Funny to see the triggered responses to this tweet. Think it's because deep down, a lot of people built businesses that they know have no chance out-competing an incumbent with 60m MAU and global distribution
For the last # of years, the arbitrage was stitching together some APIs and building a company on the back of risk a regulated company couldn't stomach
But, that ship has now sailed with regulatory clarity. And people now have to compete on product. And the reality is, they were never any better. They just took more risk
So the easy thing to do is FUD Venmo's speeds (which are ~identical to Coinbase's on mainnet) and stable when they see the writing on the wall
But, the harsh part of all this is the outcome is pretty obvious. As Venmo adds more chains and integrates more coins, a bunch of mediocre businesses that masquerade as the future of finance are going to get destroyed
Venmo enabled external PYUSD transfers, can now send stables from the app to an external ETH address
> Shockingly good ux: abstracted gas, minimal fees (2c on a $10 transfer), and fast (~2 mins from send)
>> Grand convergence playing out, hard line between crypto and irl money being erased in real time
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