#Binance You've heard the script before. Migrants need to make payments back home to their family, but cross-border payments are achingly slow, taking days to process. Luckily, revolutionary new technologies like blockchains, stablecoins, and central bank digital currency (CBDC) are on the verge of speeding things up, or so their advocates claim.

Even Elon Musk has joined in. In an interview last month, Musk says that the banking system is "still not real-time" and "quite inefficient," and suggests that his social network, Twitter, may be able to do something about this. His subsidiary, Twitter Payments LLC, just got its first money transmitter license yesterday from the state of New Hampshire, suggesting that he means business.

Alas, the script is based on dubious assumptions, and money transfer company Wise (previously Transferwise) is a great example of why. Wise, based in London, now processes 55% of its customers' cross-border payments instantly, up from under 10% back in 2018. Wise doesn't rely on blockchains, stablecoins, or CBDC to get up to speed. It uses boring already-existing architecture.

The Wise example suggests that would-be challengers like Elon Musk's Twitter and advocates of blockchains, stablecoins and CBDCs may need to update their views on the incumbent infrastructure they are looking to displace.

Take Elon, for example, who helped found PayPal in 1999 and therefore knows a little bit about the payments system. In his recent interview, he describes the financial system as a heterogenous set of databases that "slowly engage in batch processing."

Having subsequently switched his focus from retail payments to rockets and cars in 2000, what Musk seems to have missed is that batch processing of retail payments has been increasingly displaced by real-time processing. Under the older batching systems that prevailed when Elon was still at PayPal, streams of retail payment instructions would be accumulated over the course of the day into a big batch. Come evening-time or the following day that entire mass of payments was cleared and settled. Only then would the money be made available to the recipient.

Batching was efficient, but slug-like.

But then the #global payments landscape entered into an era of transformation. Central banks began to build a new generation of payments infrastructure: real-time retail payments systems.

Real-time payments

These new retail payments systems process incoming retail payments on a first-come first-serve basis, and do so instantly. The central banks that offer these systems keep them open through the night and during weekends. Banks and fintechs can in turn plug into these new pieces of public infrastructure in order to offer their customers 24/7 instant payments.

Read more: Elon Musk's Twitter, Crypto's Town Square, Has Found a New CEO

The world's first real-time retail system, Zengin, was built in 1973 by the Bank of Japan, but the movement really only hit its stride in the 2000s as Korea, Mexico, and the UK sped up their capabilities. India and China went real-time in the early 2010s. The U.S. finally got its first instant retail payments system in 2017, with the debut of the Real-Time Payments network, run by privately-owned The Clearing House. It will get its second such system this summer as the Fed introduces its FedNow payments network.

According to a 2021 BIS report, over 60 jurisdictions currently now have real-time retail systems in place running alongside their older batch retail systems. This is up from almost none back when Elon was working in the payments sector.

This new generation of real-time retail payments systems is a big part of why Wise can move 55% of its customers cross-border payments instantly. Here's how it works.

Say a Wise customer in Ireland wants to send 500 euros to a family member in India. First, the money must be moved from the customer's Irish bank account to Wise's account at another Irish bank. In the old days of batch processing, this leg of the remittance would have taken a day or two. Thanks to the European Central Bank's TARGET instant payment settlement (TIPS) system, introduced in 2018, a flow like this can now occur in just a few moments.

Having received its customer’s 500 euros, Wise can now proceed to the next stage: paying out 44,000 rupees to the recipient in India. To do so it will have to transfer funds from its account at an Indian bank to the recipient's bank. In the days of batch processing, that meant adding another day or two of waiting. Nowadays, courtesy of India's Immediate Payment Service (IMPS), when Wise sends 44,000 rupees to the family member's bank account the payment can be processed in a second or two.

In sum, the Irish and Indian legs of a modern remittance can be processed in a few heart beats, much faster than the multiple day lags that dominated 20 years ago.

As more and more countries install real-time payments systems, and as Wise integrates itself with them, the proportion of Wise remittances settled in real-time will move ever closer to 100%.

But blockchain?

None of this is to say that there is no space in the cross-border payments landscape for a Twitter-based payments option, stablecoins, or blockchains. There is! It simply means that the incoming competitors need to update their oppo research. Traditional finance isn't the oaf that it is so often made out to be. It already has the technological capability for doing instant cross-border payments, which means the rebels will have to find other factors to differentiate themselves by.

Nor is this spreading bedrock of real-time infrastructure that I’ve just described at all incompatible with the new entrants. If #Elon wants to build an instant #Twitter payments network, he'll find the web of central bank real-time systems that have blossomed during his 20-year interlude outside the payments space to be a very useful set of rails on which to build.

As for stablecoins and blockchain-based offerings, they too may find it useful to be integrated into 24/7 central bank instant payments systems. For instance, if a DeFi speculator wants to move $10,000 from their bank into a stablecoin at 11PM on Saturday evening in order to take advantage of a fleeting DeFi arbitrage opportunity, and then move the funds back into their bank account by 11:01 PM, central bank instant payments systems can make this possible.

Let a thousand instant payments options bloom, built on top of central bank instant rails.#pepe

In a surprising turn of events, Billy Markus, one of the original creators behind the viral meme cryptocurrency #Dogecoin ( $DOGE ), has emerged as an active and vocal content creator on the social media giant Twitter.

Renowned for his role in bringing DOGE to life, Markus has now taken to Twitter to share his perspective on content creation and the potential impact of Elon Musk’s recent Twitter upgrade.

Billy Markus Joins the Conversation

Billy Markus has taken on a new role in the crypto community – that of an active content creator on Twitter.

Known for his involvement in birthing the Dogecoin phenomenon, Markus is not only producing multiple daily posts but is also engaging with fellow users’ tweets through comments and interactions.

In a notable comment that offers insight into his perspective, Markus recently hinted at his thoughts on content creators who may not possess the same level of skill or reputation as others.

This intriguing comment hints at a nuanced understanding of the challenges faced by content creators of varying degrees of expertise and popularity.

#Elon Musk’s Game-Changing Update for Creators

As the CEO of Twitter, Elon Musk wields considerable influence over the platform’s direction.

In a recent and highly anticipated announcement, Musk unveiled a major update to the evolving platform.

This update holds the potential to significantly impact content creators’ earnings and reshape the dynamics of content production on Twitter.

Musk’s update centers on a change in the platform’s monetization policy.

He shared a tweet, labeling the update as “super important to support creators.”

Within this tweet, Musk revealed that Twitter is shifting its stance on the portion of subscription rewards claimed from content creators.

Previously, Twitter had planned to retain 10% of creators’ earnings after the first year of subscription.

The new approach, as outlined by Musk, involves Twitter refraining from claiming any percentage of creators’ profits until the earnings surpass a threshold of $100,000.

This policy adjustment aims to empower content creators by allowing them to retain more of their earnings and potentially amass larger profits from their content.

Musk justified this transformative step by acknowledging the global diversity of content creators, many of whom come from challenging economic backgrounds.

By refraining from taking a share of their earnings until a substantial threshold is reached, Musk aims to catalyze positive change in the lives of these content producers.

Furthermore, Musk encouraged users to actively subscribe to their favorite content creators on Twitter’s platform, offering financial support in the form of monthly payments.

This call to action signifies a pivotal shift in the dynamics of social media interaction, where audiences are not only consumers but active patrons of content creation.

Read more: https://perseuscrypto.com/crypto-news/doge-co-founder-billy-markus-engages-on-elon-musks-twitter-upgrade/

#Elon started this trend of meme coins mania when he endorsed the $DOGE first. Retail went euphoric over it without thinking just over pure speculation and a golden boy of tech's words. The dogecoin mania showed something by creating history when it went up in a straight line rising by over 100s x within a very few week. Something similar happened with $SHIB pure speculation driven growth lead to the creation of a multi-billion market cap assest out of a meme due to fomo of the retail.Later $FLOKI pulled similar moves just due to the fomo of the retail pver pure speculation of it being the next doge or shib.Very recently the #PEPE did the same thing.Why was the retail buying the useless meme coins in the first place? There two answers to this question:Elon (there is no denying it he was the father of all this mania by using his influence)There is a factor of mathematics which plays right into our imotions as humans being greedy. What is this? Let's say you one of a millions of retail with a budget of 1000 dollars or lower, you would want to buy which has very low price and in the meme coins there are zeros digits after decimal which makes them very attractive. As you can buy a shit load of coins using your small investment. Retail was sold the dream of seeing the price of their memes at 1 dollar one day which would mean a 1000x return at least. Retail do not put much thought into the supply and marketcap of an meme coin. The 1 dolar price would have meant trillions of dollar marketcap for these meme coins but for retail the dream is more important than the reality.This dream is the reason, the next cycle we will see rise of another useless memecoin. Don't fade them if retail fomos it will rip.Most important thing to consider here is that none of the old meme coins will ever comes back to life bacause of the millions of bag holders who are waiting to get the first chance to get rid of their tokens at the first chance they get. Like the recent selling of doge by the dogecoin millionaire who held it all the way back from the top.These died due to lack of any useless utility so watch out for new narrative memcoins.My prediction not financial advice:Meme coins which are gaming projects will be great holds.#BTC #eth #etf Follow and share 🙏

Radisson Hotel, a well-known global hotel group, has announced that it will begin accepting shiba inu (SHIB), bitcoin (BTC), and ethereum (ETH) for reservations at its Georgian branch.

The move comes in the wake of #Elon Musk's recent Twitter logo change to #DOGE , which has reignited interest in meme tokens. Crypto users can now settle their hotel bills with SHIB, BTC, and ETH through Binance Pay, and the news was shared by Binance's official Twitter account.

This partnership was made possible by the recent collaboration between Binance and CityPay, a payment service provider that offers a range of payment processing solutions for businesses of all sizes. #CityPay expressed enthusiasm about the partnership, echoing Binance's announcement.

The impact of this partnership goes beyond Radisson Hotel's walls. Over 600 merchant stores in Georgia that use CityPay's integration will also accept #ShibaINU and other supported digital assets, setting the stage for greater acceptance of #Cryptocurrencies in the region.

This widespread adoption could inspire other businesses to follow suit. Binance added a Georgian hub to its map in March, and Binance Pay has been forging partnerships to enable payments in SHIB and its 70+ supported assets since November.