I was initially surprised thst the stablecoin boom didn’t seem to involve more commodity or currency-basket pegged tokens.
But they aren’t in it for that, it’s a shiny digital way to go back to pre-1860s protocols where a paper dollar was made up by some dubious piggie and you had to know that it was really worth about 35 cents in government silver coin based on how hard it was to exchange, and insiders could make out like bandits via arbitrage and printing junk that they could pump and dump.
I was initially surprised thst the stablecoin boom didn’t seem to involve more commodity or currency-basket pegged tokens.
But they aren’t in it for that, it’s a shiny digital way to go back to pre-1860s protocols where a paper dollar was made up by some dubious piggie and you had to know that it was really worth about 35 cents in government silver coin based on how hard it was to exchange, and insiders could make out like bandits via arbitrage and printing junk that they could pump and dump.