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42 sats \ 3 replies \ @denlillaapan 7h \ on: Printing Money: Paxos Mints, Then Burns $300 Trillion in PayPal Stablecoins news
just saw this, LOL. Fantastic.
My homie Matt Levine commented:
Had a good laugh at this, alrightsy @Undisciplined
So, what happens when one of these actors does this on purpose and actually spends it into the global economy?
How transparent are the proofs of reserves and claimed assets?
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the peg breaks, and the "price" of that stablecoin goes to zero...?
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The peg breaks when people become aware of the situation, but isn't monetary history full of people getting away with overissuance for pretty long periods of time?
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