3 ms·
What I have missed with stablecoins is that how they fix the final settlement. That is say you send money from USA to say Somalia or North Korea. Who in those c
by Ekaros 1y ago
What I have missed with stablecoins is that how they fix the final settlement. That is say you send money from USA to say Somalia or North Korea. Who in those countries will have dollars most likely to give out for the stablecoin?
- wildrice 1y agoPaper dollars are a common store of value in emerging markets. Trading digital dollars for paper dollars, is becoming as common as paper foreign exchange
- kilimounjaro 1y agoIn practice, everyone just has binance app and pays each other stablecoins within that platform
- xyzzy9563 1y agoThe final settlement inside Somalia or North Korea isn't necessary because they can buy things from other countries where those people can do the settlement. Just like if you have US dollar bills in Somalia, they have value even if there is no nearby ATM you can find to deposit them.
- ahazred8ta 1y agoThere are already hawala / xawala money transfer services in Somalia that will exchange cryptocurrencies for physical dollars or local currency, or load value onto a local phone app. Does that answer your question? https://en.wikipedia.org/wiki/Hawala https://en.wikipedia.org/wiki/Hawala
- Ekaros 1y agoSo why are stablecoins needed if there is already a system?