mastodon.gamedev.place is one of the many independent Mastodon servers you can use to participate in the fediverse.
Mastodon server focused on game development and related topics.

Server stats:

5.2K
active users

#buidl

0 posts0 participants0 posts today
Replied in thread

@daedalean @GhostOnTheHalfShell

> "so wait, they created a cryptocurrency that’s (hypothetically) backed by USD cash reserves?"

they created *many* such cryptocurrencies (though Tether USDT and Circle USDC are the overwhelming majority of the market, recently everyone is launching their own #stablecoin bc it's insanely profitable to collect interest from the US govt and not pay any to your customers. for instance blackrock has a stablecoin #BUIDL and paypal has one #PYUSD)

> "So it’s like having USD in a bank but with crypto?"

that's exactly what it's like.

> "ok, think I get it. It’s a loophole for those (eg russian oligarchs) who are banned from us financial systems to be able to keep USD on hand"

you have understood perfectly. "banking the unbankable" is what i call it (the crypto industry calls it "banking the unbanked")

i wrote a long thing about how Tether works, which BTW is partially owned and run by a member of Trump's cabinet (#HowardLutnick)

cryptadamus.substack.com/p/tru

The Cryptocalypse Chronicles · Trump's Transition Team Is Tethered To Thievery (And Worse)By Michel de Cryptadamus