6) In fact, nearly *everything* in crypto is quoted in USD, regardless of the country or token. Volumes, prices, market caps -- all quoted in USD. Ask anyone what BTC is trading at; they'll probably say 47k--even if they spend a different currency when they go to the store.
9) ...And let's talk about stablecoins. Stablecoins are the settlement currency of crypto. The vast majority of trades--whether spot, OTC, or futures--are settled not in BTC, nor in wire transfers, but in stablecoins. And what are the largest stablecoins?
8:04 AM · Aug 16, 2021
11) Periodically someone will ask why there aren't more EUR stablecoins; and the answer is... ...Well, actually that would be kinda ok! But not _good_; in fact there would be fairly little point to it. Standardizing units is useful and clean, and the USD is the canonical unit.
13) Now, when time comes to cash out, people do care! Because they have what they're paid in, and want what they spend--both of which probably aren't USD if you're not living in the US. But _within_ crypto, USD is fine. There's no burning need for a different stablecoin base.
14) All of which brings me to this Bloomberg article today: bloomberg.com/opinion/articl…
50 Years After Going Off Gold, the Dollar Must Go for Crypto
After Richard Nixon scrapped Bretton Woods, the U.S. currency’s exorbitant privilege only grew — because the U.S. embraced innovation, not regulation.bloomberg.com
20) It's a hard regulatory balance to strike in the easiest of circumstances; and crypto doesn't make it easy. The industry is moving quickly, and replacing swaths of financial infrastructure as it goes. And some of the early actors weren't exactly welcoming to regulators.