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  • good luck we got more to talk about.


  • But I want to just talk about the downside of a stable coin is this is that it's not a dollar backed by the US government, it's something that looks like a dollar, right?


  • It floats like a duck and quacks like a duck but it's not necessarily a duck.


  • And depending on the protocol, the biggest ones are tether and U.


  • S.


  • D.


  • C.


  • They have collateral ization and they're usually over collateralized like I know you do on your platform where you over collateralized something.


  • So if the market moves there's a margin call and perhaps we talk about that shortly but You know, they performed pretty well those top ones.


  • But we haven't, you could argue have they been stress tested?


  • What happens when the markets dropped 50%?


  • What happens when they, when that happens fast?


  • I know we have black Thursday as an example, March 12 where you could back up a lot of what you're doing with a collateral standpoint.


  • But do we still need to test these table coins a little bit more And do people need to know that there is a risk because it says U.


  • S.


  • D.


  • On.


  • On the screen, but it is a very different instrument than a dollar.


  • Yeah, that's a great point.


  • So stable coins are minted by business that says we're holding a dollar of assets for every stable cleaning and those assets, you know are generally safe assets.


  • You know, it might be deposits at banks, it might be commercial paper, it might be us treasuries, they're saying we have a dollar back, they look like money market funds in a very vague way, right?


  • And you know, if you were to have like a tail risk event like crypto collapsing, it's uncertain if everybody would want to redeem other stable points all at once could the business that issued the stable coin convert all the treasuries or commercial paper into dollars if everybody wanted out the door, that's unknown, you know, I think, you know, we might not ever see a major stress test of a stable coin for the simple reason being that when Kryptos crashing the demand for stable coins goes out up, people want to exit their crypto into stable coins and demands only going up and you know, the demand for stable coins only goes down when Kryptos actually slowly going up when people are saying, get rid of my stable coins by more Bitcoin, buy more either convert stable coins into them um so it's hard to say like, you know, it's hard to imagine right now market event that would cause a huge portion of a stable coin want to leave um and like unwind the position at the same time, but that risk is there and this is one of the reasons why people like view, they're being tail risks to stable coins, they might be one in a million or they might be one in 1000 or it's hard to say, but there is a very small risk that if you have a stable coin, it's possible that it won't be redeemable one day for one reason or another, now this has never occurred.


  • But that's the risk that I think you know central banks are like trying to evaluate in real time.


  • Uh huh.


good luck we got more to talk about.



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穩定幣實際上是穩定的嗎??Robert Leshner談穩定幣的風險 (Are Stablecoins Actually Stable? ? Robert Leshner On The Risks Around Stablecoins)

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    林宜悉 發佈於 2021 年 09 月 10 日