StableCoins

Stable coins are digital currencies (probably CryptoCurrency on a BlockChain) that are allegedly pegged to national FiatMoney

(ReadWith) GrandFiatReset

There's a huge risk here ... the organization that pegs / tethers the virtual coin to the fiat really needs to be able to make good on its claim. Ie. it's like a country. If the stable coin is nominally worth $1 then the issuer needs to redeem it for $1. If it can't, it's insolvent.

The BankOfEngland is warning about them https://www.theguardian.com/business/2021/jun/07/digital-currencies-pose-threat-to-economy-warns-bank-of-england

But the big story here seems to be that FaceBook are trying to EmbraceAndExtend the British pound by wrapping it in their stable coin. (FacebookMoney)

In a sense they are becoming more like a "bank" (or the traditional bank which emitted notes as IOUs on stored gold)

This is another battle in TheUltimatePlatformWar