When you purchase something with your FTX card, FTX US will deduct that amount of funds from your balance. Effectively letting people use Bitcoin to pay for goods in the real-world. It works with any tokens on FTX US, not just USD. The FTX US card allows you to spend your balances on FTX US automatically on purchases. This is a convoluted and expensive way to do what FTX & Coinbase are looking to fix with their debit card offerings.įTX is helping remove these layers with their own debit card. You’d then need to send your stables to a centralized wallet to “cash out” into fiat. In a matter of minutes, you can “cash out” of your Bitcoin/Ethereum (insert token here) into a stablecoin of your choice. When you self-custody your assets with a wallet like Metamask, you have near instant access to your funds. Self custodying your assets is also a huge positive externality that most normies don’t understand. Because only a small amount of merchants accept crypto as a payment option, crypto-natives still have many hoops to go through in order to pay for things in the “real world” such as food, rent, bills, etc.Įven stablecoins held in a centralized wallet and converted by payment processors incur hefty fees and still “force” crypto-native personas to have to exit the cryptosphere and convert back to fiat.

Stablecoins are a natural next step that will grow into a larger proportion of the digital payment ecosystem.īitcoin and Ethereum weren’t properly engineered to scale to be a medium of exchange, they’re volatile and expensive to use, making it tough for merchants to accept as payment.

This may be attributed to the growth of digital payment technologies like Venmo, ApplePay & Square. For example, surveys by the Federal Reserve show that cash use declined across all age groups during the pandemic, and that the 25-34 year-old age group used cash for only 10% of payments last year. The yields in DeFi and shift towards a digital first lifestyle, driven by the proliferation of the metaverse is making blockchain-enabled ecosystems near impossible to ignore.ĭeFi adoption, like crypto more broadly, reflects other social and generational trends, including the rising digitization of our daily lives and shift towards decentralization. The broader eCommerce industry is ~$4.8tn in 2021 and is projected to be well over $6tn by 2024 and shows no signs of stopping.Īs crypto adoption accelerates, a natural progression of our online spending habits will shift towards purchasing goods online with stablecoins. Consumer purchasing habits shifted from exclusively brick & mortar pre-2000’s to nearly a quarter online in a matter of 20 years.

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