BSV thought leader Joshua Henslee recently released a video discussing how the leading BSV wallet HandCash teased a USDC integration and what that might mean for the ecosystem.
What would USDC/HandCash integration look like, and how would it change things?
Henslee emphasized upfront that he doesn’t have any confirmed information that HandCash is integrating USDC. They said they would announce something at the BSV Global Blockchain Convention in Dubai, but whether it really is USDC integration, it’s still up in the air.
How would such an integration look? According to Henslee’s best guess, HandCash would enable users to top up with tokenized USDC running on BSV. He believes this would be excellent because USDC is a sound stablecoin, but its main problem is that it runs on blockchains that don’t scale. If HandCash does tokenize USDC, it will make the stablecoin work better, and users will be able to send tiny amounts of USDC on the BSV blockchain.
“These fees are going to be minuscule, and USDC is going to actually work,” Henslee tells us.
Extra liquidity, instant swaps, and possible yield
Henslee hopes that this would provide some much-needed liquidity to the BSV ecosystem as well as show users how great the BSV blockchain is. He notes how, right now, users of BSV can pay a steep price when trying to cash out due to the hundreds of confirmations many exchanges require when depositing it. This leads nicely to the second thing he believes HandCash might do: providing fiat off-ramps. If this does happen, HandCash will become a true end-to-end app, allowing people to deposit, earn in the micropayments economy, and cash out into their bank accounts.
While Henslee doesn’t believe it will happen, he hopes that HandCash might offer a tokenized USDC/BSV liquidity pool, offering deeper liquidity and a chance to earn a yield on deposits and holdings. He believes this could be a true “killer use case” given BSV’s unmatched low fees and how high the fees are on other blockchains USDC currently runs on.
When will we find out if this is really going to happen? Henslee reminds us that the HandCash announcement is coming on May 24, the first day of the BSV Global Blockchain Convention.
Opinion: If Henslee is right, it’s a game-changer for BSV
While Henslee may or may not be right about the exact details of what he’s thinking, there’s no doubt that something is happening, and it won’t be long until we find out.
The key takeaway is that this would be a game-changer for the BSV ecosystem. Due to centralized exchange delistings and several other factors, BSV has suffered from a severe lack of liquidity in recent times. Heck, it’s difficult for everyday users who only know about the ‘big’ exchanges like Coinbase (NASDAQ: COIN) and Binance to even get their hands on BSV, limiting many of the apps in the ecosystem that rely on users being able to obtain it.
This integration would change all of that. For the first time, it would be possible to buy and sell BSV for a tokenized version of the most trusted stablecoin. Not only would this be positive for HandCash, but it could attract new users from the DeFi and other ecosystems once they learn that they don’t have to pay Ethereum’s ridiculous gas fees any longer.
Ultimately, we’ll have to wait and see what happens at the BSV Global Blockchain Conference, but come what may, these are exciting times for Bitcoin SV.
Don’t miss out the first ever BSV Global Blockchain Convention taking place at the Grand Hyatt in Dubai on May 24 – 26. Book your tickets today!
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