Short Story

Problem statement :

Easy to use, transparent fees, affordable remittance payments anywhere in the world. From 1 currency to another.

Describe your solution to the problem

Tie fiat $ to an ADAstablecoin. Users can recieve/send $ on chain and draw the equivalent from the fiat pools sets up around the world.

Relevant experience

None, but I have been struggling for a cheaper way to send remittance payments for the last 7 years. There has to be an easier way!

Detailed plan (not required) – Fill in here any additional details

You would stake fiat in your respective countries to earn the equivalent in ADA stablecoins plus a reward generated from the fees. Example. I am in the US and I want to send money to South Africa. I would send USD to a liquidity pool and recieve the equivalent in a stablecoin which is sent to the person in South Africa. That person can redeem the stablecoin for ZAR at current exchange rate using a ZAR liquidity pool. An incentive to build fiat liquidity would be to give rewards to people for placing fiat into the pools in their home countries buy giving them the ADA plus a reward fee. Could be very appealing since interest rates are so low. The entire process can be done from a single app that can then be used like the cash app or venmo where money can be used immediately from the app or sent to your bank account cheaply using the systems of that country that are already in place. The key to making this popular would be transparent fees, possibility for rewards for using the app, taking advantage of systems that are already in place ie the countries existing systems. Finally ease of use. Make it uncomplicated and strait forward for the working man to send money to his family abroad or even for businesses to easily pay international contractors without huge fees and complications.

Requested funds in ada. Only use numbers! No symbols, letters, fractions. 10000

Which of these definitions apply to you? Other/Prefer not to say

Easy remittance payments

Goal: $10,000.00
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Easy remittance payments

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