Walmart-backed OnePay has launched USDC deposits, and the replies are full of “normies are finally on-chain.” I read through them for ages and still couldn’t figure out what they were so excited about.
The process is simple: send USDC to the address OnePay gives you. It supports 12 chains, with Stripe subsidiary Bridge handling things behind the scenes. Once it arrives, it’s automatically converted to dollars and deposited into the checking account you use to pay your utility bills.
Note that it’s converted to dollars. As soon as the money arrives, it’s off-chain.
This isn’t bringing ordinary people on-chain. It just makes it easier for crypto workers to cash out. Freelancers who get paid in stablecoins will certainly appreciate skipping a trip to the exchange. But as far as the “mass adoption of stablecoins” narrative goes, this basically does the opposite: here, USDC is just a pipe. Once it’s served its purpose, it’s discarded.
Can it work the other way around? Can you withdraw the dollars in OnePay back to your wallet as USDC? The official post doesn’t say. Several people in the replies are asking, but I haven’t seen an answer yet. If money can only go in and not out, it’s just an on-ramp. Don’t hype it up as some kind of financial revolution.
Circle CEO Allaire reposted it, saying, “Step by step, bringing USDC to life in retail finance apps.” Of course he’s happy—every USDC transaction going through this channel brings business his way. Take that for what it’s worth.
And the 12-chain thing actually makes me a little nervous. The more chains there are, the more people will send funds to the wrong network. No one’s said whether customer support will take responsibility when that happens.
What’s really worth watching is the day Walmart lets you pay directly with your USDC balance, without converting it to dollars. When that day comes, I’ll join in calling it adoption.
#USDC #Stablecoin
The process is simple: send USDC to the address OnePay gives you. It supports 12 chains, with Stripe subsidiary Bridge handling things behind the scenes. Once it arrives, it’s automatically converted to dollars and deposited into the checking account you use to pay your utility bills.
Note that it’s converted to dollars. As soon as the money arrives, it’s off-chain.
This isn’t bringing ordinary people on-chain. It just makes it easier for crypto workers to cash out. Freelancers who get paid in stablecoins will certainly appreciate skipping a trip to the exchange. But as far as the “mass adoption of stablecoins” narrative goes, this basically does the opposite: here, USDC is just a pipe. Once it’s served its purpose, it’s discarded.
Can it work the other way around? Can you withdraw the dollars in OnePay back to your wallet as USDC? The official post doesn’t say. Several people in the replies are asking, but I haven’t seen an answer yet. If money can only go in and not out, it’s just an on-ramp. Don’t hype it up as some kind of financial revolution.
Circle CEO Allaire reposted it, saying, “Step by step, bringing USDC to life in retail finance apps.” Of course he’s happy—every USDC transaction going through this channel brings business his way. Take that for what it’s worth.
And the 12-chain thing actually makes me a little nervous. The more chains there are, the more people will send funds to the wrong network. No one’s said whether customer support will take responsibility when that happens.
What’s really worth watching is the day Walmart lets you pay directly with your USDC balance, without converting it to dollars. When that day comes, I’ll join in calling it adoption.
#USDC #Stablecoin