With SoftBank’s Interstellar platform, that day has finally arrived, and it’s expected to connect the boring world of traditional finance with the wild west of Web3. SBC Pay, their Web3 wallet, is promised to solve all the inefficiencies we now just accept as status quo. It certainly can’t hurt to level the playing field for Asian founders, many of whom are still hustling in emerging economies. Or is this yet another tech titan saves the day, but not really, with a catch?

Web3: Savior or Centralized Control

Let's be real. In reality, tens of thousands of Asian entrepreneurs are being strangled by sky-high transaction fees and languorous, awkward cross-border payment networks. Consider, for example, a small business in the Philippines wanting to use materials sourced from Vietnam. The cost of the fees themselves are enough to devour margins that are already razor thin. Interstellar, with its ability to transact instantly and in any currency at a fraction of the cost, seems like a dream come true. It's awe-inspiring, if it works as advertised.

Here’s where my anxiety kicks in: SoftBank is at the helm. And SoftBank, for all its reputation for visionary, bold bets isn’t exactly a poster child for decentralization. Can a platform of their making – even following their blueprint – really capture and hold the Web3 spirit of decentralization, transparency, and community ownership? Or will it turn into yet another walled garden, owned and operated by a heavy-fisted gatekeeper? Yet that’s the question we should be asking.

Think about it. SoftBank's got its fingers in everything. Their global comms net, their data centres, their AI… It’s a beautiful infrastructure, to be sure, but power corrupts. Web3 is meant to be about breaking down centralized power structures, not recreating them.

Philippines: Remittances Reimagined?

My lola (grandmother) in the Philippines continues to depend on remittances from family members who’ve taken low-wage jobs across the water here. As such, these remittances are a lifeline, yet the exorbitant fees charged by traditional remittance services are outrageous. It’s a non-screaming type of injustice, counting on folks who can be taken advantage of in their moment of need. SBC Pay, with its faster and cheaper cross-border payments, has potential to be a lifesaver for families like hers.

  • Current System: Slow, expensive, and often unreliable.
  • SBC Pay Potential: Faster, cheaper, and potentially more accessible.

Imagine Filipino artisans displaying their handmade wares straight to European consumers. In doing so, they can cut out the middlemen and get a bigger piece of the profit. Now picture migrant workers able to send home money without fear of losing 10-20% of it to fees. That's the promise of Interstellar. That’s when Web3 really starts to strike a nerve.

Now let’s deliver a strong dose of reality. And most importantly, will all Filipinos including those in hard-to-reach rural communities be able to access and utilize SBC Pay? Must it involve a smartphone and consistent access to high speed internet? What about digital literacy? These are all real, structural barriers that must be accounted for. Because it can’t be a forum for the techie elite. It needs to be truly inclusive.

USDX: Stablecoin Stability or Fragility?

USDX, a stablecoin originally pegged to the US dollar. Stablecoins have long claimed to offer stability amidst the crypto chaos, but we’ve seen stablecoins go bust previously. The fear about all of these things is palpable and deserves to be heard. Remember TerraUSD? That was an absolute catastrophe, one big enough to rock the whole crypto world.

USDX promises "high liquidity and price stability." But how will that be guaranteed? What mechanisms are in place to prevent a “de-pegging” event. But who will be held accountable when this technology inevitably fails?

This is where the contrarian in me really starts to get angry. And though Interstellar claims goodness like transparency and auditability thanks to their on-chain settlements, the devil is always in the details. We have to fight for true transparency and not flashy marketing speak. To understand how the USDX is backed and regulated, we need to look closely. Beyond that, we need to better understand the safeguards that are keeping users safe.

At the end of the day, Interstellar’s success will be based on whether it can truly empower Asian founders and communities. It’s not sufficient to stop there and assume you’ve created the world’s most technically impressive platform. It must be available, equitable, affordable, and genuinely decentralized. If it misses the mark, we’ll have one more major tech player reaping profits from the Web3 buzz without providing a meaningful innovation. In the meantime, the actual constituents they purport to serve will be hurt. The potential is huge — and undeniable. Now, it’s up to SoftBank to show that they’re serious about being committed to more than profit. The fate of Asian entrepreneurship in the Web3 space might just hinge on it.