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Stablecoin mechanisms and use cases

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I normally don’t write about cryptocurrency in Bits about Money. It gets far too many column inches relative to its actual importance in the world, which is minimal compared to other financial infrastructure. I prefer writing about that extremely undercovered topic. But, much like Matt Levine feels professionally obligated to keep up with Elon Musk drama, I can’t avoid writing about stablecoins after the May 2022 collapse of Terra (UST). As always, Bits about Money is my own opinion. My employer Stripe, which frequently has differences of opinion with me regarding cryptocurrency, has recently announced a product which uses a particular stablecoin (USDC). I have made de minimis usage of USDC personally partially out of technical interest and partially to use a prediction market. I find prediction markets intellectually interesting and have been an occasional user of them for almost 20 years. They have poker's thrill of intellectual ritualized combat and take advantage of my absolute inc

Stablecoin mechanisms and use cases Patrick McKenzie (patio11) • May 20th, 2022 I normally don’t write about cryptocurrency in Bits about Money. It gets far too many column inches relative to its actual importance in the world, which is minimal compared to other financial infrastructure. I prefer writing about that extremely undercovered topic. But, much like Matt Levine feels professionally obligated to keep up with Elon Musk drama, I can’t avoid writing about stablecoins after the May 2022 collapse of Terra (UST). As always, Bits about Money is my own opinion. My employer Stripe, which

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