Would using a StableCoin bypass the "Money Transmitter" laws in the US?

Question

I'm considering a startup that allows news/content creators to collect nano-payments (~$0.01) for their content. Since transactions of that size are unreasonable to charge individually by Stripe/etc, I would need to have some kind of virtual wallet to store small amounts of liquid money.

From my research, I see that this would put me under heavy US regulation, and I'd like to avoid that, since it would require huge funding to hire lawyers to do something like that.

Would using some kind of cryptocurrency stablecoin, meaning it has a stable value of $1:1coin, allow me to bypass this regulation?

Here's an example of a service that would in theory allow me to take payments and store the money in stablecoin rather than in a bank account.

Would doing something like this solve my problem?

Thanks for the help!

Answer 1

I see that this would put me under heavy US regulation, and I'd like to avoid that, since it would require huge funding to hire lawyers to do something like that.

There are many reasons for financial and banking industry regulations; namely, fraud protection, corruption and money laundering preventions, use of crypto to avoid taxes and records, etc.

If you're serious about a startup that involves financial transaction, one of the first things you do is find a law firm to advise you on the legal plausibility of an idea. And be prepared to spend thousands and thousands of dollars in legal fees for regulatory approval.

Would doing something like this solve my problem?

You're really going to trust randos on the web for legal advice?