25 Comments

1. this better mention RAI

2. Ryan, to answer your question, one specific cohort of the anti-Stablecoin wing is Elizabeth Warren's talking points that stablecoins would essentially give power to the evil banks to control our American money, thereby risking all of our money with these obvious fraudsters and corrupt people. While I agree that banks cannot and should not be trusted, this talking point completely ignores the reality that at this very moment, those same corrupt banks already yield said control over our beautiful American money. When your dollars are sitting in JP Morgan Chase account, you essentially own a JPMChase$dollar. The problem is that 99% of people do not understand this reality because of FDIC protections. Stablecoins are essentially a way to upgrade this crappy existing USD analog operating system to a digital, transparent, and international US Dollar that as you say, Argentinians and Lebanese people can use without friction. The biggest impediment to exponential growth is that we do need a strong set of regulatory parameters to rule over this new Cryptodollar system, otherwise people will inevitably lose their shirt when, say, SVB$USD goes under, leaving depositors holding the bag. If we can set up such system, or link it to the current FDIC framework, the Cryptodollar will grow the USD footprint even more than its current domination over global finance.

3. BE NICE TO THE SCAMMER Caroline ELIASON, who ruined lives OR the bankless gay(nothing wrong with it) guys will condemn you

4. I'm not sure if I missed some nuance in there, but the title I saw "Cryptodollars are the new Eurodollars" and even the relevant part of the podcast understated by 1000x why stables cannot be the new Eurodollar: The Eurodollar system allows global financial centers to get more or less their fair share of "free dollars" and the dollar's "powers" for their local economies. If you take the Eurodollar away, and all stablecoins let's say have to be bought with EUR,SGD and such, it would be a huge crisis with mainly 1 possible resolution: imposing tarrifs/sanctions on USA and breaking away from the dollar supremacy. In other words, we're playing along with the dollar because we can cook some of it at home!

5. Nic looks like he could be the accountant for the Sopranos with that stashe

6. Mustached, one color hair, Nic is the best iteration by far

7. Want early access to episodes and a fully ad-free experience? Sign up to become a Bankless Citizen https://bankless.cc/GoAdFree

8. USDC at coinbase gives you 5% APY

9. please let nic talk :s

10. BTC is the real stablecoin.

11. Would be interested in a show with Noah Seidman.

12. This guy is hilarious! I still remember the last episode he was on “Welcome to Bankless” 😭

13. Nic Carter didn't tell the whole story about oversee/Euro Dollar, through inflation US charged inflation tax as Seigniorage. So oversee/Euro dollars want US to take responsibility for tax they had charged. One of reason US can print US Dollar is oversee/Eur have been paying Seigniorage through inflation to US.

14. Lovely.. Can you do a video analysis on kibo Finance.. An option trading platform

15. Why do you Bankless guys lean so heavily towards Ethereum?
    Being a maximalist isn't cool, bros. How about discussing LUKSO?

16. Where are the chapters?

17. Great conversation, thanks. As the use of stablecoins gains traction, innovative solutions are emerging to address the evolving requirements. Personally, I find Ethena's upcoming USDe to be an intriguing option, given its well-thought design and functionality. Looking forward to more developments in this direction.

18. These naive nerds have been losing money holding Ethereum, don't let them take you down with them.

19. fascinating discussion. In my opinion, the stablecoin market has responded quickly to the arrival of stablecoins that generate yield, such as Ethena's upcoming USDe.

20. If the US Treasury prints a gazillion dollars, and it gets bought by Tether and others, how's that any different to fiat debasement?

21. lol, how many comments will you delete? Truth. Right?

22. 👀

23. Euro-Dollar are not US-Dollar issued outside of the US. The very first IOU on a US-Dollar (nothing but a claim) that was issued, was issued in the US. Back in the 1910s, and 20s large transactions were already done with cheques, and cheques are nothing but a private bank-issued IOU. The word that Nic was missing is "Credit". We simply talk about private bank credit money. All the private bank credit is "Euro-Dollar" it is simply the denomination. A name. You could also call it "Karl".

    Euro-Dollar are not even priced in US-Dollar, it is the other way around. The Euro-Dollars or Karls or international credits price is set in London (LIBOR). "Euro-Dollar" is a name that derives from the origin story, not more. There is no connection to the national currency of the US. The system is so much bigger than any national currency that it is silly to even compare the Euro-Dollar to national currencies. It is the backbone of international banking, a distributed central-ledger-system. Stable coins are nothing new. Back in the days, they called those Dollar pegged assets stable money-marked funds. They were pegged to one dollar and were backed by nothing.

    You cant reinvent this stuff. Credit was allways there. Back in the stone age people already used IOUs. E.g. the ishango bone. A ledger on a …bone. Virtual currency. That they used shells and stuff like that as a "proof-of-work" commodity money is also a myth. Wampum (this famous shell money) for example was backed by beaver fur, and practically it was nothing but a claim on a reserve that was probably not there. We trade claims on stuff that does not really matter. This is why tether can exist. Money never was physical

24. 0:41: 💰 Crypto dollars are predicted to become even bigger than Euro dollars, and stablecoins are just getting started.
    6:47: 🎶 Nick Carter discusses stablecoins and the burden of maintaining a rising star.
    13:43: 🌍 Stable coins can be a useful and impactful solution for individuals in countries with unstable currencies and limited banking systems.
    20:44: 💰 Stable coins are mostly tokenized Euro dollars, issued by offshore issuers, with Tether being the largest one.
    28:30: 💰 Crypto dollars were created as an alternative to the restricted Legacy Fiat system and to engage in crypto transactions.
    35:11: ! The demand for the US dollar as a global currency is driven by its use to extinguish tax liabilities, purchase US securities, network effects of trade, and liquidity benefits.
    42:37: 📊 The speaker discusses the concept of being an unsecured creditor of Circle and the value of stablecoins like PUSD issued under the New York trust license.
    50:05: 🌍 Emerging markets are seeing the rise of new fintech neobanks as users become more comfortable with digital banking and as local Fiat systems become unstable.
    56:50: 💰 Crypto dollarization will occur as blockchains tear down geographic barriers and the dollar will become the apex predator of weaker fiat currencies.
    1:04:19: 💰 Newer issuers that pass on a good portion of the yield will do well, but USDC faces challenges in offering explicit yield.
    1:11:05: 📉 The US has taken various actions to suppress the stablecoin sector, including denying custodia's application and shutting down banks silvergate and signature.
    1:18:35: 🧃 There is a lot of potential for innovation and growth in the stablecoin market, including new form factors and increased liquidity.
    1:25:17: 📈 The emergence of stable coins challenges Bitcoin's role as a medium of exchange, but it can also be a revenue opportunity for blockchain.
    Recapped using TammyAI

25. This begs the question, why is there not a wallet that is streamlined only for p2p payments? All wallets are "feature rich" and often the only thing that matters is how can I get this to you in the cheapest way possible without having to even learn crypto. I feel we will need every super power for that one lile CCIP and account abstraction as well.

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