I'm saying, if you're making a US dollar backed stablecoin, you could do it with minimal risk and still profit handsomely by just holding US treasuries.
Instead, we have stablecoins backed by all sorts of things like commercial paper in cryptocurrency exchanges.
I don't think anyone's going around using shares of Citibank stock as currency, are they? Because that's one of the many criteria that need to be true for that comparison to make any sense.
Blows my mind because stablecoins could be so easy-- hold some cash and hold some US treasuries. Pocket the interest. Become rich.
Instead, we have stablecoins backed by all sorts of things like commercial paper in cryptocurrency exchanges.