@daedalean @GhostOnTheHalfShell well, i mean #Blackrock did launch its own stablecoin "#BUIDL"...

#LarryFink used to be anti crypto. now he's a full bore cryptard.

https://www.prnewswire.com/news-releases/blackrock-launches-new-buidl-share-classes-across-multiple-blockchains-to-expand-access-and-potential-of-buidl-ecosystem-302304035.html

@daedalean @GhostOnTheHalfShell

> "so wait, they created a cryptocurrency that’s (hypothetically) backed by USD cash reserves?"

they created *many* such cryptocurrencies (though Tether USDT and Circle USDC are the overwhelming majority of the market, recently everyone is launching their own #stablecoin bc it's insanely profitable to collect interest from the US govt and not pay any to your customers. for instance blackrock has a stablecoin #BUIDL and paypal has one #PYUSD)

> "So it’s like having USD in a bank but with crypto?"

that's exactly what it's like.

> "ok, think I get it. It’s a loophole for those (eg russian oligarchs) who are banned from us financial systems to be able to keep USD on hand"

you have understood perfectly. "banking the unbankable" is what i call it (the crypto industry calls it "banking the unbanked")

i wrote a long thing about how Tether works, which BTW is partially owned and run by a member of Trump's cabinet (#HowardLutnick)

https://cryptadamus.substack.com/p/trumps-transition-team-is-tethered