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The Chopping Block: Arthur Hayes on Why Crypto Needs to Ditch the Banks - Ep. 466
Unchained
Stable Coins - Are You Fucking Crazy?
Stable coins are this like wild banking hack that allows you to just kind of do things that banks can't normally do. In an environment of basically 5%, overnight rates, that's just not true anymore, right? Stable coins don't pay interest. And I guess the thing is that pure debt, the stable coin, you can raise it much of deposits, but you can't lend those out long term. We just saw what happened to a bank who lent money to the US government and they went bankrupt. This isn't a... I will push back because that actually stable coin supply has been surprisingly resilient over the last six months. But if you look at global stable coin supply,
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