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.

What's going on, guys? It is Sunday, May 12th, and that means it's time for Long Read Sunday.

Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it,

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breakdown pod. Well, friends, welcome back to

another LRS, and this week we have a treat. Investor Nick Carter has long been known as one of the

most interesting writers in the crypto space, and this week we have an absolute tome. It's called

five perspectives on stable coins, evaluating the state of the academic and policy discourse.

One thing that you might not know is that Nick was very early to the stablecoin game,

especially relative to other bitcoiners. Nick saw very early on that stablecoins played a pretty

different role in the world than did Bitcoin, and one which had a lot of potential importance. This piece does an

unbelievable job of capturing the range of current opinions on stable coins, along with some of Nick's

own takes as well. Now, because this one is a 31-minute read, you know I will be getting some

assistance from an AI version of me created with 11 labs. Also, because this one is

so long, I will not be doing my normal recap at the end. Suffice it to say that having read this,

I don't think there is a better way to understand the current discourse on stablecoins than this

piece. So big thank you to Nick for writing this. Big advance shout out to our sponsor for today's

show Ledger. But now, let's dive in.

Five perspectives on stablecoins, Nick Carter, Medium. Section, evaluating the state of the

academic and policy discourse. At this point, stablecoins are a demonstrated success,

...