I get traditional proof-of-work cryptocurrency has scarcity due to computational challenges. But isn’t a “stablecoin” just plain old unregulated banking with a

I get traditional proof-of-work cryptocurrency has scarcity due to computational challenges. But isn’t a “stablecoin” just plain old unregulated banking with a fancier name? Sure, my traditional bank manages transactions pinned to the dollar and they have a ledger too… How the hell is this already 1% of the money supply?