If stablecoins gain mass adoption as they surely will, then the Fed loses the ability to dictate the price of money since it’s relatively easy to create new stablecoins and people can use these instruments to pay down dollar denominated debt. The Fed becomes obsolete w/o legislative action.

Robbie Petersen

If stablecoins gain mass adoption as they surely will, then the Fed loses the ability to dictate the price of money since it’s relatively easy to create new stablecoins and people can use these instruments to pay down dollar denominated debt. The Fed becomes obsolete w/o legislative action.

https://x.com/robbiepetersen_/status/1869807770406375765?s=61