And are they really stable?
BitMEX Founder Arthur Hayes Proposes New Stablecoin Mechanism as CFTC Claims Jurisdiction
Under a new stablecoin mechanism, Hayes proposes using a Bitcoin inverse perpetual swap.
More interestingly...
Hayes suggests a novel stablecoin mechanism when the U.S. is in a supervision power struggle. The U.S. Commodity Futures Trading Commission (CFTC) recently designated stablecoins as commodities.
and
CFTC Chair Rostin Behnam Says Stablecoins Are Commodities At Senate Agriculture Hearing
CFTC Chair Behnam [...] repeated what he has said many times before: “In the absence of direct regulatory and surveillance authority for digital commodities in an underlying cash market, our enforcement authority is by definition reactionary; we can only act after fraud or manipulation has occurred or been uncovered.”
The real issue is "stable" wrt what?
No point pegging to something that will peg it later.
I want a coin pegged to my lifestyle.
and to profit from it.
go figure.