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Khaled Mohamed Balama, the big cheese at the Central Bank of the UAE, says this blockchain dirham could boost financial stability and fight crime. It’ll be accepted everywhere, just like the regular dirham, according to some fancy report. Oy vey, more rules! 🙄
Sonic Got a Schmear of Criticism for Their Stablecoin Scheme
The reversal comes after everyone started kvetching about Sonic’s original plan. Algorithmic stablecoins? After that whole Terra debacle? Nu, nu, nu! It’s like opening a deli next door to Katz’s! 🤦♂️
Cronje himself even admitted he’s got PTSD from the last algorithmic stablecoin fiasco:
“We think we’ve cracked the code, but the last time gave me so much PTSD, I don’t know if we should do it. Maybe we should just stick to making a good pastrami on rye.”
Remember the Terra collapse in May 2022? 40 billion dollars, poof! Gone like my appetite after a bad matzah ball soup. UST, that algorithmic stablecoin, was promising over 20% APY before it went belly up.
When UST tanked to 30 cents, Do Kwon, that schnook from Terraform Labs, jumped on X with his “rescue plan.” Meanwhile, LUNA, once a top crypto, went down faster than a lead balloon, from $120 to 84 cents. A real tragedy! 😢
The whole mess sent shockwaves through the crypto world and even got the attention of the politicians. Suddenly, everyone’s a financial expert! 🙄
Now, the European Union is trying to stop another Terra with their Markets in Crypto-Assets Regulation (MiCA). No more funny business with these algorithmic stablecoins!
Meanwhile, people are using stablecoins for small purchases, not big transfers. Makes sense, who’s gonna risk their whole kichel on this stuff? 😉
“We’re seeing smaller transactions, which means people are using them for payments, not moving mountains of money,” said David Pakman, some big shot at CoinFund, during a live show on X. Whatever, as long as I can still buy my rugelach! 😋
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2025-03-29 14:58