Christian Catalini (catalini)

1/ Imagine a world where you can send and receive messages irrespective of the messaging app you use. Same with sending and receiving money, reading updates from your social or news feed, finding the right product or service, or interacting with an AI agent.

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Several people have asked why I don’t see dollarization as a strong use case for stablecoins. While it’s currently driving adoption, and the idea of stablecoins reinforcing dollar dominance is appealing, the concept is fundamentally flawed. First, countries have the ability to make the widespread use of stablecoins very hard for consumers, and they will do so if any player gains significant scale. The reason this hasn’t happened yet is that stablecoins are still a rounding error. Libra was seen as a threat from the start due to its potential scale, and any stablecoin that reaches a similar level of regulatory attention will face the same treatment. Second, if you play this out, dollarization is a bug, not a feature. It will lead to new capital controls and won't help USD dominance. The first adopters will be the small economies facing hyperinflation—precisely the ones US Treasury is concerned about destabilizing.

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Frames are the first example of Web3 competing with Web2 in a way that’s hard to replicate for tech incumbents. That’s powerful! 🔥 https://www.forbes.com/sites/christiancatalini/2024/02/19/is-cryptos-killer-app-finally-here/

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Frames are the type of innovation that is hard for incumbents to replicate. Permissionless creativity at its best.

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