stablecoins are pegged to currencies that aren't stable at all

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absolutely mental that holding USDC so far this year has been over a -10% loss relative to EUR

Stability is relative, and pegging to fiat isn't the end of the road for stablecoins. @kazanderdad is building Toronto Coin, and it's pegged to the fare on the Toronto public transit grid. It's stayed at $3.30 for quite a while now