Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

The breakdown is sponsored by nexor.io and BitStamp and produced and distributed by CoinDess.

What's going on, guys? It is Sunday, June 20th, and that means it's time for Long Reads Sunday.

First of all, however, happy Father's Day to all the Bitcoin dads out there. I hope you

are celebrating with your loved ones close. Anyway, for a fun Father's Day, Longread Sunday, I want to read a piece called

How the Civil War Shapes the Future of Stable Coins.

It's by Franklin Noll, who is a historian of money.

And I think it's particularly relevant in a week where we had a huge debate on a national

public stage at the

House hearing on a digital dollar. The question of stable coins and decentralized money

versus centralized money is one of the key conversations of the next decade. So let's go back

in history to see how we've wrestled with that in the past. How the Civil War shapes the future of stable coins.

The Civil War replaced a decentralized monetary system with a centralized one,

setting precedence for the regulation of stable coins today.

In 1861, Civil War broke out in the United States.

Over the next four years of conflict, the politics the U.S. were remade,

and so were

its monetary affairs. A new monetary system was born during the war years that exists with us

today and is shaping our stable coin future. The decentralized currency system

Before the Civil War, there was a decentralized currency system with a myriad of coins

and banknotes. All banknotes were privately issued through independent banks.

...