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SoFi tie-up shows stablecoins can provide alternative blockchain settlement rail
SoFi now settles its Mastercard transactions in its own stablecoin, and Visa’s settlement pilot was running at a US$7 billion annualised rate by April. Gravity Team Co-Founder and CEO Mārtiņš Beņķītis told Cointelegraph he wouldn’t call it disintermediation at this stage, as banks and card networks still manage the transaction. As for businesses, he said, “They’ll care that settlement is available when they need it and that the money arrives.”
Stablecoin payments are fast, but local-currency settlement remains a bottleneck: Gravity Team CEO
A stablecoin can cross a border in seconds, but the payment is only complete once it becomes local currency the recipient can spend. As Gravity Team launched its institutional OTC desk, Co-Founder and CEO Mārtiņš Beņķītis told crypto.news the test is whether the whole transfer arrives at the quoted price and on time. “Stablecoin payment infrastructure is a liquidity story because stablecoin balances serve very different jobs,” he said.
Bitcoin Edges Back Above $91,000 as Traders Brace for Fed Decision and Jobs Data
Bitcoin has been caught in a narrow trading range following the $19 billion leverage wipeout in early October, amid fears of sticky inflation that could complicate the Fed’s path to future rate cuts.
"Shifting rate expectations ripple through crypto funding markets in Asia far more quickly than traditional asset classes," Michael Wu, CEO of Amber Group, told Decrypt.
