I assume trad finance guys are making the same meme but the other way around, stablecoins as institutions invading crypto

witness gonzo | writing at summerlightning.substack.com
| sachinbenny.xyz 

yeah stablecoins feel more like institutional capture than other way around but idk lot of people seem really excited about it

It’s definitely not the meme. Imagine an ETH fork between institutions and the ‘punks: stable coin volume drives all demand in defi at this point, every “decentralized protocol” will move to the institutional chain. Institutions successfully idol swapped true DAI (and less so, RAI) for USDC/USDT.

Crypto maxis fear TradFi. TradFi sees stablecoins as their bridge to dominance.