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I am bullish on Stablecoins and Blockchain

Updated on May 19, 2020 at the 12th hour
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DISCLAIMER: Expressed views on this blog are my own.

Blockchain

Always been bullish on blockchain for financial transactions.

Blockchain speeds up the settlement process in finance. That means bank transfers (ACH, Wire Transfer), stock transfers, escrow and anything involving recorded exchange can be settled very quickly and with low fees. ACH $3? Wire transfer fees up to $50? Insane isn't it? ACH is a patch on top of an legacy system that was not built for electronic transaction settlement.

In banking, you won't need ACH or Wire transfers anymore. Will this happen in my lifetime? Probably not, US Govt therefore the people are slow to adopt. Money laundering is a big issue and blockchain making that faster and cheaper isn't in the best interest of the US Govt.

Very interested in seeing when the Stock Market will take advantage of the blockchain: https://www.wsj.com/articles/blockchain-makes-inroads-into-the-stock-markets-1-trillion-plumbing-system-11573131600

Chase JPM Coin: https://www.jpmorgan.com/global/news/digital-coin-payments

Stablecoin

Stablecoins are pegged to the U.S. dollar (well technically could be to any fiat currency). Tether (USDT) and USD Coin (USDC) are two such stablecoins. Really good attribute to stablecoins is the fact that don't fluctuate in value therefore making them a very good way to settle transactions quickly while being able to get the same amount of USD back.

I like USDC since it not trendy/a fad, backed by Coinbase (which I have an account with), fast to settle and low fees (based on ethereum) and gives interest on your holdings. Coinbase has a commerce product that will let you settle transactions in USDC, so I will definitely use it to accept USDC.

I wish there was a way to do free USDC trusted wallet to wallet transfers just like bank accounts. I wonder if USDC can be used as in-game currency from now since it is all digital.

It's really early, so can't wait to see where it goes and what I want to do with it next.

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