Are Stablecoins the Path to Continued Dollar Dominance?

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 21 November 2021

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by NYDIG. In today’s Long Reads Sunday, NLW goes back to read excerpts from two Nic Carter pieces that seem particularly prescient today, as the U.S. weighs the opportunities and risks of stablecoins. Policymakers Shouldn't Fear Digital Money: So Far It's Maintaining the Dollar's Status The Crypto-Dollar Surge and the American Opportunity NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Michele Musso & Adrian Blust, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Thom Lang/The Image Bank, modified by CoinDesk.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world.
0:16.3	The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:22.9	What's going on, guys? It is Sunday, November 21st, and for the first time in breakdown history,
0:29.5	I accidentally deleted an episode that I had recorded. Now, this is infuriating. I threw 16
0:35.5	computers through a wall, but I wasn't going to let my
0:38.5	stupid error stand in the way of you getting your Longreed Sunday content. So here we are again,
0:45.2	round two, at least for me, of this episode of Long Read Sunday. And for this, we are going back
0:51.5	into the archives. Now, one of the things that I've talked about this
0:54.8	week is how the demystifying crypto hearing showed perhaps a changing attitude towards
1:00.7	stablecoins. Alongside all of the regulatory conversations, there seems to be an emerging
1:06.5	sense that, hey, the stickiness, the product market fit, the clear market resonance of these
1:14.1	US dollar-based stable coins may be an asset that the US dollar establishment should think
1:21.7	about. And so given that context, I wanted to go back and share excerpts from a couple pieces
1:27.1	written by the man
1:28.1	himself, Nick Carter. Nick has long been on this wavelength of suggesting to the powers
1:34.4	that be in anyone who will listen that the rise of stable coins actually potentially portend
1:40.1	another generation of U.S. dollar dominance, if the U.S. is smart enough to let them develop.
1:46.7	So for our first excerpt, let's go back to February 19th, 2020, even before we were facing COVID-19
1:53.5	shutdowns in the U.S. Nick published a piece on CoinDest called Policymakers Shouldn't
1:58.3	Fear Digital Money. So far, it's maintaining the dollar status.
2:02.7	He writes, on May 9, 2019, Representative Brad Sherman, member of the House Financial Services
	...

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