Bitwage Drops USDC Payments in the U.S.

Crypto payroll solutions company Bitwage has some bad news for you, my fellow Lolacoin readers. They just announced that they will no longer be supporting USDC payments for all you U.S. residents. And trust me, it’s not because they don’t want to, but because of the “more strict regulatory climate” in our great country.

Here’s the breakdown of what you need to know:

If you’re using USDC as a means of payment, you better remove it from Bitwage’s platform by July 13. If you don’t, your wallets and bank accounts will be reset, and let me tell you, that’s not something you want to deal with.
But don’t worry, this decision only affects those of us in the U.S. Our international friends can still enjoy the convenience of Bitwage and continue receiving payments using bitcoin and other stablecoins like DAI, CUSD, and USDT.

So, what caused all of this?

Well, it seems like regulators have been keeping a close eye on stablecoins, especially after the whole UST disaster in the Terra ecosystem. They even released a draft of a stablecoin bill last month. Committee Chair Patrick McHenry is really on top of this stuff, I tell ya.

According to market research consultant Matt Ahlborg, these regulatory changes might make people explore other options for receiving payments. You know, like good ol’ BTC. It seems like stablecoins had their moment, but now it’s time for BTC to shine again.

But wait, what about Bitwage’s international customers?

Well, my friends, Bitwage is doing things a bit differently outside the U.S. In fact, just last month, they partnered with Vibrant Wallet to offer seamless and low-cost cross-border payments using USDC on the Stellar blockchain. Talk about next-gen treasury management!

So, my hot take on all of this is that the crypto world is constantly evolving, and regulations are just part of the game. While it’s a bummer that Bitwage is dropping USDC payments for us Americans, it’s also a reminder that there are always other options out there. And hey, who knows what the future holds? Maybe stablecoins will make a comeback once regulators figure things out. Only time will tell.