your mouth is and embracing the future, we welcome you with open arms in the movement towards an open internet of value!" https://twitter.com/jerallaire/status/1376493343476187138 https://twitter.com/jerallaire/status/1376493343476187138
- arcticbull 6y ago
  > There is no other sector in finance that saw a 40X (!!!) gain in the past year. See for yourself: https://defipulse.com/ https://defipulse.com/ I didn't ask how much DeFi has grown, you said 1 to 40B I can divide 40 by 1. Im curious why you think no other sector has grown by $39B. For instance the S&P 500 is $33.4T in market cap and it's up 75% year over year, or an increase of 20T. That's a substantially larger sector growth. Or are you measuring it by percentages? It's really easy to grow peanuts into 40 peanuts, and I'm sure I can find you another sector. Point is you haven't provided any explanation or citations for your claim. USDC isn't the definition of DeFi, it's a stablecoin. It's a literal pile of tokenized money. That's a centralized system. It's not like Visa is allowing settlement via DAI. > With USDC being the fastest growing dollar digital currency in the world, connecting its use to existing global networks will accelerate its adoption as both a store of value and medium of exchange. Crypto dollars FTW! Paolo would obviously disagree with that lol. > What does this really mean? A customer who has USDC in a wallet, and a card attached to their wallet (there are now dozens of these) can spend at any Visa accepting merchant, and the USDC is used to settle the transaction with Visa instead of the legacy banking system. I didn't see that in the article. Given that it's on Ethereum, and gas prices are staggering, it's very unlikely that's what's happening, so exactly what is? And why? Merchant's don't want USDC they want dollars, who's on the other end of the settlements? Ok they'll accept digital currency to net up once a month but then what? Will they be the ones to liquidate it? > For Visa, this means they get the money as fast as a blockchain moves funds, without reversal risk, without the time delays and costs of SWIFT, ACH, etc. Huge! Uh... buddy? The blockchain is slow, you know that right? Visa can move money way, way faster through a network known as Visa. And they can do it far less expensively. And yeah, they're the ones who get to dictate reversal risk because they're Visa. If people didn't want reversal risk Visa wouldn't have it. But they do want it. And for them ACHs cost about 1/10th of a penny each, and wires are roughly free, too. RTP is going to be free and instant - rollout is going well in the US. Visa is also way cheaper, they take a few basis points on Visanet transfers. > This is "Over-the-Top" (OTT) money, and a major step in our mission to build a new global economic system on a more open, global, safe and inclusive foundation built on crypto and blockchain tech. Why does one centralized organization moving a centralized representation of a centralized currency (the USD dollar in a big ol' bank account at Circle HQ) -- roughly speaking company scrip -- fit that definition at all? > Huge congrats to @cuysheffield and the team at @Visa for really putting your money where your mouth is and embracing the future, we welcome you with open arms in the movement towards an open internet of value!" At this point I'm actually not sure if you're a bot. Say potato!