Hal Finney must have been a modern-day Oracle of Delphi. More than a decade ago he foresaw stablekwon’s new plan to buy up $10B worth of BTC to back the $UST stablecoin. gckaloudis writes for this week’s Crypto Long & Short newsletter.
. These daily purchases could also last for months if LFG does in fact want to get to $10 billion of BTC reserves.
This should appeal to anyone who pays attention to crypto. The main criticism of collateralized stablecoins is that their need for “attestations” by accountants cut against the ethos of crypto. “Don’t trust, verify” pulses through the veins of lovers of decentralization, and just taking what Circle or Tether tells us about their backing at faceIf successful, UST could become a dollar stablecoin backed by a completely auditable, transparent and decentralized digital asset. That’s a big deal.
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