RE: Week through Adrian's Lenses (24 February - 1 March 2024)
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Since they recommend backed stablecoins as an option, it means they consider them on the "safe", controllable, side. Which makes them a proxy for fiat in the crypto space.
Another very important factor about these fiat backed stablecoins is that they are mostly a way of funneling cryptocurrency wealth into bonds of the respective country. USDC/USDT printing is an act of buying US bonds. Governments have a lot to benefit from billions of dollars of capital inflows that could eventually grow into trillions of dollars.
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That's true. They have no reason to be against them, only to have a tight grip on them, to not allow something like the Eurodollar system to grow again.