@zherring

The cynic in me says: private stablecoins charge incredible rent, so influential actors have every incentive to normalize and defend them. The more elaborate one: we expect different actors to optimize for different outcomes. Corporations optimize for profit, even if that creates fragility. Governments reliably optimize for control, even if that reduces trust. A CBDC concentrates monetary power and surveillance in the state; stablecoins externalize those risks to private issuers. We trust corps to be greedy enough to defer to what we want more than we trust the government to use it's power wisely. https://x.com/cyounessi1/status/2019095824404300076?s=20

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