Cape May Dave

capemaydave.bsky.social

18 July 2025 23:43

Money is a curious thing. Store of value and medium of exchange. The two goals are in conflict. I'm interested to see how the rapid adoption of crypto as medium of exchange influences its store of value function.

Jake

ngmi.co

19 June 2025 22:19

should note also, the FDIC deposit insurance fund can only cover 1.31% of insured depositors, whereas stablecoin issuers can cover 100% of depositors www.fdic.gov/quarterly-ba...

SlenderSherbet

slendersherbet.bsky.social

19 June 2025 21:14

UK Weather Latest: So hot, even the cats are melting.

Jake

ngmi.co

19 June 2025 21:09

that means stablecoin reserves must be held at a bank, not that the bank can treat its existing customer deposits as stablecoin backing, as that would break the rehypothecation prohibition just below in that same section:

Jake

ngmi.co

19 June 2025 21:09

Yup, what makes genius act really good is it hardwires rules into the capital stack so it also applies to both banks and nonbanks financial companies (this was sorely lacking in pre-GFC regulations)