[nivertech]

> Why do stablecoins exist at all?

For states:

They quietly inflate the money supply by forking fiat, achieving monetary base expansion without the political cost of explicit money creation

For issuers:

They convert user deposits into a private mint: risk-free interest on collateralized reserves, with none of the upside shared with holders

For users:

For everyone but the unbanked & criminals, stablecoins are strictly inferior money surrogate: no yield, no guarantees, and no recourse