Interesting but the big blindspot of this article is to fail to discuss the dynamic between US-backed #stablecoins and #crypto-backed ones. The #GENUSAct only addresses the first category. The challenge for the US-backed stables is going to remain competitive against crypto/backed stables.
Superb essay on stablecoins, well worth reading
https://knifefight.substack.com/p/a-simple-guide-to-stablecoins
Discussion
Like what? Terra?
fxUSD
CRVusd
BOLD
GHO
And more…
The challenge for these stable coins will be to remain competitive against their underlying collateral.
Why not directly hold and use BTC?
As soon as people start using these stablecoins they will realize that holding the real thing is actually not more difficult.