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Over the long term but short term I can see people using this especially if it is open 24/7. Ach network sucks and banks close which is dumb.
But now circle has a major competitor in tether
It will be interesting to see the default way people on board. Are they going to mostly be buying USAT on exchanges? If so, this turns exchanges into banks even more than it turns Tether into a bank. Also, I'm curious to see if we start seeing stables widely accepted as a payment method.
USA₮ is not legal tender (as described in section 5103 of title 31, United States Code) and is not issued, backed, approved, or guaranteed by the U.S. government. USA₮ is not subject to the insurance protections of the Federal Deposit Insurance Corporation (FDIC), the Securities Investor Protection Corporation (SIPC), or any other government agency.
I don't know why they are cautious when they are federally regulated!
Protects them from lawsuits. If someone can sue they will sue
I can see many exchanges have already celebrating it by listing instantly
Is it an ERC-20 token?
Yes.
You think so ? I see it as extending the life of fiat money. With stablecoins people can dollarize from the bottom up instead of top down. I can see it significantly extending the longevity of the dollar.
Yupp, it's getting bad to worse. However, I predict this is so ridiculous that it will be the reason for the collapse of Fiat money.