Why USDC is a solution for freelancers in Southeast Asia
For freelancers and online workers who receive payments from international clients, existing off-ramps often lead to traditional banks they don't use. Ripe turns USDC into usable fiat.
Many in Southeast Asia are unbanked or underbanked, with limited access to traditional financial services. For freelancers and online workers who receive payments from international clients, existing off-ramps often lead to traditional banks they don't use, forcing them to rely on informal "gray-market brokers" found on platforms like Facebook.
USDC provides a solution by offering a stable and secure way to receive payments without a traditional bank account. It offers several key advantages for these users:
- Stability and Protection from Inflation
- Speedy and Efficient Transactions
- Lower Fees
- Accessable
Ripe's Role: Turning USDC into Usable Fiat
Ripe acts as a middleware that connects crypto wallets to local QR payment rails and e-wallets, making USDC usable for everyday payments.
Ripe provides three distinct use cases for freelancers using USDC:
1. Pay Merchants with Crypto via QR
Freelancers can use their USDC to pay for daily purchases like groceries or coffee at merchants that accept QR payments. The process is seamless for the merchant, as Ripe handles the conversion and disbursement of fiat currency.
- How it works: A user scans a merchant's e-wallet QR code (e.g., QRPh or VietQR) using the Ripe dApp within their existing crypto wallet. The user confirms the payment in their local currency. Ripe translates the amount to the equivalent stablecoin value, and the user signs the transaction in their wallet. Ripe then sends fiat to the merchant from its working capital account via a local payment partner.
- Value: This use case allows freelancers to use their USDC as cash, increasing its utility for real-world purchases without the need for merchants to adopt crypto.
2. Off-Ramp Crypto to a Personal Fiat E-Wallet
Ripe offers a direct and user-friendly bridge for freelancers to convert their crypto earnings into local fiat and have it disbursed to a personal e-wallet they already use, such as GCash or GrabPay.
- How it works: The user initiates an off-ramp transaction within the Ripe dApp, specifies the amount, and provides their target e-wallet details. Ripe disburses the corresponding fiat amount to the freelancer's linked e-wallet account via its local payment partner.
- Value: This provides a secure and compliant alternative to informal brokers, offering a fast and efficient way to convert crypto earnings into usable fiat.
3. Managed Crypto-to-Fiat Receiving Account
Ripe can provide a managed receiving solution for individuals and businesses who regularly receive stablecoins. This automates the process of converting USDC to fiat without the need for manual steps.
- How it works: A user generates a unique Ripe-managed crypto wallet address. When a client or employer sends stablecoins to this address, Ripe automatically converts them to the preferred fiat currency and disburses them directly to the user's linked e-wallet.
Value: This hands-off approach eliminates the need for the user to actively manage a crypto wallet or understand complex on/off-ramp processes, simplifying the entire workflow for receiving payments.
