Shiba Inu Boasts SHIB Pay As SWIFT Payments System Faces Heat

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.

The Shiba Inu community is highlighting 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 said to be gathering "huge momentum" globally, according to the dog-themed meme coin's community.

Amid heightened attention on the broken TradFi system, especially with renowned proponents like Eric Trump stressing the need for crypto to take over, on-chain payments systems are a hot buzz. Interestingly, crypto realm titans such as Ripple, Tether, and Circle have also revealed plans to bolster the crypto payments space.

Shiba Inu Community Highlights Features Of SHIB Pay As SWIFT Payments System Faces Heat

Highlighting the features of SHIB Pay, the Shib Magazine's official post claims it to be a revolutionary tool for merchants and users, on-chain. This portal eliminates the need for traditional payment processors, while users can pay without needing a central authority or approval, the Shiba Inu community highlighted.

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 The U.S. President's son believes TradFi to be outdated, citing limitations such as slower processing speeds, higher transaction costs, and limited accessibility.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.

At the same time, crypto and stablecoin giants such as Ripple, Tether, and Circle are also jacking up crypto payments. CoinGape recently reported that Tether is planning to launch a domestic stablecoin for America, massively supporting crypto payments for everyday use. The firm's CEO, Paul Ardoino, stated that the current USDT coin remains for high-inflation purposes.

On the other hand, Circle introduced CPN (Circle Payments Network), mainly cross-border transactions. This payment system directly competes with 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.