Stablesats pay a 0% annual return whereas stablecoins and money market accounts pay a 5% annual return (granted, stablecoins only do that when you keep them in a contract like uniswap, but they still do it). Stablesats are simply not as good as their competition because they do not pay you anything. Stablesats are the worst part of cash: a terrible place to store money. But they are even worse because they don't inherit the best part of cash, which is wide acceptance. So you are left with a not-widely-accepted medium of exchange that doesn't even reward you for holding it. Few people want that.

I’m kind of ignorant on the matter but it doesn’t allow you to remove banks, right? It just allows you to outsource bank relationships to exchanges.

For strike, they’re trying to be an exchange in addition to a money transmitter/wallet so they need relationships with banks regardless.

Nothing is stopping you from using it. The Galoy folks would probably love for you to use it.

COnsidering how new they are, its pretty good. Its not just Blink but entire Kollider and LNmarkets (they dont call it stablesats but have same function)

It's stated in that website:

I think one of the issues is that its a closed ecosystem with no easy way to interact with the rest of the fiat world. What's the point of having USD if you can't easily spend it where ever you go? This is a general problem with building stablecoins on Bitcoin in general.

You could go to Bitrefill and buy gift cards using stablecoins like this but that adds a layer of extra actions/complexity that users probably don't want to deal with. Its unlikely that a lot of vendors accept these stablecoins too. I would go as far as to say that there are more vendors willing to accept just straight sats rather than stablecoins backed by sats.

I'm not against the idea of stablecoins on Bitcoin, but adoption is hard.

Stablesats ??? 🟠🟣⚡️📖🫡 🐐 Accurate experiments in economics are not possible because the SUBJECT of economics is the Action of Humans in the real world, and conditions in Testing laboratories cannot replicate the Real-World consequences of Economic decisions.. Just like Quantum Physics... So as saying CHANGE IS imminent, which contrast the very Idea of STABLE.. WE humans r so used to Fiat that we are still looking for stability....

I'm interested in the idea. For now I prefer to just stack. But in the mists of a ridiculous bull market I might look at putting a bit into stablesats if you think BTC value will drop in USD terms. Mainly interested in what the taxman thinks too!

I didn't even know Stablesats was a thing... bookmarked to read up on later!

The whole business of stablecoins and eurodollars is a very deep rabbithole. Stablecoins are mostly backed by T bills, but also can be connected to banks with eurodollar access. Anything involving making new and unfamiliar business arrangements with banks is a really slow process. It is very difficult to get banking licenses if you also want to deal with any kind of "crypto" or bitcoin.

I am not a fan of stables. Putting fees into the Ethereum or Tron ecosystem (and the rest) is pretty vile business, but the fact is that some people have a lot more trouble and cost getting sats traded for their local currency.

My suggestion is those who are stick in the mud about this, engage them about what's stopping them from accepting non-fiats directly.

Seems like this is based on some sort of derivatives contract to keep a stable price, which means you need a counterparty. If you can trust the exchange to actually be an exchange, then that might work, but if they're also your counterparty then there's all sorts of ways that can go south.

We have 0 sats for marketing Valet, and Standard Sats with it's Fiat channels protocol.

In addition Google releases new API, cuts off old levels and we can't fix bug and upload new wallet anymore without spending significant time on re-engineering.

In general our Fiat channels are killer feature and there is some demand.