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Jesse Walden
@jesse
Spent some time over the weekend learning about the origin of Eurodollars, which have many analogs to stablecoins today. Pretty similar story in that Eurodollars were initially ignored as a niche market, then seen as a threat when the market grew 50x in 10 years, then ultimately seen as a tool for US foreign policy.
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Jesse Walden
@jesse
Made me interested in the Q: what are some exogenous catalysts that might cause the US to embrace stables as a tool? Links: https://www.brookings.edu/articles/stablecoins-and-national-security-learning-the-lessons-of-eurodollars/ https://podcasts.apple.com/us/podcast/odd-lots/id1056200096?i=1000617526253
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Jesse Walden
@jesse
This evolution was not automatic, it was the result of the fed engineering USD settlement for oil in the 70s, which was desirable because of cartel pricing in the oil market during the Yom Kippur War. Winning this agreement with the Saudi's was in part possible because of the scale/liquidity of the Eurodollar market.
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Yano
@yanowitz
You'll enjoy this one https://youtu.be/8GwjR7yRGGs?si=ojxBOGfZD6roZSuf
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Ian Place
@ians-place
de-dollarization will be the exogenous catalyst for stablecoin adoption. as more countries look to minimize US dependencies (mainly china) the US will need to be embrace stablecoins as a means for greater distribution of the dollar. this is a thorn in the side of our monetary policy but its benefits outweigh the cons
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russian_acai 🌚🚽🐇
@acai
pretty much the same root cause that's gonna make caribbean countries and argentine (if milei really ends up doing what he said he's gonna do) effectively the colonies of u.s. thanks for sharing 110✨
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Matthew Fox
@matthewfox
I remember this history lesson being shared in slack when I interned at Circle around the time USDC was coming together Great parallels Feels like its inevitable embrace comes from increased $ surface area enabled by stablecoins Likely less specific then the eurodollars but definitely rhymes
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