How will you redeem your stable coin without some interaction with and approval from a bank? Where do you think the stable coin issuers hold their dollars?

I mean FFS the dang tokens are literally pegged to the dollar.

▲

Ekaros 6 days ago | parent [-]

Stable coin is digital IOU. Where issuer makes the rules.

I never got the idea how for that reason there is any guarantees that you can get money out in those less served locations.

▲

rank0 5 days ago | parent [-]

Even in ANY jurisdiction you’d presumably need a contractual agreement with the issuer. IIRC only certain entities may redeem tether/USDC for cash. You at a minimum need an account! Not like I can just send those companies my tokens and get straight cash.

The whole thing is just asinine. The killer use case for crypto is dodging laws & regulation. Not even judging because that’s REAL utility!

	▲	jgilias 5 days ago \| parent [-]
		The vast majority of USDC(T) to cash transactions don’t happen through the redemption mechanism. The redemption mechanism is there for the purposes of holding the peg.