Shiba Inu Unveils SHIB Pay as Permissionless, On-Chain Alternative Amid SWIFT Woes

The Shiba Inu community never fails to capture the market’s attention. On Friday, it highlighted the features of SHIB Pay, its own permissionless, on-chain payment system.

Amid rising talks of cryptocurrencies replacing the broken SWIFT (Society for Worldwide Interbank Financial Telecommunication) payments system, this system by the meme coin’s team is gaining substantial traction globally.

With renowned proponents like Eric Trump recently stressing the need for crypto to replace the broken TradFi system, on-chain payments systems are already a hot buzz. Intriguingly, crypto realm titans such as Ripple, Tether, and Circle have also revealed plans to bolster the crypto payments space.

Shiba Inu Boasts SHIB Pay As SWIFT Payments System Faces Heat

The Shib Magazine’s official post has recently touted SHIB Pay to be a revolutionary tool for merchants and users, on-chain. Shiba Inu’s community revealed that this portal eliminates the need for traditional payment processors, while users can pay without needing a central authority or approval.

Further, the self-custodial aspect offers merchants the right to hold keys for their own crypto wallets. This saga eliminates the need for any third parties, mitigating risks of frozen funds or loss of control over them. This endeavor by the dog-themed meme coin’s team gained significant traction amid rising TradFi concerns.

CoinGape Media recently reported that Eric Trump stressed that crypto will replace the broken SWIFT payments system at the Token2049 event. The U.S. President’s son believes TradFi to be outdated, citing limitations such as slower processing speeds, higher transaction costs, and limited accessibility. SHIB Pay, on the other hand, remains poised to counter these setbacks with on-chain capabilities.

Not long ago, Trump also stressed, “If the banks don’t watch what’s coming, they’re going to be extinct in 10 years.” This comment primarily hinted at Eric Trump’s pro-crypto stance, predicting that the digital asset space will replace banking ahead.

In line with this soaring optimism regarding crypto payments, the Shiba Inu community stole the spotlight with its recent payments tool update. Meanwhile, SHIB price traded at $0.00001327, down 7% despite the development.

Ripple, Circle, & Tether Lead The Race?

On the other hand, crypto and stablecoin giants such as Ripple, Tether, and Circle are also jacking up crypto payments. CoinGape recently reported that Tether is looking to launch a domestic stablecoin for America, supporting crypto payments for everyday use. The firm’s CEO, Paul Ardoino, revealed that the current USDT coin remains for high-inflation purposes.

Meanwhile, Circle introduced CPN (Circle Payments Network), primarily empowering cross-border transactions. This payment system directly rivals Ripple Payments, another cost-effective cross-border transaction service on XRPL. Overall, now Shiba Inu aims to disrupt the crypto payments race with the introduction of its SHIB Pay.