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They're not typically exchanged for fiat currency. They're mostly used on crypto exchanges and on DeFi, and also increasingly as everyday money in places where
by Geee 1y ago
They're not typically exchanged for fiat currency. They're mostly used on crypto exchanges and on DeFi, and also increasingly as everyday money in places where USD is not the official or legal currency. The killer use case has mostly been providing USD liquidity for exchanges worldwide.
- Esophagus4 1y agoThanks! If USD is not official currency in those places, then does stablecoin become an underground, unregulated currency?
- Geee 1y agoIt depends on the country. In most countries holding and using USD (or other) stablecoins is legal, just like it's legal to own foreign cash. Some countries have stricter currency controls and regulations, i.e. holding USD cash might be illegal, but it's not really possible to control stablecoin use.