So this article is a whole load of misconceptions all the way down. It whitters on about the dollar supply being inflationary, then talks about gold standards.

So this article is a whole load of misconceptions all the way down. It whitters on about the dollar supply being inflationary, then talks about gold standards. THe whole point of abandoning the gold standard is to stop deflationary shocks. But. THe very act of creating stable coins is inflationary, as it increases the dollar supply[1]. The only difference is that (unless the "genius" act changes that) when a convertible coin crashes, there's no bailout mechanism. [1] When someone buys a stable coin, they give the "banker" a $1 in exchange for a thing that is "worth" a dollar. The "banker" can, if they are careful, then re-spend that dollar. The token can be exchanged for goods/services worth $1. thus the money can be spent twice. Of course this is also how investment banks work. TLDR stable coins are not gold standard, and never were.