Hark, gentle readers! Attend to the pronouncements of one Diogo Monica, a general partner at Haun Ventures, who doth declare that stablecoins may possess a safety exceeding that of deposits nestled within the coffers of commercial banks. Quelle surprise! 😮
In Paris, at the Proof of Talk conference, amidst a panel sagely titled “Stablecoins: Programmable Money in a Digital World,” on this tenth day of June, in the year of our Lord 2025, Monica didst opine that many a stablecoin finds its backing in reserves held at globally systemically important banks (G-SIBs) or in short-term US Treasury bills. These, he doth argue, are more secure than the common bank deposit. Can you imagine? 🏦➡️💨
“’Tis, in sooth, far better than a dollar languishing in a commercial bank,” quoth Monica. A statement bold enough to make even Louis XIV raise an eyebrow! 🤨
The crux of Monica’s argument lies in the understanding that a deposit in a commercial bank is, in essence, a liability for said bank. Should the bank falter, the creditor (that’s you, dear depositor!) may find themselves in dire straits, particularly if bereft of depositor insurance. A stablecoin issuer of repute, however, is expected to lean upon G-SIB deposits or short-term treasury bills, which are, arguably, of a safer constitution. 🛡️
“An ‘Auditor’s Report’ or an ‘Accountant Report’ is not a formal audit at all! Despite the claims, Tether has never submitted its alleged reserves to a real unrestricted, third-party audit!”
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2025-06-10 17:05