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Comment by alangibson | Hacker News Reader

Someone wake me up when there's an audited, redeemable stable coin with several second transaction times and double digit cent transaction fees.

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Here’s me using Solana:

https://twitter.com/portalpayments/status/162228646713646285...

Solana transaction fees are fractions of a cent as you can see.

Portal, which my cofounder snd I wrote, supports Solana’s transaction priority fees (which still costs less than a cent), which gets transactions into blocks faster, so less than a second as you saw in the video.

The transaction fees are based on compute rather than amount which you probably know, so it could have been a million USDC and the price would be flat.

USDC is considered the best capitalised stablecoin and Portal defaults to it (or EUROC in future) because we care about payments more than speculation.

I've flirted with USDC as a solution, but AFAIK it's only received attestations not audits. In that case it might as well beonopoly money.

Moody’s just announced that it intends to rate stablecoins which may help (if you more ratings agencies) but yes totally agreed around audits or proof of reserves.

USDC on Solana has sub-second transaction times and 6 digits of precision.

USDC is not audited to the best of my knowledge.

Yeah, it’s called Visa lol

In all seriousness, USDC comes pretty close to that i think or something built on algorand

Indeed. BUT 2.9% transaction fees and the right to disconnect make it suboptimal IMHO.

I think eventually someone like Block, paypal, apple or google will make their own USD-backed stablecoin with low or zero fees and tie it into their existing nfc/payment ecosystem and it will be “trusted” since its from a recognizable tech brand and not some obscure crypto group that only gives product updates on telegram lol

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