2w ago

The stablecoin time bomb hidden in Trump’s GENIUS act: Prepare for the next financial meltdown

The stablecoin time bomb hidden in Trump’s GENIUS act: Prepare for the next financial meltdown - UNHERD, 19 JUNE 2025 - Yanis Varoufakis

5 comments

Only use I ever had for USDC was as a buffer on Coinbase: a liquid middle ground between various crypto-currencies and fiat. I never had any use for it otherwise. Once Coinbase cancelled all their US debit cards, that use was no longer valid to me.
That said, the idea of any large organization relying on a stockpile of stable-coins seems every bit as insane to me as this author lays out. Nevermind the risks to economies at large, I straight-up fail to see the incentive for anyone to go along with this scheme.
Crypto melting down will only have a positive impact on the economy, not a negative one. Crypto is a value store. While things were bad in th economy investors could move their money into crypto and ride it out. When crypto falls, that money is going to end up back in the position to influence the real economy.
- The wealthy already have a much safer place to ride things out: US Treasury securities. That’s what their true purpose is. They’re not for funding the US government at all. Previously.
  
  Crypto has the benefit of being a speculative market subject to manipulations. It allows for money to move in ways that the SEC and FINRA wouldn't allow otherwise. But you're not wrong.
The font used in the article is sooo bad.