Stablecoins Bad Money For the Modern Age 現代「劣幣」︰穩定幣






Stablecoins — a crypto-token pegged to a fiat currency or some commodity — have become all the rage in the latter half of 2018. The main idea behind a stablecoin is to provide a cryptocurrency with most of the benefits of a blockchain-based currency while keeping its value steady by pegging it to a more stable asset.




However, while it sounds good on the surface, the seemingly simple ethos of value preservation introduces a myriad of economic problems to the market. Problems that both erode the benefits of crypto and bring in centuries-old problems faced by mainstream currencies.




Theoretically, if stablecoins were to become widely-used currencies, we would run into a modified version of Gresham’s Law. This economic law maintains that "bad money drives out good."




In a world where everyone uses stablecoins, the more valuable money or commodity will disappear from the economy. Therefore, once the inevitable complications arise from this peg to the dollar, USD would leave the market.



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