August 23, 2021: The Stablecoin Safe 🔐💰

Curve Boasts the Largest Supply of Stablecoins Among Decentralized Protocols

If you need to locate a massive stash of Stablecoins, where would you look?

You could try Binance, but it’s a bit risky to sneak past the yellow tape marking off the scene of an active investigation.

No, your best bet is Curve, which has a greater supply of stablecoins than major services like Huobi and Coinbase.

Yano @JasonYanowitz

Uniswap and Curve now hold as many stablecoins as peers like Huobi and Coinbase Credit: @OurNetwork__ @nansen_ai

This is particularly significant if you’ve been paying attention to Visa. In March, Visa announced they would start settling some debts using USDC. Naturally, this requires using Ethereum, unless Visa is using a sidechain.

Lest you thought this was merely a trial balloon, Visa just doubled down on their commitment to cryptocurrency with the purchase of Crypto Punk #7610.

VisaNews @VisaNews

Over the last 60 years, Visa has built a collection of historic commerce artifacts - from early paper credit cards to the zip-zap machine. Today, as we enter a new era of NFT-commerce, Visa welcomes CryptoPunk #7610 to our collection.

vi.saCryptoPunks: Details for Punk #7610CryptoPunks are 10,000 collectible characters on the Ethereum blockchain. These are the details for Punk #7610

How many such gestures would it take to convince even the firmest no-coiner that this is for real? If it’s merely a publicity stunt, how many publicity stunts threaten to fund their own operation?

Qiao Wang @QwQiao

A mere $150k investment is getting the entire Internet talking about it. Not to mention that $150k will probably go up in value. Whoever pushed for this internally at Visa deserves a promotion.

And what glorious takes. Ouch… my sides…

icebergy ❄️ @icebergy_

Can’t believe visa is laundering money buying that crypto punk

cobie @CryptoCobain

Down with the bankers and middle men*! * unless they’re buying stuff we own and we can use this as a narrative to get richer

Calvin Liu @cjliu49

VISA BOUGHT A PUNK!! Drop a picture of your credit card (both sides) to celebrate!!

The presumptive trendline points in the direction of greater stablecoin adoption. We note that Coinbase is beefing up its policies around USDC.

Emilie Choi @emiliemc

1/ Quick update on USDC. Starting September 2021, USDC reserves will be held in cash and short-duration US government treasuries. This is the approach we want for USDC reserves.

centre.ioUSDC Reserves CompositionUSDC Reserves Composition

Whichever entity allows for more general acceptance of USDC and other stablecoins could unlock a boatload of crypto wealth.

Ξmilio Frangella @The3D_

I would be subscribed to way more digital services if they would just accept DAI or USD for payments

We assume the prior author meant USDT or USDC… relative to its functionality, USD already has far greater acceptance than it deserves.

Ryan Selkis @twobitidiot

Long USDC. Short USD.

nagaking @nagakingg

@twobitidiot Unironically been doing this all year to collect that sweet DeFi yield

And thus we come full circle. It’s no accident Curve has attracted the largest decentralized cache of stablecoins in the crypto universe. The yield farming rewards are juicy, so we can only assume Curve remains the popular destination as USD increasingly finds its way into stablecoins.

How many years until the powers that be catch on and designate Curve to be so systemically important it is labeled “too big to fail?”

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For more info, check our live market data at https://curvemarketcap.com/ or our subscribe to our daily newsletter at https://curve.substack.com/. Nothing in our newsletter can be construed as financial advice. Author is a Curve maximalist and is long USDC/USDT/DAI.