Meta, USDC, and the stealthy Web3 incursion into social media

Mark Zuckerberg learned a tough lesson from the whole Libra and Diem saga, showing him how risky it can be to directly take on the government. Instead of trying to build a private currency empire and facing a shutdown, Meta has switched gears and is now employing a smart, almost sneaky strategy, using what others have built to boost its own platform. 1. Meta and the Trojan Horse approach Changing reward payments to USDC instead of sticking with good ol' USD is not just a simple swap. It’s a pretty clever move. + Finding legal loopholes: By going with USDC, which is a compliant and well-established stablecoin, Meta effectively passes off the reserves and operations to Circle. They’re moving from being a currency creator to just using the infrastructure, which helps them dodge intense scrutiny from the SEC and central banks. + Reaching the unbanked: In many developing countries, the slow processing times and hefty fees from multiple banks can be a real pain. USDC solves those problems instantly. This way, Meta keeps creators on board and turns them into supporters of its ecosystem. 2. Circle: a big step into the core of Web2 Even though USDT still rules on centralized exchanges, USDC is carving out its place as the go-to currency in the real economy. Getting access to the Meta ecosystem is a major win for Circle. In the race against USDT for market share, USDC usually doesn’t have as much liquidity but shines in transparency. By teaming up with Meta, USDC is stepping out of the crypto traders’ wallets and into the hands of everyday content creators.

Umm, by them ending up using regulatory compliant token, it's a strong sign that their government already have control over them. Or are you talking about control of banks here? Those have been reinventing themselves for a while now. I am not an influencer, so i am not interested about any monetary service that META has something to do as a platform. Nor i would trust any social media platform to handle my money or transactions. You think banks have control over you? Give that power to billionaire tech bros and you think they have your interest in heart? They are stealing more data about you then any government could.

This is one of the best development of the year. Vincom is getting to the root of the matter. Meta has gotten very clever after getting tricked into creating Libra or Diem. Instead of creating their own token they are now entering the field with circle's regulated stablecoin Agreed, the real fear is not just about money. It is about the manipulation of data and payment. Once Meta makes USDC transaction normal on Instagram, Facebook and WhatsApp they will have the biggest lever for ordinary people to enter the crypto world. And with that they will suck up more user data.

I am thrilled to see a big mainstream victory for USDC primarily because Tether (afiak) still hasn't been fully audited, and many people know they have a shady history.

If they fail, they can afford to bear the losses. They've done it not just once but twice. It will be amazing if the biggest social media platform will do that. It's actually a good advertisement to crypto and will introduce it to their billions of users. That will prove to the doubters that this is an actual usecase of crypto or to be specific, a stable coin.

Both of them are centralized shitcoins that should never be trusted. Being widely adopted by big company names doesn't remove the risk that those coins can be easily manipulated by their founder devs and that they are so risky because of the dependence to the US dollar in particular. I don't see a good reason behind Meta decision to support USDC but this is another precaution layer that this coin was created to trace monetary activity of people. Don't be fooled by speech about giving help to the unbanked people or that social media supporting cryptocurrencies. Lunching their own coin would be more reliable than using one of the worst existing one.

1. These two are doing great with this and have a high chance to succeed. 2. For sure I want to use USDC instead of using debit card and getting charged 1% per transaction. 3. U.S. halted CBDC with executive orders, and stablecoin is dominating the market. CBDC from countries that can't even cultivate their currency to be adopted for stablecoin isn't worth mentioning.

Overall, this could be a positive development for Bitcoin, as increased use of Bitcoin or USDC will reduce reliance on cash for Bitcoin transactions, positively impacting price and adoption. Let's see what happens.

Its right that either they use USDC or Bitcoin it shows that they are really trying to slow down their reliance on fiats. Those shifts they made by accepting cryptocurrency can provably strengthen more the support of those coin. We are now seeing that crypto is now hitting again on the mainstream and it caught lots of attention not only for crypto users, also with those companies that like to follow and adapt on those changes, US good action towards Bitcoin influence this companies.  On recent great developments towards Bitcoin reserve discussion in US, the latest one is they talk about ARMA bill for establishing Bitcoin reserve https://cryptoquorum.com/arma-bill-us-strategic-bitcoin-reserve-proposal

USDC is not going to get growing faster than USDT in its books. I understand that USDC is complaint and that is great for them, but we are not going to grow something that is not the top priority and not because of facebook and Zuckerberg for sure. It will continue to grow at their own pace, whatever the pace was, and it will not topple USDT in the future neither. There is a reason why USDT is number one stablecoin, and that is not being good, none of them are good, we should not have any stablecoins if we can, but if we have to, people will prefer number one, just like how bitcoin will not go down from the number one spot either.

1) Yes/ 2)I would still care about how long banks take to process transactions. 3)I don't know what goverments would do but most of them right now in the EU ae trying to make the data of the crypto holding people available to them so they can tax them.

1. They can. It's basically adding an optional for the Meta payment option. So i see no importance from this kind of partnership. 2. I would, why not? It's always make sense to always do comparison between stable coin payment vs bank payment. Especially when it comes to the fees and complication of process. 3. Honestly, this has nothing to do with CBDC. Many of countries are putting CBDCs in hold.