> This is something I hope a blockchain solution breaks through.

Don't worry, Visa and probably Mastercard already have a crypto department. They've been digging into blockchain (and buying startups) for a while now.

I read, at one of those companies hundreds of people are working on crypto/blockchain.

So far I think the first step has failed spectacularly a few times, let alone any follow up. I'm not saying the above is necessarily impossible, but at this point I've acquired an instant gag reflex when I hear blockchain. I'm not sure if that's a healthy approach for me, but it's true.

Why does it have to be a blockchain instead of a government-mandated nonprofit (e.g. FedNow) to operate it? Wouldn't that have more oversight and less chances of massive fraud?

I used to feel the exact same way until I saw what Circle did with USDC.

I’m highly doubtful that FedNow will be able to compete in terms of innovative new features. Say what you will about blockchain, there’s a lot of builders out there aggressively churning out new tech without anyone’s permission.

USDC and Circle are not as clean as they would like us to believe. https://taibbi.substack.com/p/the-financial-bubble-era-comes...

The Fed is absurdly profitable.