Nov. 8, 2024: $scrvUSD Credit Card 💳💸
There are some things crypto can't buy...
Party maxis, mark your calendar!
$scrvUSD is live!
And even though the UI is not yet live, the industrious Web3 community is already building the rails so you may be among the first to enjoy it. An open source one exists:
In case you want to audit it, here is the GitHub repository (we can’t review unfortunately, we don’t speak Typescript)
Odos also has integrated the token into its router.
Next, perhaps other protocols will be launching pools against the token?
Yet the most potentially groundbreaking, and certainly unforeseen, integration must surely be the $scrvUSD Credit Card…
What is going on here… is this for real? We pinged Haowi for more details, and it is in fact legitimately pending, being operated through a Hong Kong Trust and simple KYC is required.
It’s also a physical card, not a virtual one. Which reasons it will operate in depends on the pace of adoption. That said, the target is very clearly China and eastern Asia, given the integrations shown here with WeChat Pay and Grab.
For this payment here, the 100 CNY deducted 14.39 crvUSD — on the date of the transaction this was worth about 14.07
This means about $0.32 in fees (~2%). The fee may seem high, but it’s potentially quite useful for citizens in countries where the offramps can be difficult. Cashing out via OTC to bank accounts often gets your account flagged and closed.
Operating through a registered Hong Kong entity with the ease of a credit card might be worth a small fee. It operates against a Safe, which can of course be set up as a multisig or single-signer. Notably, using $scrvUSD is a nice way to tap into an yield-bearing stablecoin.
If you want one, it’s presently in a closed beta. No idea how to get you on the list…
Disclaimers! We’re also not on the list :(