First U.S. national bank to offer stablecoins directly to retail customers

[Jostern]

Who cares? They want to offer water or water. Water is not different from water. United States dollar and United States dollar collateralized stable coins. There is no difference. What we are expecting are not fiat or fiat related coins, bitcoin would have been better.

I came across your comment, and I’m quite impressed what you have just said, what is really the difference between United States Dollar and the United States Dollar in a Coin(USDT tether) I don’t really know what is happening with them making such decisions.

I’m just wondering what would have happened to them if they had offered to centralized Bitcoin and offer them in the bank, bitcoin would’ve been far much better compared to United States Dollar in a stablecoins.

[Charles-Tim]

I came across your comment, and I’m quite impressed what you have just said, what is really the difference between United States Dollar and the United States Dollar in a Coin(USDT tether) I don’t really know what is happening with them making such decisions.

Exactly. For banks to offer the service, it is still the same as United States dollar. Although, there is different in the way it is with noncustodial wallets and exchanges because more people can easily access the stable coin than going for bank domiciliary account United States dollar and less are more restrictions for stable coins. But if it is offer by bank which will only allow their customers not to be able to transfer it but only be able to buy and sell it using only the bank, it is completely useless.

I’m just wondering what would have happened to them if they had offered to centralized Bitcoin and offer them in the bank, bitcoin would’ve been far much better compared to United States Dollar in a stablecoins.

Yes, for holders.

[Kelward]

Who cares? They want to offer water or water. Water is not different from water. United States dollar and United States dollar collateralized stable coins. There is no difference. What we are expecting are not fiat or fiat related coins, bitcoin would have been better.

I came across your comment, and I’m quite impressed what you have just said, what is really the difference between United States Dollar and the United States Dollar in a Coin(USDT tether) I don’t really know what is happening with them making such decisions.

I’m just wondering what would have happened to them if they had offered to centralized Bitcoin and offer them in the bank, bitcoin would’ve been far much better compared to United States Dollar in a stablecoins.

I guess that the bank just want to increase their customer base by giving alternative services to customers who are into stablecoins, instead of converting their dollars into the popular stablecoins like USDT and USDC they can just hold the banks native stablecoins. I think that it is innovation, you shouldn't be surprised that if it works other big banks will copy them and launch their own stablecoins, we should watch and see how far they will go.

Bank customers are offered more choice on how they want to hold their money, they can either hold the stablecoin or ignore it. Some business diversification are started to test the ground whether it would catch on if it doesn't they will pack up and face what is working for them.

[PrivacyG]

Do you really not understand how huge it is?

How 'huge' will it be when Central Bank Digital Currencies start getting released?

They are actually offering water or water like the user says.  It could have been any other Bank.  If they release a Digital Currency that is pegged to Dollars, it is no different from simply using Fiat.  It does not mean they are giving up and accepting Cryptocurrencies, it means they simply offer another route to get Fiat.

[Iamgoat]

Who cares? They want to offer water or water. Water is not different from water. United States dollar and United States dollar collateralized stable coins. There is no difference. What we are expecting are not fiat or fiat related coins, bitcoin would have been better.

If these USA guys are smart enough, they would have embraced the Bitcoin technology from day one and even render some sort of support to it while they were growing. But thry approached with hate and now they want to find all ways and means possible to synchronize into the system but Bitcoin is already a big industry which has stood a long time and still thriving without any major contribution from any government now made them feel like they could change their minds.

[Abiky]

So many stablecoins today, and I do believe this one is a profitable business. The company can invest in short-term bonds, mutual funds, or simply bank deposits, while the user gets nothing. But stablecoin market is so crowded in my opinion.

Tho their decision to launch SoFiUSD simultaneously on Ethereum and Solana is operationally brilliant. while stablecoin is pretty much the same one thing different here is they directly from bank not just regular companies

SoFi Bank's decision to launch its very own stablecoin is a smart move. I mean, why should the US re-invent the wheel by creating its very own CBDC? The government can simply rely on existing solutions to bring the USD into the digital era. Stablecoins are the perfect solution. While they're backed by companies instead of the government directly, that doesn't mean they won't be subject to regulatory scrutiny.

The US government can simply increase regulations on stablecoins, to keep things in check. No need for a CBDC at all. Companies will essentially serve as "gatekeepers" of the USD monetary system. All subject to the US governments' will. Hopefully, more banks join the stablecoins craze. We'll see what happens in the long run.

[M47AK16]

Who cares? They want to offer water or water. Water is not different from water. United States dollar and United States dollar collateralized stable coins. There is no difference. What we are expecting are not fiat or fiat related coins, bitcoin would have been better.

If these USA guys are smart enough, they would have embraced the Bitcoin technology from day one and even render some sort of support to it while they were growing. But thry approached with hate and now they want to find all ways and means possible to synchronize into the system but Bitcoin is already a big industry which has stood a long time and still thriving without any major contribution from any government now made them feel like they could change their minds.

I would say that they are doing this because they already realized it a while ago, but government paperwork takes time. Plus, dollar in a stable crypto way has been done for a while now. Tether is just some random company in Bahamas, and USA government doing it would be a lot better than some random stranger at Bahamas doing it for me. I would say this is just one bank that is starting it, but when the whole government creates a stablecoin of their own, I will definitely switch to that and would prefer it, not because I like it, I rather not, but at least it's the lesser of two evils.

[dansus021]

—snip—

SoFi Bank's decision to launch its very own stablecoin is a smart move. I mean, why should the US re-invent the wheel by creating its very own CBDC? The government can simply rely on existing solutions to bring the USD into the digital era. Stablecoins are the perfect solution. While they're backed by companies instead of the government directly, that doesn't mean they won't be subject to regulatory scrutiny.

The US government can simply increase regulations on stablecoins, to keep things in check. No need for a CBDC at all. Companies will essentially serve as "gatekeepers" of the USD monetary system. All subject to the US governments' will. Hopefully, more banks join the stablecoins craze. We'll see what happens in the long run.

That exactly right and I do 1000% agree with you, government create their own CBDC becuase they want control our money. I mean in theory any stablecoin the big one like USDT and USDC could easily freeze or blacklisted our address, but for the gov that is not enough. Most CBDC that I know the gov want to create their own chain so they have more control of it.

But for now they only need take regulation more seriuously that dont harm the investor and user.

[noorman0]

-snip-
I mean, why should the US re-invent the wheel by creating its very own CBDC? The government can simply rely on existing solutions to bring the USD into the digital era. Stablecoins are the perfect solution. While they're backed by companies instead of the government directly, that doesn't mean they won't be subject to regulatory scrutiny.

I also thought about this, are global governments really letting these banks start issuing their stablecoins, including the plan of one of the British banks from the local news that I read some time ago? Is this a manifestation of global CBDC plans that are starting to fade?
It seems that the potential for coinstable profits is more visible than the bank's regular offering to customers.

[shinratensei_]

So many stablecoins today, and I do believe this one is a profitable business. The company can invest in short-term bonds, mutual funds, or simply bank deposits, while the user gets nothing. But stablecoin market is so crowded in my opinion.

Tho their decision to launch SoFiUSD simultaneously on Ethereum and Solana is operationally brilliant. while stablecoin is pretty much the same one thing different here is they directly from bank not just regular companies

SoFi Bank's decision to launch its very own stablecoin is a smart move. I mean, why should the US re-invent the wheel by creating its very own CBDC? The government can simply rely on existing solutions to bring the USD into the digital era. Stablecoins are the perfect solution. While they're backed by companies instead of the government directly, that doesn't mean they won't be subject to regulatory scrutiny.

The US government can simply increase regulations on stablecoins, to keep things in check. No need for a CBDC at all. Companies will essentially serve as "gatekeepers" of the USD monetary system. All subject to the US governments' will. Hopefully, more banks join the stablecoins craze. We'll see what happens in the long run.

Right on the point, CBDC is an outdated strategy from a government that don't know what they are doing.
US is already lightyears ahead in asserting their USD dominance within crypto market through regulated stablecoin issuing unlike outdated and inefficient CBDC.

The government simply create a bill that will regulate stablecoin and the stablecoin issuer party will take care of other things on their end.
By doing this US government can sell their treasury bond like a hot cake while having no responsibility to manage the stablecoin.

It's 4d chess from the US government honestly compared to the inferior CBDC solution that nobody will use.

[NikaCosta]

Now stablecoins espessially Tether are actively used to make cheap payments around the world.
Thanks stablecoins people can transfer much much more simple then bank transfers.
That is why many banks now are actively discover crytocurrency technology for quick and simple payments around the world.