Jan 27, 2019
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What Is a Stablecoin? The Answer Has Become Surprisingly Complex
Stablecoins have splintered from cash-backed dollars into Treasury, basis-trade, and tranched designs. Here’s a guide to the new models and their risks.
➤ Stablecoins have evolved beyond simple dollar-backed tokens to include complex designs like Treasury-backed, basis-trade, and tranched models. ➤ Newer stablecoins are increasingly backed by U.S. Treasury bills, with some passing yield to holders through rebasing or dividends, while others retain it. ➤ More exotic designs carry higher risks of de-pegging due to reliance on financial engineering rather than direct fiat backing, with historical failures serving as cautionary tales.
Belgian soldiers digging up tranches by Mechelen during the First World War, Belgium
Belgian vintage postcard
And now it's frozen
Fall
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Memories