Stablecoins Are The CBDCs

by Shinobi | Bitcoin Magazine

People like to refer to Bitcoin as a trojan horse that we are going to smuggle into the legacy financial system and government. Stablecoins are a trojan horse into our system that has already been successfully smuggled in.

Stablecoins are heralded as some savior of the developing world, a positive escape hatch for them from decrepit financial systems and local currency risks. Well that’s the thing about traps, they have to entice you to wander into them or they don’t function very well as traps do they?

All of the stablecoin volume of significance happens on highly centralized blockchains, issued through highly centralized smart contracts that almost entirely (with rare exceptions like Liquid currently) have the power to arbitrarily freeze or confiscate any outstanding stablecoin tokens. A single party, the issuer, for the super majority of tokens they have issued, can freeze and seize their funds. Anywhere. Anyone. Globally.  Read Full Article >