Alright guys, I have an idea (if it is a terrible idea or already exists in some capacity, don’t be afraid to let me know). I am not a dev and have no coding skills so I can’t make this happen, but I am a merchant. One of the apps I use for my small business is called Qapital (https://www.qapital.com/). Essentially it links to your bank account and, depending on what rules I make, it withholds x% to be allocated to either an automated investment account (think Acorns) or into a non-yield bearing savings account to hold for taxes, reserves, etc. It does this automatically so that I don’t have to think about it or see it. Which brings me to my idea.
If I am not mistaken, Chai essentially has a float period between receiving FIAT from the consumer and converting it to UST (KRT) for the transaction and then back to FIAT for the merchant. Essentially the merchant is receiving FIAT at the end of the transaction without fully understanding what’s going on behind the scenes. But, what if there was a mechanism like Qapital that used Anchor/MIR with a payment app like Chai to incentivize keeping a percent of the transaction in UST to either be allocated to the 20% earn account or to automatically be invested in mAssets of their choice?
Merchant decides he wants set a rule to have 30% of any sale be withheld (for taxes, reserves, etc.) in his Anchor Earn account to accrue 20% interest. Consumer pays $100 FIAT via Chai (or the equivalent) which is then converted to UST. In the process of moving the transaction via UST before converting it back over to FIAT for the merchant, it withholds 30% of the UST and deposits it directly into the merchant’s Anchor Earn account. The remaining 70% is then converted back into FIAT for the merchant without the merchant having to do anything.
This would keep UST from simply being a transportation vehicle for FIAT and would give incentive for merchants to leave some in UST. This is a function that I would find myself using as a merchant for everyday transactions if for no other reason than making 20% interest on money I have to withhold anyway.
Again, this is just some rough brainstorming/thinking and I may not even have the mechanics of the system down, so any feedback is welcomed. If anyone thinks it’s an idea worth tackling, go for it as I just want to see the Terra network continue to provide real utility to everyday users of the stable coin.