I feel for anyone worried about stablecoins but long term I believe we need to leave them behind the core mission of crypto is separating money from the state USD on the blockchain doesn't further that mission, causes centralization, and paints a regulatory target on our back TL;DR
Actual Stablecoin > fiat + inflation + govt + greed backed coin
there is no core mission of crypto. if it's actually decentralized, there's no core at all. but one big value of crypto has been decentralized and trustless consensus and coordination. money was a great first early use case for such coordination.
Any connection to a highly coupled system driven more by policy than markets will always end in tears.
At some point one of these assets gets so big it will be essentially stabilish and then stable coins will lose a lot of their utility… that’s been my these from the beginning. Right now cryptocurrencies are acting like option contract on them eventually becoming that future uber money.
I see your point but stablecoins are not necessarily a problem. It’s only the execution that is flawed. The idea doesn’t seem so bad to me :D
This image is way too good for the rest of your cast. Recast as image only plz.
I don't think this is the right approach. Onboarding at its core requires interoperability at this state. Stables are a crucial aspect in the adoption of crypto at scale. Such an event will help mature the state of stablecoins, much like FTX has pushed the narrative for self-custody
Stablecoins are useful though. I know what you’re saying but there needs to be a way to make sure that your bread doesn’t cost 20c one day and $20 another if we want mainstream adoption. I don’t think anything out there is so great rn tho