| Like Diem? "In September 2019, Facebook announced that the reserve basket would be made up of: 50% United States dollar, 18% Euro, 14% Japanese yen, 11% Pound sterling and 7% Singapore dollar." [0] Diem has, at this stage, halted tethering like this. They have since retreated physically (to the US) and ideologically (backing 100% by USD instead of a basket). It is my understanding that they intended to operate Diem as you mentioned in your second point. The primary issue with doing this is that, if its successful, and you have indeed created a more stable currency system (which is the intention of tethering/stablecoins in the first place), you will eventually be the mass currency, which will kill demand for nation state currencies (at least the ones not in the basket) outside of taxes. This is why the Diem plan was shot down by global (banking) regulators, and also why stablecoins/tethering have never really operated outside of the digital realm (and to be frank, have merely serviced the pump and dump that is crypto today). I 100% agree that the public record of these currencies has to be very clear and built into the process. Tether has repeatedly been misleading (weren't they originally 1:1 USD:Tether?) and even still, with these reports its hard to tell how the money is truly organized. 0: https://en.wikipedia.org/wiki/Diem_(digital_currency)#Curren... |