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StableDollars: How Crypto’s Latest Gimmick Aims to Outmaneuver the Fed
StableDollars: How Crypto’s Latest Gimmick Aims to Outmaneuver the Fed
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Forget CBDCs—algorithmic stablecoins are Wall Street’s new favorite Trojan horse. Dollar-pegged tokens now bypass traditional banking rails entirely, offering ’stability’ with none of the paperwork. Just don’t ask about the collateral.
How It Works: A mix of arbitrage bots, overcollateralization theater, and pure hopium keeps these tokens hovering near $1. When it fails—and it will—expect the usual chorus of ’this time it’s different.’
The Bottom Line: The dollar’s third act might just be its most absurd—a volatile asset pretending to be stable, backed by another volatile asset. The Fed won’t kill crypto. Crypto will kill itself trying to be the Fed.
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