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I can't read text on white background. đź’€
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One of the powers that stablecoins have is that they go around borders more easily than physical dollars. Bank transactions are tightly controlled, and if you go through an airport, they often check your bags for cash and stuff like that. In a country like Egypt, part of that is to crack down on peoples’ ability to access dollars at the real market rate. They don’t want leaky capital borders; they want to be able to control them and price them unilaterally, or get as close to that as possible without being too burdensome on travelers
Yes, this is why I think the US will eventually figure out the immense benefit Tether is providing and will do a complete 180 on their approach. (my take is they will allow tether to purchase US Treasuries directly and be fully protected by US laws in exchange for Tether relocating HQ to US)
A fully embraced tether by US gov allows it to destroy 90% of the other currencies in the world. Things like Egyptian pounds will simply collapse. Having most of the world using Dollars allows the US to "outsource its inflation" to a greater degree since the money supply growth will now be divided over several billion people.
This is inevitable.
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I found this to be a really well written newsletter - from a systems/network perspective Lyn is spot on....
The question no-one can answer is what value will be added to the network before it is lost in FIAT land
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