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Why do we have all this...
Exactly what I'm wondering
People really want dollars?
Strange, because they can have sats. But they seem to want the dollars.
If you watch Ethan's announcement video, he says somewhere toward the end:
"Today, you can take any asset on any chain and bring it directly to USDB on bitcoin"
So maybe this all just a fancy bridge? Maybe that's all stablecoins are anyway: a way to bridge all the ridiculous protocols for value humans have created: dollars, euros, btc, and the alphabet soup of crypto.
Do we have data to back that up though? Are the stablecoins going into the hands of people who need to spend dollars who can't otherwise get access to them?
Part of me is wondering if there isn't something more devious going on, like some weird self-dealing arrangement, or some strange loophole that most people are not aware of
You're right, more data would be nice on this. I need to think a little on how to get at this problem.
USDB is a stablecoin issued on Spark.
It is issued by a company named Brale.
I've been doing a little reading about Brale. Stablecoin as a Service sounds like a fun post topic.
I'd love to see a post discussing the economics of stablecoins, but not just how the stablecoin issuers make money (that's obvious), but where the demand for stablecoins is coming from. I'm very curious as to how they're being used out in the wild and by who.
Here's another thing:
Brale says they are a "stablecoin as a service" company and that they can issue stablecoins on a whole bunch of different chains.
Who, in the case of USDB, is Brale's customer? To whom are they providing the stablecoin as a service? I don't think Brale intends by the phrase "stablecoin as a service" that the users of the stablecoin are paying them for the service...that's what normal stablecoin companies do (think USDT or USDC).
Stablecoin as a service implies that they are issuing the stablecoin on behalf of someone. The obvious candidate in this case is either Spark or Flashnet. If that's the case, what does it mean that the business on whose behalf the stablecoin is being issued is offering rewards (read: interest) for holding the stablecoin?
What is USDB? Just another stablecoin company?
Why do we have all this...