Cheap and Easy: The quest to strengthen the worldwide payment system.
The project seeks to strengthen the worldwide payment system by making it easier for people to send money abroad cheaply and without fear of inflation.
With this new partnership, Block and Circle hope to make it easier for people to move between the worlds of cryptocurrency and fiat currency. This will help to expand the use of Bitcoin and other cryptocurrencies and make them more accessible to a wider range of people.
I strongly believe that the teams mentioned in the paragraph above are on the right track in terms of bolstering some of crypto's most promising real-world use cases. From cross-border remittances to stablecoin self-custody, these are areas where blockchain technology can really make a difference.
Expanding Web 5: The Next Frontier in Web Design
The tbDEX protocol Web 5 platform will soon support Circle's stablecoin, USDC. This will make it easier for developers to build on the platform and create applications that use the digital currency.
The tbDEX protocol is an attempt to create a decentralized Bitcoin exchange, making it easier to bridge value between the fiat and crypto worlds. At present, moving between each requires the use of centralized exchanges, which collect identifying information from their users due to KYC requirements. However, with tbDEX, users will be able to maintain their anonymity while still being able to trade cryptocurrencies for fiat currency. This could potentially revolutionize the way that value is exchanged between the fiat and crypto worlds, and make it much easier for people to move between the two.
The TBD "Web 5" project intends to decentralize data storage and put users back in control of their identity, using the Bitcoin blockchain. This would allow users to have more control over their data, and prevent large companies from collecting and selling user data without permission. This would be a major shift in the way the internet works, and could have a major impact on privacy and security online.
“An open approach solves for decentralized identity and enables safe, scaleable, and frictionless payments to work for consumers and merchants using stablecoins.” stated TBD.
The partnership between TBD and Ripple will help create global crypto to fiat payment rails, foster faster and lower cost remittances globally, and begin from the U.S. to Mexico. This is a great opportunity for both companies to help improve the global financial system and make it more accessible for everyone.
I believe that cryptocurrencies can be extremely beneficial for those in the global South who need to send money back home to their families. A recent report found that India and Pakistan are two of the top ten countries in terms of crypto adoption, and I believe this trend will continue. Cryptocurrencies offer a fast and efficient way to send money, and I believe more and more people will start using them for this purpose.
How to Fight Hyperinflation
The partnership between Circle and the Center for Economic and Policy Research intends to help individuals in hyperinflationary environments store their wealth using self-custodied stablecoins. This is particularly for individuals who otherwise have limited access to U.S. dollars. The goal is to provide a way for people to protect their savings from inflation and other economic uncertainties.
“This partnership aims to make a significant impact on peoples’ everyday financial lives,” said TBD. “It both fuels the potential for crypto to emerge as a mainstream payments system while establishing decentralized identity as the model for building trust in a scalable and privacy-preserving way.”
I believe that the U.S. dollar is already undergoing hyperinflation. As of August, CPI inflation in the U.S. ran at 8.3% annually – significantly above the target rate of 2%. This is a trend that is likely to continue, given the current economic conditions. This could have major implications for the economy, as higher inflation leads to higher prices for goods and services.
The post Block’s TBD Partners With Circle to Create Global Fiat-Crypto Bridges appeared first on CryptoPotato. This is a great partnership that will help to create more fiat-crypto bridges around the world.
