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10 Stablecoin Myths

Published: 2021 Dec

Organization: Circle

Tags: stablecoins, cryptocurrencies, US, regulated, currency,

Overview: Conclusively, this counter narrative that not all stablecoins are created equal and the catchall term, stablecoins, often misses important differences in how these cryptographic tokens are backed, used, regulated and growing. In the case of USDC and Circle, its sole issuer, this growth is occurring inside the U.S. and on a level playing field with major payments innovators, which supports the extensibility of the U.S. dollar as the currency for the internet. Facing the many criticisms that are levied against these innovations and blockchain finance more generally, perhaps the most compelling case to correct misconceptions begins with what people cannot do with their money when it rides on analog rails. Many of the banking, payments and global settlement networks are similarly overdue a system upgrade. If indeed the world is locked in a fierce digital currency space race (noting this is not a zero-sum competition), then open blockchain networks and the experience of dollar digital currencies like USDC are important pillars of U.S. economic competitiveness and security.

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