Bell Curve
Crypto is the Last Truly Global Market | Roundup
Apr 11, 2025
The conversation delves into the global demand for stablecoins like Tether, juxtaposed with the limited interest in the U.S. market. It navigates the complexities of U.S.-China trade relations and the impact of tariffs, along with the implications of trade deficits on the weakening dollar. The potential of cryptocurrencies as a global solution to economic challenges is explored, alongside the evolving landscape of IPOs amid uncertainties in the crypto market. Lastly, advancements in AI and open-source technology's influence on cryptocurrency are examined.
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Quick takeaways
- The demand for US dollar-denominated stablecoins remains low domestically due to existing payment systems, while Tether thrives internationally, indicating global market potential.
- Current economic conditions and tariff implications are inducing volatility in investor sentiment, influenced by signals such as Treasury yield changes and anticipated Federal Reserve actions.
Deep dives
Low Demand for US Dollar-Based Stablecoins
The demand for US dollar-denominated stablecoins in the United States is relatively low due to the presence of various established payment systems like Venmo and Cash App. The convenience and functionality of these platforms make them preferable alternatives for most consumers, diminishing the need for a stablecoin. In contrast, Tether has emerged as a dominant player outside the US, capturing a significant amount of the global demand for dollar-based stablecoins. This indicates that while domestic interest may be tepid, the potential for US dollar-based stablecoins exists primarily in international markets.
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