The stable coin known as tether is, a sense, pay to the dollar, and usually hovers around a dollar. But the company itself is deeply unstable and potentially could cause a bank run,. which would have all kinds of run on effects and potential problems throughout the industry. You could see major asset crashes. And it is also that tether's success has encouraged other attempts to get into crypto through stable n as well!
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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