Alexander C. Kaufman pfp
Alexander C. Kaufman
@kaufman
Thanks to your recommendations, I started listening to the Unchained podcast. I have some questions for stablecoin experts. What, exactly, qualifies something as a "synthetic dollar?" Are there other kinds of synthetic dollars than $ENA?
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ciefa 🐌 eth/acc pfp
ciefa 🐌 eth/acc
@ciefa.eth
>What, exactly, qualifies something as a "synthetic dollar?" When the asset is pegged to the value of the USD without being actually backed by USD. e.g. trading the S&P500 Index on Ostium is trading a synthetic asset (it's being pegged to the value of the index, while not being backed by shares of the companies in the index) As for other stables besides Ethena's USDe, I just searched real quick and was only able to find $sUSD by synthetix - I'm personally not aware of any others :S
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REN2140 pfp
REN2140
@ren2140.eth
I would maybe put stable coins in two different buckets. There are the USDCs and USDTs of the world that are backed 1:1 by physical dollar or dollar denominated assets and pass no yield back to the users Then there’s $USDS from Sky FKA maker dao that are backed by more exotic forms of collateral including crypto assets like ETH and do pass a yield back to token holders Beyond the yield component there’s a trade off spectrum between stability, decentralization and scalability for all these different flavors of stables/synthetic dollars
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