It’s hard to get a good gauge of stablecoins while a sizeable portion of them are possibly fraudulent. For example the largest stablecoin, Tether, is widely considered to be suspect and have been caught out lying about their reserves before. There may be more Terra-Luna style crashes in the making as well (I’m not sure how many algorithmic stablecoins are left, but I doubt a single one will survive long term).
Sending money across borders is a use case for crypto, but I find it highly unlikely to generate enough revenue to pay out much compared to the billions of dollars in speculation. I also doubt this of “alternative” currency use. Stablecoins only work when they are backed by another currency like the USD, so why not just use USD? For digital payments, developing countries have overwhelmingly chosen to use mobile money over crypto, and I trust their judgement on that matter, it seems far more convenient.
It’s hard to get a good gauge of stablecoins while a sizeable portion of them are possibly fraudulent. For example the largest stablecoin, Tether, is widely considered to be suspect and have been caught out lying about their reserves before. There may be more Terra-Luna style crashes in the making as well (I’m not sure how many algorithmic stablecoins are left, but I doubt a single one will survive long term).
Sending money across borders is a use case for crypto, but I find it highly unlikely to generate enough revenue to pay out much compared to the billions of dollars in speculation. I also doubt this of “alternative” currency use. Stablecoins only work when they are backed by another currency like the USD, so why not just use USD? For digital payments, developing countries have overwhelmingly chosen to use mobile money over crypto, and I trust their judgement on that matter, it seems far more convenient.
I think I agree with most if not everything you said. I don’t see any of them as good arguments for
Actually that’s a fair point, I meant miniscule relative to the amount of speculator money and market caps of these coins. I’ll edit the comment.