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Given that 99% of stablecoins are USD-denominated, and that the vast, vast majority of those are custodial, Bitcoin makes much more sense for Iran.
by Hendrikto 7mo ago
Given that 99% of stablecoins are USD-denominated, and that the vast, vast majority of those are custodial, Bitcoin makes much more sense for Iran.
- Pay08 7mo agoWith Iran's hyperinflation, why wouldn't USD make sense?
- ultrattronic 7mo agoI think they’re kinda mad at the US at the moment
- Pay08 7mo agoThey're risking another January-like protest if they don't stabilise their economy.
- surgical_fire 7mo agoI think they don't want strengthen USD, nor risk having their assets frozen by sanctions.
- bryceneal 7mo agoTo add more context to what I believe the parent commenter was referring to, the vast majority of USD stablecoins are custodial, meaning the funds can be frozen arbitrarily at any time by the custodian (i.e. Circle). This is why when cyberthreat actors steal millions in USD stablecoins by hacking a protocol or a large wallet, the very first thing they do is convert those stablecoins to something else.