In response to the recent increase in transaction fees by Venmo, Dan Romero, co-founder of Farcaster, has proposed the idea of a stablecoin payments app for freelancers in the United States. This fee restructuring has caused quite a backlash within the community of Venmo users.
Romero believes that stablecoins could be the solution for individuals who are classified as “1099s,” which includes freelancers and independent contractors who are required to fill out the U.S. Internal Revenue Service Form 1099.
Financial analyst Ross Hendricks also commented on Venmo’s fee increase, stating that PayPal has essentially turned on the monetization switch for Venmo. This sparked a conversation about cryptocurrency, with one user responding with just three words.
However, Hendricks questioned the current state of cryptocurrency transfers, prompting the co-founder of Farcaster to ask for further clarification. In response, Brian Armstrong, co-founder and CEO of Coinbase, mentioned that the USD Coin (USDC) stablecoin on Base is giving it a try.
Romero, a former senior executive at Coinbase, responded to Armstrong’s statement with just one word. This exchange led to a discussion about the potential for change, but there was also skepticism about using USDC for everyday transactions through Coinbase.
The conversation took place following the announcement by Paul Grewal, Coinbase’s chief legal officer, that XRP is once again trading on Coinbase in New York. After Ripple Labs faced a lawsuit from the U.S. Securities and Exchange Commission in 2020, many centralized exchanges, including Coinbase, delisted XRP due to allegations of selling unregistered securities. However, Judge Analisa Torres ruled in 2023 that secondary sales of XRP do not qualify as securities transactions, leading to the reversal of delistings by centralized exchanges.
In other news, a Hong Kong streaming firm is set to invest $100 million in crypto, and Worldcoin has faced sanctions in Asia Express magazine.