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135 sats \ 4 replies \ @BlokchainB 17h \ on: Tether, SoftBank Group, and Jack Mallers Launch Twenty One bitcoin
As a Jack mallers fan I’m confused by this announcement. The business is just buying and holding bitcoin?
Jack has talked about it on his podcast. Whenever his co-workers have an idea on an innovative product, the bar is always the 60-some percent return that you get from just holding bitcoin. If the idea can't outperform that, the idea gets shot down.
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It'll end up being the US franchise of Tether that gets them access to our equity markets and possibly other favorable treatment by the treasury
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So is Jack getting in bed with Palo and team to combat circle and the big banks for stablecoin dominance in USA?
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Seems that way, depending who we define as big.
Very likely that domestic banks will have some exposure or render services to this, and it's really central banking that is being disrupted... not so much banking in general.
Elimination of the Fed in favor of the Treasury should be good for banks currently subordinate to the Fed and not the masters of it.
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