I take you didn't answer the question. If 15 is the tx fee with USDC then it is shit. If banks develop their own digital currency for interbank transactions, that doesn't help already existing cryptos' evaluation. Acceptance maybe, evaluation no, actually it is a competition to them. Long time ago I advocated Amazon issuing their own coins, maybe that is going to happen eventually. Again, not particularly good for BTC itself.
I did answer it, but you're painting a narrative that is incorrect crypto fintech companies <---> Visa (Transaction $ size for each USDC settlement is big making the Eth transaction fees negligible) There's a saying about leading a horse to the water... Also something about trying to wake up someone pretending to be asleep I didn't answer the first guy who asked because I don't think he has enough understanding of cryptos systems processes to get it, but I know you do, Pekelo [edit: you're still pushing the banks into the equation, lol. Do you think Visa wants to go back with antiquated banks that close at night and on weekends/holidays and do chargebacks on funds? Do you think CBDC's should be issued by banks and not by central banks directly to people's CBDC wallets? There's a chance here for governments worldwide to eliminate antiquated bloated banks and issue our stimmies directly to our app anytime, any day, but yea, I think governments will still push the banks in the middle, but there's a small chance they'll follow Visa's actions]
The banks (i.e. BofA) make money on the interest. Visa makes money on transaction fees charged to merchants The issue is the $ transfers between banks and Visa take days and the dreaded chargebacks I can see a process where a bitcoin hodler would store 1 btc at Gemini, get yield on the Gemini Earn platform, apply for a Gemini Visa cc, makes a purchase at a coffee shop, Gemini insta-convert the amount of btc needed to USDC, batches all transactions every hour and settles with Visa (sends the USDC to Visa ETh address) A crypto banking system with yields and credit card but where's the traditional bank? Anyway, this is only an idea, who knows if this gains traction, but PayPal is pushing Visa against the wall with the announcement today What's crazy is that PayPal & Square are enjoying tremendous active user engagements (google it) because of cryptos on their platforms. Wtf are Apple Pay, Google Android Pay and Samsung Pay doing just watching that on the sidelines??? Methinks they are working on getting cryptos on their platforms, imho
The fees and confirmation times in cryptos DO suck pretty bad at the moment.. But it won't be like this forever.. The technology is still in it's infancy. It will scale up.
Mastercard is working on something similar already. This may become the standard eventually, I think.
I think it is a good thing that they have started using USDC for settling transactions and all. Might be helpful in the future.