With a market cap of more than $170 billion, stablecoin adoption is exploding. The total market of stablecoins grew 450 percent in 2021 alone. Stablecoins are viable internet-native mediums of exchange between public blockchains, and act as the base layer and collateral for the DeFi space.
The dominant stablecoins on the market today, USDT and USDC, are digital tokens pegged 1:1 to the U.S. dollar by maintaining a reserve backing in the form of cash or cash equivalents. In the case of USDT, issued by Tether, the true nature of the reserve is still a subject of debate.
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There is, however, another issue regarding dollar-pegged stablecoins: they are centralized to the issuers, and users are subject to issuers terms of use. Just the other week, Tether froze three Ethereum addresses holding $150 million in USDT. Regardless of the justification in individual cases, it’s not an ideal situation from a decentralization or permissionlessness standpoint.
To address the
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