✳️ dcposch on daimo
@dcposch.eth
Has anyone pointed out the centralized stablecoin inflation windfall? Circle gets to - Issue $60b in USDC for deposits - Earn billions in interest, up 10x since year. Treasuries pay 4% now - Pocket all of that. USDC pays 0.0% lol They need competition…
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Jay Jay
@jayjay
Isn’t the model that anyone can issue USDC as long as they adhere to their regulations? It’s like franchising I think
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Peter Kim
@peter
@perl
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ted (not lasso)
@ted
Agree. If USDC hits a $1T digital dollar market cap, then there needs to be multiple issuers of interoperable stablecoins beyond Circle. And I bet Circle wants those competitors so they can focus new resources on building higher order, more interesting financial products.
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Zach
@zachwill
I'm excited to see what Curve does.
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McBain
@mcbain
It’s funny when rates were 0 fintech companies and banks were all about non-deposit income How could they charge fees because making $$$ on interest seemed like a fools errand Now all of a sudden holding deposits is a good business again
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Noah Jessop
@noah
For what it’s worth, in the 1970s people were saying the same thing about banks with offshore operations able to take euro dollar deposits
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Ian Place
@ians-place
I don’t think it’s a matter of needing competition, we probably don’t want a world where there’s 10/20 different USD stablecoins as it will fragment liquidity in DeFi and CeFi. If anything the opportunity lies in other fiat currencies for stables IMO.
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One.L
@eliotpuplett
I hope to build/see a world where no one nation is the reserve currency of the world (like USD), one where democratic Web3 institutions issue/control money supply. We're a long way off from that & I'll probably be dead before it happens; but I think it would benefit all humanity.
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Pete
@pete
we can also observe this through binance pushing their BUSD like crazy - no-fee trading on BUSD pairs, etc.
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Nickolas Tazes | Watchen.xyz
@tazes
Something sufficiently decentralized
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