skininthegame

a little confused.. stablecoins don't prevent printing more dollars (which is the main issue) - they reflect existing dollars rather than creating new demand. also, if things are going south, wouldn't this accelerate selling dollars, given their global accessibility? i'm in agreement that they're a great business, but not much on them 'saving the US from collapse'. what am i missing?

accelerating @tigfoundation | defi, ai, desci | cohort 0 @superchaineco | language swiss army knife & bullish on salsa 🇪🇨🇵🇷🇩🇪🇧🇷🇫🇷

If governments stop using USD for trade and stop buying UST, the system collapses unless new users and buyers come in

Onchain dollars create new users of dollars and new buyers of treasuries

agree on the first. on the second though, onchain dollars represent fiat dollars that are already accounted for. more people buying stablecoins wouldn't lead to more dollars being printed or stablecoins being minted, therefore buying of treasuries 1) already happened long before new users obtained onchain dollars and 2) it doesn't move the demand 

i think we agree that stablecoins are important, but we might have different views on why/how they are so