A dollar just became the second most valuable asset in all of crypto.
This week Tether's USDT passed Ethereum by market cap. Around $186 billion in dollar tokens, now worth more than the network that was supposed to replace the financial system. The most-used asset in crypto is the exact thing crypto was built to route around.
Stablecoins are useful, no argument. Peruvian onion exporters are now settling customs in USDT instantly, no correspondent bank, no three-day wire. That part is real. But a stablecoin is still a dollar, and a dollar still loses value on a schedule set by people you never voted for. Tether can also freeze any address it wants, and it has done it many times over. Convenient money you can be locked out of is still money you can be locked out of.
Bitcoin is the one asset on these rails nobody can print and nobody can freeze. Not a faster dollar. A different kind of money entirely.
Hold the one with no off switch.
This week Tether's USDT passed Ethereum by market cap. Around $186 billion in dollar tokens, now worth more than the network that was supposed to replace the financial system. The most-used asset in crypto is the exact thing crypto was built to route around.
Stablecoins are useful, no argument. Peruvian onion exporters are now settling customs in USDT instantly, no correspondent bank, no three-day wire. That part is real. But a stablecoin is still a dollar, and a dollar still loses value on a schedule set by people you never voted for. Tether can also freeze any address it wants, and it has done it many times over. Convenient money you can be locked out of is still money you can be locked out of.
Bitcoin is the one asset on these rails nobody can print and nobody can freeze. Not a faster dollar. A different kind of money entirely.
Hold the one with no off switch.
56❤️4🤙1
