[nojvek]

I agree on most points with the author, but stablecoins have fundamental value to countries that are not US whose currency gets devalued faster than US dollar, or want to do cross border transaction.

USD has its own woes with inflation and trade wars so fundamentally isn't stable, compared to say gold. Other currencies have runaway inflation or much higher friction to transact.

However the promise of stablecoin is that it can be exchanged 1:1 with USD with transaction fees much lower than CC fees (on exchanges like Solana e.t.c).

Unlike fraud from FTX, USDC stablecoin buys US treasuries dollar for dollar. This generates demand for USD as well as Circle makes profit from treasury yields.

Elegant idea in a way. Fast, cross-border low fee transactions in USD.

Bitcoin now has proven itself as inflation-hedged store of value. USDC is proving itself as a way to transact on goods and services.

Obviously trust is earned as droplets but leaves in buckets.

Crypto is ripe with scams and shady exchanges.