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The endgame for stablecoins (at least the ones that aren't operating as fraud-ridden wildcat banks) will be absorption into the “traditional” banking system. But when everyone recognizes stablecoins are futile and inferior, they'll be decommissioned and forgotten about forever.
IDK, I think decentralized stablecoins can work & have a promising future. Models like MIM's overcollateralization system work, but I'd be interested to see an Anchor-like DeFi banking model grown honestly, slowly, and sustainably. (And, crucially, by non-malicious actors.)
We haven't seen a serious attempt at shutting down centralized stables for retail, but we shouldn't get complacent and assume it's not coming. Contingencies are always good, and I think functional, decentralized, stable value storage is an amazing tool to have in our arsenal.
I admire your passion. I am playing devils advocate here.
Any thoughts on CNS / CNR ?
I hope the Luna story ends up as a sanity-check on the limits of DeFi. I think the point of DeFi should be "access," not "get rich quick." Access to stable interest (more in the 5-10% range). Access to instant funds transfer. Access to financial services ... without a bank. But
I think it is more likely to be used by "regulators" brought in by the governments owned by TradFi to over-react and over-regulate in an attempt to shut down our desperate attempts to escape "the rat race" and those it is presently rigged to benefit.
What I’m confused about is the big exchanges opening $ust futures trading for something that should be a stable coin. What a crypto conspiracy
What are your thoughts about $USN and @DcntrlBank?
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