Assume The Position
AI summary of the linked articleThe author argues that stablecoin issuers can only succeed if they can distribute their product at scale through a crypto exchange, a Web2 social media giant, or a legacy bank, and that new entrants will struggle to repeat Tether's rise. The essay traces Tether's growth from its 2015 use on Bitfinex, when USDT was used to move dollars between exchanges, through Greater China's banking constraints and the 2017 ICO boom. It also predicts that Circle, which the author calls grossly overvalued after its IPO, will keep rising before a stablecoin issuer's public listing triggers a bubble's collapse. |
 |
Recommended by 4 curators |
2 comments  timSubmitter This is a very detailed piece from Arthur Hayes (ex BitMEX, Ethena) on how the stable coin business works. It's a pretty long read but in my opinion it gives you a 360 degree view of the econimics! Highly recommended reading I recommend reading it, e.g. while taking a talk, or cooking on the Readwise Reader app |