stablcoin’s issuance proceeds should buy us treasuries to earn interest, for the benefit of the shareholders. however the traders make money on p/e multiple expansions. anyway, this is not a new idea, the best real world example is the hong kong currency board, to peg to usd at a constant ratio. it is a new money creation loop. having said that, i don’t trust stable coins at all. it doesn’t have the power to tax hence purely speculation.
Ummm people were ordering books online from Amazon (ergo using their credit card, sending {plastic} money to make a purchase) four years before ... Paypal