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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
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
