The question is whether USD stablecoins are a separate market from USD generally.
RE: Tether's Troubles Continue: The Antitrust Angle
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Tether's Troubles Continue: The Antitrust Angle
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How can they be separate when they claim to hold reserves of Federal Reserve Notes? ;-)
I actually prefer DAI - until they made some unwise choices.
One way to think of all these dollarised coins is as zero-coupon bonds. Then they could be classed as derivatives.