Matt Levine’s Money Stuff: Stablecoins Might Have to Be Banks

Stablecoin report

A few years ago, the hot thing in crypto was the “initial coin offering.” I could tell you a story in which initial coin offerings represented a truly new and interesting way to fund projects. Before ICOs came along, projects — say, the development of a new internet thing — might be funded by a corporation, which would then own the project and make a lot of money if it succeeded. Or they might be created by volunteers in an open-source system, and then nobody would own the project or get rich. Or they might be funded by the government, which ...