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'USDC' which is a dollar-backed stablecoin issued by Circle/Coinbase is essentially the United States' de-facto digital currency. The advantage of a cryptocurre
by tornato7 4y ago
'USDC' which is a dollar-backed stablecoin issued by Circle/Coinbase is essentially the United States' de-facto digital currency. The advantage of a cryptocurrency vs a normal dollar in your bank account is that the ERC-20 version on Ethereum is 'programmable' - ie can be used in smart contracts for all sorts of things from borrowing/lending, to market making, to exchanging or staking. You could write a contract that drips USDC into an account to pay your bills, I dunno. There are endless possibilities. For me, I prefer to have my money in USDC because it provides a lot more flexibility on what I can do with it than simply having it in a bank account.
- djanogo 4y agoHow much does it currently cost to send USDC between two accounts vs let's say something like Zelle?, and how long does it take to settle?
- tornato7 4y agoGood question: Transaction cost: about $0.75 on Ethereum or $0.01 on Polygon at the moment - no size limits. Zelle is free up to ~$1,000 per day. Settlement: 12 Seconds on Ethereum or 2 Seconds on Polygon, "instant" on Zelle. However many transfers on Zelle use ACH under the hood, so it may take 3-5 days to settle with your bank. If the recipient isn't enrolled in Zelle it may take 14 days for them to register to receive funds. I'll note that I regularly move USD around as part of my job and have always found USDC to be a superior experience than bank transfers - especially because I can use smart contracts and custody tooling to set custom transaction policies on required approvers, whitelisted recipients, etc.