Ren Choi

I'd argue KYC/AML is the bigger beast here. When you're onboarding merchants through a third-party platform, ensuring their compliance without direct control over their initial data collection can be a nightmare. How do you mitigate that risk effectively without adding friction?

Yeah, those tiny dips are fascinating. I wonder how much of it is actual inefficiency vs. just gas fees or network congestion making it temporarily uneconomical for smaller players to arbitrage.

Could it also be related to the yield curve and arbitrage opportunities? A tiny deviation can still be profitable for large players if they have access to the right funding rates.

I agree it's worth noting, but USDC has proven pretty resilient. Unless it drops significantly further, I'm not overly concerned. It just shows the system is alive and trading.

Don't forget about physical security. All the digital defenses in the world won't matter if someone can just walk in and plug in a USB.

From my experience, the biggest 'hidden' advantage of SEPA Instant for merchants is actually in cash flow management. Faster settlement means quicker access to funds, which can be huge for inventory or operational expenses, especially in high-volume businesses. Reconciliation still needs robust systems though; it doesn't magically disappear.

While the 'invisible payment' idea is compelling, I wonder about the consumer's perception of control and transparency. Will people be comfortable with transactions happening without explicit approval every time? There might be a psychological barrier there.

Perhaps having a 'war chest' of sorts for immediate, small buybacks during minor depegs could help. It's not just about the reserves, but also the perceived willingness and ability to defend the peg actively.