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There have been a lot of #notallstablecoin takes flying around from crypto advocates in the last few days. It's worth reiterating a few points from the last time we were going around on this topic.

First, while there are obviously differences between models of stablecoins, and
Specific stablecoins - whether there's a single central issuer, whether it's backed by collateral, what kind of collateral, whether it relies on an algorithmic or actively managed stabilization approach, etc - these differences are all focused on the "backing" side of things.
When it comes to the obligation or liability side, all of these coins are essentially promising the same thing - a fixed or stable nominal price and redemption into a higher form of money/liquidity on demand. Some bury disclaimers in fine print or even quite explicitly say they
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