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0 sats \ 1 reply \ @Undisciplined 8h \ on: Stablecoins craze pits central bank against lawmakers in South Korea econ
Where does demand for won stable coins come from?
I don't think there is any. At best, I see it as a possibly easier way to procure USD-pegged stablecoins, which are very popular here. People see the KRW as a weak currency and prefer buying gold, dollars, stocks, even Bitcoin, to escape the whimsical fiat.
As I mentioned to you before, people like gambling and speculating. They are now speculating on which bank or platform will be allowed to issue their stablecoin. They don't actually care about the stablecoin being issued.
It's like all the houses that are going up in price next to an area where a high-speed train will be built. They don't buy it because they actually want to use that train (it might still take years for it to be completed); they just buy it because they believe the next fool will buy it more expensively.
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