Australian (ASX) Stock Market Forum

Stablecoins

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3. Bitcoin will become a unit of account on par with the U.S. dollar or Euro​

Money has three main roles — acting as a means of payment, as a store of value and as a unit of account. Many cryptocurrencies, primarily stablecoins, are used as a means of payment. Bitcoin (BTC) and — to a much lesser extent — Ether (ETH) are used as stores of value among cryptocurrencies. But the United States dollar remains the main unit of account in the world. Everything is valued in dollars, including Bitcoin.

The real victory for sound money will be heralded when cryptocurrencies take over the role of a unit of account. Bitcoin is currently the main candidate for this role. Such a victory will signify a major mental shift.
 
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“I believe Congress should work expeditiously to pass much-needed legislation to bring stablecoins, particularly those designed to serve as a means of payment, inside the prudential regulatory perimeter.”
 
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Pendulum aims to become a critical piece of Web3 infrastructure bridging fiat services with Polkadot and all of DeFi. Therefore, Polkadot stands to benefit from more integrations and railroads connecting it with multiple traditional finance and blockchain communities, like the Stellar<->Pendulum Spacewalk bridge for example. Compliant stable tokens can bring deep forex liquidity to the Polkadot ecosystem.
 
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Financially transparent​

Centre stablecoins are issued by regulated and licensed financial institutions that maintain full reserves of the equivalent fiat currency. Issuers are required to regularly report their USD reserve holdings, and Grant Thornton LLP issues reports on those holdings every month.
 
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"Over a year, $1B was moved to FTX and we recovered all of this. We only had exposure of under $10 million when FTX shut down. And FTX was a trading venue where this is one of the few trading venues with decent liquidity for some of the coins like the ones I mentioned earlier."
 
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