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SpaceX uses stablecoins for Starlink payments🚨🚨🚨🚨🚨🚨🚨🚨🚨
According to ShibDaily, Chamath Palihapitiya recently revealed on the All In podcast that SpaceX is leveraging stablecoins to manage payments and mitigate currency risks for its Starlink satellite internet service. SpaceX collects payments from Starlink customers in countries with underdeveloped financial systems, often referred to as "long tail countries," and converts these payments into stablecoins. These stablecoins are then transferred to the U.S. and converted back into U.S. dollars. This approach helps SpaceX reduce currency risks and avoid the complexities of traditional bank transfers.
The use of stablecoins aligns with Starlink's mission to provide high-speed internet access globally. Cryptocurrencies, especially Bitcoin and stablecoins, are becoming increasingly popular as they allow users to store and use U.S. dollars digitally without a traditional bank account. This is particularly beneficial in regions where local currencies are unstable, making stablecoins a practical solution for daily transactions and cross-border trade. Palihapitiya advocates for the adoption of stablecoins as the primary method for cross-border transactions in the U.S., suggesting that it could eliminate outdated banking infrastructure that unnecessarily slows down and burdens processes.
