An Overview Of The Stablecoin Market Today


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In this excerpt from Bitcoin Magazine Pro, we will take a more in-depth look at the redemption mechanism of USDT, and cover why the concerns about the stablecoin and the apparent risks it presents to the bitcoin/cryptocurrency ecosystem.

Before digging in, it should be said that the advent of bitcoin on a long enough timeframe obfuscates the need for a “stablecoin,” which is really just a blockchain-based IOU held by a counterparty. A digital bearer asset that is completely stable on the protocol level and from an issuance and absolute supply perspective that can be held with no counterparty risk is the innovation. With that being said, the natural demand for dollars in the “crypto-economy” does make sense given the dollar’s incumbent status as the world reserve currency.

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