Episode notes
The Block's Director of Research Larry Cermak and Research Analyst Mike Rogers join the show to talk through their latest report on stablecoins. In this episode:
- Why the Block chose to focus on stablecoins for this report
- Larry and Mike's opinion on why stablecoins are so disproportionately dollar-based
- China's influence in the Tether market
- The history of Tether and why it attained so much traction initially
- How you can determine the location of stablecoin users
- The Tetherification for offshore exchanges – and how it displaced Bitcoin as the reserve asset
- The influence of USDC in DeFi and whether it represents a systemic risk to the sector
- Dai's transition to non-native collateral types
- Mike and Larry's view of algorithmic stablecoins
- Why stablecoins are so divisive between economists and crypto entrepreneurs
- Why Tether's dominance is declining
- Where the NYAG settlement leaves Tether now
- What Larry makes of USDT on TRON stealing some market share from Ethereum
- Why investors are settling deals in stablecoin terms
- The prospects for Libra/Diem
- Mike and Larry's expectations for the next decade in stablecoins
Related content:
- The Block's report on Stablecoins
- The OTB Crypto-dollarization series
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