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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
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You're right, more data would be nice on this. I need to think a little on how to get at this problem.
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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.