A stable coin is typically a cryptocurrency whose value is pegged to something. In the case of USDC, one coin of USDC equals one US dollar. Stable coins have uses but it's like less clear for the typical user and who's not super deep into crypto. But from the perspective of an Argentinian, this is very exciting because now suddenly they have access to digital banking again. And like to back up as a white so important to them.
Devon Zuegel talks with EconTalk host Russ Roberts about the crazy world of money and finance in Argentina. When inflation is often high and unpredictable, people look for unusual ways to hold their savings. And when banks are unreliable because of public policy, people look for unusual ways to keep their savings safe and to make financial transactions. Welcome to Argentina, where Zuegel finds surprising applications of cryptocurrency for solving problems.