> Together the dozens of stablecoins in existence, which include Dai, Tether and usd coin, have a market capitalisation of close to $150bn.
I'm assuming these stable coins aren't actually backed by $150bn in actual USD, which is the underlying problem here and harkens back to the issue with the era of unstable "wildcat" banking in the US before 1863:
> Before America instituted a national currency in 1863, banks issued their own banknotes, backed by assets and redeemable for gold or silver. Critics of stablecoins often point to this period of free banking, and the example of unstable “wildcat” banks in particular, as a cautionary tale.
I'm assuming these stable coins aren't actually backed by $150bn in actual USD, which is the underlying problem here and harkens back to the issue with the era of unstable "wildcat" banking in the US before 1863:
> Before America instituted a national currency in 1863, banks issued their own banknotes, backed by assets and redeemable for gold or silver. Critics of stablecoins often point to this period of free banking, and the example of unstable “wildcat” banks in particular, as a cautionary tale.