Controversial view but I think the biggest “bubble” of this cycle is in stablecoins
More so than the BTC treasuries
The reason the dollar is so successful is because of the network effect, being used globally
Network effects for a successful stablecoin are everything but by definition, as with payments systems, credit cards etc you can’t have more than a small handful
Tether and Circle won 👏
I don’t really see why we need more dollar based stablecoins
They’re not going to achieve the required network effect to be successful
Interested though if anyone has a thesis why we could see multiple dollar stablecoin networks that can all be successful?
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