Building on top of another company's stablecoin is a huge platform risk.
Company's building stablecoin products will want to control when they freeze their customers' funds. They will want to control the interaction with authorities requesting the freeze. They will want to control the process to be able to unfreeze. They will want to control the timing and comms to their customers around a freeze. They will want to control how/what frozen assets are seized.
This is one of the main reasons why we will have hundreds of stablecoins. Companies will demand this level of control over their product and user experience.
https://t.co/akix6Q6d3P
We're officially 200 days into building The Better Money Company. There's much I can't share yet, but plenty I can. We're moving money, clients are onboarding, the team is *growing* and *cooking*. I've never had more fun at work.
Build baby build!
Fypher × TBMC 🤝
Excited to partner with TBMC(@bettermoney_co) to support the future of interoperable stablecoin infrastructure with FYUSD.
Cheers to what’s ahead 🚀
At Consensus? Hit me up.
I’m on stage tomorrow at 10:45, spotlight stage to tell you why stablecoins are better money and how you can use them!
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We're excited to be partnering with @BitGo for custody and compliance across The Better Money Company stablecoin clearinghouse.
Custody comes down to security, compliance, and technology — BitGo leads on all three. They provide exceptional infrastructure out of the box, so we can focus on making stablecoins work together.
Great ep! Different companies will want to have different policies around freezing - like in TradFi.
Another reason for custom stablecoins https://t.co/JzGARZTCIy
Circle isn't the only stablecoin issuer who can freeze their token. And that's probably a good thing.
"If you have a fiat-backed U.S. dollar stablecoin and you don't have this capacity, you are going to break the peg at some point" - @austincampbell
Agreed @toly - but companies will want to own their own freezing/compliance capabilities and can solve this in a bespoke way with custom stablecoins. Not a one-size-fits-all solve from a competitive issuer.
Wrote more here https://t.co/99zftkgd5v
There is nothing stopping a stablecoin competitor from wrapping usdc with their own token and creating a secure clearinghouse with security team based oversight with fast response to hacks.
If you think circle isn’t doing the best job for what the market demands, it’s a huge opportunity.
Well, stablecoin expert was short lived. We're building @bettermoney_co and it's been a long time coming.
We're hiring across the board - especially engineers with payments, ledgering, and distributed systems experience. DM me if you want to build better money.