The Race for Stablecoin Transparency

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 28 August 2021

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this week’s Weekly Recap, NLW breaks down the recent history of stablecoins and contextualizes recent news from Tether, Circle and Paxos. Could stablecoin providers be positioning themselves to be the rails of an eventual U.S. digital dollar? 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= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell. 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 “Only in Time” by Abloom. Image credit: MirageC/Moment/Getty Images, 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.
0:22.6	What's going on, guys? It is Saturday, August 28th, and that means it's time for the weekly recap.
0:28.9	And the weekly recap is always sort of a guessing game of what it's going to be.
0:33.1	Will it be a roundup of all the news events, or will it be a topic that I just happened to miss?
0:38.0	And this week, I actually did a couple of news roundup type episodes, and I didn't feel like
0:42.7	there was the need for that, but there was a topic that I didn't have a chance to dig into,
0:47.5	which is something that I'm calling the race for stablecoin transparency.
0:50.8	So let's get into that.
0:52.8	So stablecoins, stablecoins, stablecoins.
0:55.1	You guys know that I have a historical, overarching pattern sort of perspective.
1:00.3	I like to look back at things and ask how a historian or an observer in the future might
1:05.1	subdivide specific parts of a timeline or a movement.
1:08.6	History doesn't neatly divide itself into clean sequential phases.
1:12.8	It's messy and overlapping and mean reverting and punctuated. Still, I do think that we can
1:18.6	look back at certain moments as either heralding something new coming or reflecting a shift that
1:24.3	has happened. I tend to think that Facebook's announcement of Libra will be seen as one of those moments.
1:30.6	It was June 2019. This was a fairly perfect middle point between the end of the 2017-2018-ICO boom
1:37.7	and the beginning of the 2020 institutional-driven rally in Bitcoin, which, as we know, was followed this year by a surge in NFTs, and
1:45.4	continued growth in Defi and Layer 1 smart contract chains.
1:49.3	There are two trends that I believe Facebook's Libra announcement heralded.
	...

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