Bonus: The Crypto Story by Matt Levine - Part 5
Bloomberg Crypto
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How to Manufacture Stablecoins From Crypto Assets
If Ether's dollar value fell 50%, you get all the Ether in the pool. You get back $1 million no matter what. The smart contract never held any dollars at all. We have, in a way, manufactured dollars purely out of crypto. It's not easy to manufacture stablecoins out of extremely unstable assets.
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