Over the last year, the total value of stable coins has increased from 20 odd billion to around 50 billion to day. What what happens if faith in stable coins plummets and people call in their dollar claims all at once? It's a great question. I actually think the the overall value of exent stable coins might even be higher. Bcause i think tethers over 70 billion in stable coins down there, the largest one. But so tether is ostensibly one tether is worth one dollar. And it's kind of like, ah, we joked up out this on twitter, it's sort of like disney buck or something. It's like house money. Dollars with which to redeem
Edward Ongweso Jr. and Jacob Silverman on cryptocurrency, NFTs, Elon Musk, the metaverse, meme stocks, and techno-utopianism amid the crushing reality of our neoliberal hellscape. The first in a two-episode series on crypto.
Read Dan's new essay on border control politics: nplusonemag.com/online-only/online-only/border-crises/
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