Stable Coins - What's Going On?

Tether now has more than 11 billion outstanding, which doesn't sound much, but its annualized on chain volume is about 500 billion. The off chain volume that's reported by all the crypto exchanges who are crossing tethers off the chain, so it's not an onchain figure that we can verify, that annualized volume is north 15 trillion a lot. We actually have what is effectively a money substitute. Its being treated like that in capital markets, well at least in crypto markets. But increasingly businesses are starting to use this because it is a superior us. Dollar equivalent settlement system.