Cross-Border Payment Restrictions

Many people in this world don't have access to International banking. (because of local conditions or restrictions). This solves the problem.

The issue is a credit card that can pay US Dollars. These are heavily restricted in a lot of developing countries, for good reasons.

Sending money without government interference to relatives living in countries with strict foreign exchange controls (Argentina, Lebanon, Turkey...) is one quite legit use case.

I imagine you'll always be able to use something like Western Union to make such payments.

Popmoney, Venmo, Square Cash all allow you to do that without the massive FOREX risk and tax reporting requirements.

This is just capital controls. A common problem in most 3rd world countries. Unfortunately bypassing them requires a special relationship with a local bank or financial institution which maybe able to give you instant transfer outwards via prior understanding. But they will probably demand some foreign exchange as collateral. If it makes you feel any better, I don't think you can launch such a service even in China.

You don't. It's illegal to travel with more than $X over boarder Y. Embargos and different banking systems and culture make 'bank transfers' inaccessible to a majority of people in this world.The only alternatives are western union and other private companies with 10+% fees or hidden private banking networks like 'Hawala'.

The other day I tried to wire money to somebody in a different country, but my bank didn’t support that country. So I used USDC and sent the funds in seconds without any issue.

Nice! I will search around to see if there is also a US company doing this so I do not have to remove payment restrictions to sign up. My bank optionally blocks anything outside of the US to improve security.

Can't transfert money to some countries from banks that also do business in the US...