Nate Maddrey, senior research analyst at Coin Metrics, joins the show to discuss a recent report published by CM in collaboration with Bitstamp, The Rise of Stablecoins. We talk through the report and analyse some of the charts in depth. In this episode:Â
- Why the auditability of public blockchains is so useful for evaluating stablecoins
- Why fiat backed stablecoins have different price dynamics from 'native crypto collateral' backed ones
- How the arbitrage growth cycle works for fiat-backed stablecoins
- What the distribution of ownership and addresses for USDT tells us
- Liquidity for USDT versus USDC and BUSD
- Distinguishing stablecoins based on median transfer value
- Stablecoins as wholesale rather than retail value transfer networks
- What velocity of stablecoins relative to bitcoin and ether tells us
