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The thing is that cryptocurrencies in their current form are generally good for the US and the dollar. The US is already a fairly open jurisdiction in that you
by cdiddy2 6y ago
The thing is that cryptocurrencies in their current form are generally good for the US and the dollar. The US is already a fairly open jurisdiction in that you can move money in and out of the country without too much hassle, that isnt the case for a place like China.
So stablecoins, which are vastly dominated by dollar denominated coins, actually increase the dominance of the dollar and allow people to get around chinese currency controls in ways I am not sure they like.
https://www.scmp.com/economy/china-economy/article/3098981/cryptocurrencies-help-chinese-evade-capital-and-currency https://www.scmp.com/economy/china-economy/article/3098981/c...
- cdiddy2 6y agoA second point here is that the US already using stablecoins like USDC to support semi controversial foreign policy in places like Venezuela. "According to the company’s blog post, the Treasury Department and the Federal Reserve deposit funds seized by the U.S. into a bank account in the U.S. tied to the Guaidó government, which converts the funds into USDC that Circle then sends to Airtm." https://www.coindesk.com/circle-usdc-venezuela-airtm https://www.coindesk.com/circle-usdc-venezuela-airtm
- arcticbull 6y agoThe overwhelming majority of stablecoins are Tether which are backed by literally nothing. $20B market cap and rising at the rate of $2B/month with no banking infrastructure - and the target of 6? lawsuits including by the NYAG. WCGW?