First, this product only funds one thing, an account at coinbase. You then have to transfer money to people from whom you would like to buy. No protection from fraud. No nothing. Second, even if it did the real time purchase from the vendor directly from Chase with all the attendant protections, (which it doesn't, but even if it did), we'd really need all banks and credit unions to be using it. If it's just Chase, it's going to be inconvenient for a sizable number of people.
I am willing to bet economically that there is a cohort of financial services customer who will waive fraud protections (Reg E and credit card chargebacks, broadly speaking) for access to make payments that would otherwise be censored. To be determined if we get there of course. I say this as someone who had to figure out payments for adult content decades ago for an adult content star, and was one of the earlier cohorts of ccbill payment processing customer. In my experience, if people want something, they will find a way to pay for it. As a financial services provider, your job (imho) is to enable customers to move the money where they want to. Cash, instant payments, ach, debit or credit cards, wires, stablecoins, it doesn't matter.
Chase hasn't been able to stop me from funding merchants they would otherwise not do business with once my funds get to Coinbase, for example. This is the value of stablecoins imho, the ability to move fiat in a low regulation manner through technical performance art. I'd mail cash if I had to, but I'd prefer the stablecoin rails when higher regulation instant payments aren't available to move value due to gating.
(day job is at a fintech, thoughts and opinions always my own)
Indeed all that would do is make Coinbase a largely unregulated clearing house for fiat transactions. Unless the transactions themselves are actually made on a cryptocurrency blockchain, I can't imagine what advantage Coinbase could have over several other financial companies who have a lot more experience in running clearing houses than Coinbase do.
First, this product only funds one thing, an account at coinbase. You then have to transfer money to people from whom you would like to buy. No protection from fraud. No nothing. Second, even if it did the real time purchase from the vendor directly from Chase with all the attendant protections, (which it doesn't, but even if it did), we'd really need all banks and credit unions to be using it. If it's just Chase, it's going to be inconvenient for a sizable number of people.
(By "sizable", I mean the majority.)