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Cryptocurrencies had seemed like a pretty likely candidate, but lately several of the top most-traded cryptocurrencies are stablecoins tethered to the US Dollar
by dlcarrier 1y ago
Cryptocurrencies had seemed like a pretty likely candidate, but lately several of the top most-traded cryptocurrencies are stablecoins tethered to the US Dollar which, if anything, deepens the dollars hold as the reserve currency.
- msgodel 1y agoThe problem is that someone has to run the derivatives market which is where the dollar actually gets its value from. This occasionally requires physical violence so it's not something you can just put on the blockchain. I'd argue crypto actually augments the dollar as the world reserve currency and they're not alternatives to each other.
- twodave 1y agoIs there a place I can read about this? Sounds interesting. Edit: some cursory Googling turned up this: https://business.columbia.edu/research-brief/dollars-dominance-military-financial-power https://business.columbia.edu/research-brief/dollars-dominan...