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San
@santiago
Why are there no other currency stablecoins? Actual question. Do any of you believe we will see these pop up in the future. Like a MXNC (Mexican pesos)
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justin.framedl.eth
@ahn.eth
fwiw, there are non usd stablecoins that aren't cbdc out there examples off top of my head: celo has brazilian real CREAL, and there are several euro attempts as well, most notably EURC, EURe and EURS i think the challenge is twofold: 1. Is there enough of a demand to launch one, and then 2. how to ensure liquidity once the token is in circulation, which are difficult for fiat currencies that are less in global demand
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San
@santiago
Would usdc/usdt take over currencies in global south countries you think? The use case for cross border payments is non existent when receivers have to off-ramp usdc into their fiat currency. But what if we had seamless stablecoins and therefore won’t need to rely on these off-ramps. Say we move usdc to mxnc and then pay for coffee in CDMX. If that makes sense lol
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justin.framedl.eth
@ahn.eth
>The use case for cross border payments is non existent when receivers have to off-ramp usdc into their fiat currency. definitely a good point - sure, you won't get screwed on the transfers, but then that's just kicked down the line to the offramping! but again, i think it still remains a liquidity problem as you're gonna need someone to drum up enough reserves for all these other fiat currencies, which are also pretty volatile, so who would want to take such responsibility? and here i guess algorithmic may work, but then this gets too big brained for someone like me 😅
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