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Tether looks more like the sort of Bitcoin bank cypherpunk Hal Finney once theorized about issuing its own notes against its reserves rather than simply a technology for the propagation of the US dollar.
This seems a bit optimistic, or at least, I had not considered it before.
A few other notes:
A key feature of the legislation is its strict criteria for who can issue these stablecoins: only federally or state-qualified entities, or subsidiaries of insured depository institutions.
I'm sure the big players will enjoy a regulatory most.
The bill mandates one-to-one reserve backing of stablecoins with US currency or similarly liquid assets, and notably, stablecoins under this bill are excluded from being treated as securities.
And the US gov't will enjoy a compulsory buyer.
"Stablecoins are dollar-denominated assets that live on blockchains, enabling fiat to move more efficiently over the internet, akin to digitized cash that settles quickly and cheaply. They solve inefficiencies in the traditional banking system, where settlement can take days and involve multiple intermediaries,” he explains.
Wouldn't it just make more sense to get rid of all the stupid regulation that makes the arbitrage possible.
This seems a bit optimistic, or at least, I had not considered it before.
Took a long time for me to realize Tether wasn't just scamming or delusional crypto theater, but the tip of the spear on how this transition of the financial system as to work.
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0 sats \ 1 reply \ @nichro 12h
I vaguely remember a highly critical coffeezilla video on Tether, its origins and the people. Made it look hella shady.
With that said, I'm not that familiar with (or interested in, for better or worse) Tether, but it did make it look hella scammy and bound to blow up at some point. Not sure how one-sided that expose was.
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Given that Trump's Secretary of Commerce owns a slice of it, and it holds more treasuries than most countries, it's is safe to assume it was deep state front work.
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I do not subscribe to the "everything is orchestrated" viewpoint, but...tether is possibly the most convincing evidence I have seen thus far.
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Are there any good BTC stablecoins? We need these!
We clearly need this to offset the move to US based stablecoins that are fully tracked by OFAC and many governments.
USDT is convenient, but it is tracked, and can be easily frozen by Tether. USDT is not backed by any kind of crypto currency, just US dollar based assets.
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Tether has said they will use Taproot Assets, which is on lightning. But still it's Tether, so I'm not sure how they will handle freezing.
I thought Boardwalk Cash (an ecash wallet) was stable to USD, but I can't find anything that says that, so I may have been wrong.
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I will checkout Boardwalk Cash.
About Tether, and all stable coins that are tied to an asset, especially US Dollars they can all freeze your account, and maybe even take your funds away. This has happened before with USDT, and the rest are not an exception.
That said DAI, an Ethereum based stablecoin is more reliable, and can not be arbitrarily frozen or seized. We need something like DAI but for BTC.
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127 sats \ 1 reply \ @BlokchainB 22h
Arthur Hayes does a great job breaking down why stablecoin laws are getting bipartisan support. He mentions how banks can save over $20B on compliance costs.
It’s a great read!
The answer to that last question is surely “yes” but a lot of the stupid regulations occur in other countries.
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102 sats \ 0 replies \ @Akg10s3 22h
I think the government is looking for an environment of, let's say, conflict or instability! There's more benefit...
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Stablecoins: American mefo bills.
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Stablecoins are government shitcoins.
It's ok. In the end the value in shitcoins always flows back to the mothership.
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