As Venmo faces backlash over its increased transaction fees, the discussion turns to the potential role of stablecoins in providing relief to U.S.-based freelancers, commonly referred to as 1099 workers. Dan Romero, co-founder of Farcaster, suggests that a stablecoin payments app could offer an alternative solution for these workers who are subject to the U.S. Internal Revenue Service Form 1099.

The recent fee adjustment by Venmo, now under PayPal's ownership, has drawn criticism from the community, prompting Romero's proposition of stablecoin-based payments as a viable option for freelancers. Financial analyst Ross Hendricks highlighted the fee hike as a monetization strategy by PayPal, triggering a shift in the conversation towards cryptocurrency.

A user on X platform emphasized the potential of cryptocurrency to address these challenges with the succinct phrase "Crypto fixes this." However, Hendricks raised questions about the practicality of widespread crypto adoption, particularly for everyday transactions, given the lack of a consumer app with seamless, instant, and free crypto transfers.

Brian Armstrong, CEO of Coinbase, pointed out that the stablecoin Circle USD (USDC) on Base is attempting to address this need. Romero, formerly associated with Coinbase, endorsed Armstrong's response with a single word: "Based."

Despite these efforts, skepticism remains regarding the feasibility of using stablecoins like USDC for everyday transactions, especially when routed through centralized exchanges like Coinbase. This skepticism underscores the ongoing debate about the practicality and accessibility of cryptocurrency solutions for mainstream users.

The conversation also touched on the recent developments in the cryptocurrency space, including the relisting of XRP on Coinbase in New York following legal battles with the SEC. This regulatory landscape adds another layer of complexity to the discussion surrounding the role of stablecoins in alleviating financial challenges faced by freelancers and other users affected by traditional payment platforms' fee structures.