You can start the thought experiment by asking why USDC is on Ethereum and other popular chains rather than own private blockchain. People could make payments faster. Fees would be lower or more likely zero.
It's not on it's own private blockchain because then no one would use it.
There's no good other way because people don't actually want to send money internationally badly enough to create a profit opportunity.
DeFi protocols are a benefit, but even without it USDC would still persist.
There's no good other way because of extreme regulations that harm law abiding citizens under the guise of AML and other junk.
They want it sure, but again, not enough to create a profit opportunity. Profit is revenue minus costs, so there's a lot of revenue opportunity (from the bank deposits by the way, not the payments), but the costs are huge. The revenue has to justify the legal headache involved with processing payments in under a minute. That's why the only live solution needs a DeFi bubble to support it.
> The revenue has to justify the legal headache involved with processing payments in under a minute.
See how AML regulations just harm law abidding citizens?
Please explain how defi bubble is supporting it.
Kinda crazy how willing you are to let government step all over you under the disguise of AML, when it does jackshit for it. Soon enough you will be convinced that government being able to intercept all communication is good because think of the children!
> Is there literally any scenario where you'd accept that maybe crypto isn't actually useful and maybe it is just a big scam?
What scenario? Crypto is useful in current world. Not useful to everyone, that's fine, no one is forcing you to use it, but a lot of people do find it useful, myself included. Disregarding something as a scam just because you don't find it useful in your life is shortsighted. Think about it hard, otherwise you'll waste years of your life whining about how others are enjoying their lives and you will miss out on yours.
Blockchain/DeFi allows USDC to exist, even you admitted to that. The fact is, USDC exists on the blockchain. Sending international payments is the easiest with blockchain (provided both parties have a way to ramp on/off).