One thing that continually shocks me: the number of stablecoin projects that don't understand the use cases of stablecoins.
No one wants your coin algorithmically pegged to a hyperinflating currency: it's not stable, and you can't use it as an FX onramp.
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Personally I think that no stablecoins project should exist without really knowing what hyperinflation is, much less not knowing what the crux of its existence is. In LATAM, naturally, we have a bunch of specific uses cases...
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Yeah I'm always shocked when I see a new LATAM stablecoin and the first words out of their mouth isn't "this is how we are able to take creations/redemptions in both the native currency and USD..."
Been saying this for a while it is insane to have a stable coin of a currency that may default one day. Even the swiss frank went down 40% in a day. Add on top of that the government can essentially stop the blockchain by freezing the bank that has the reserves.
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We don't need more stablecoins, we need to be more consistent with this. Anyway, would you create a USD-pegged stablecoin right now? A BTC-pegged proposal would be more reasonable imo...
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