Bitcoin’s Reliance on Stablecoins Harks Back to the Wild West of Finance

I've always thought that the stablecoins could/would be the downfall of crypto. Seems that people have swept these issues under the rug due to some inconvenient truths. With the reliance on stablecoins, crypto seems to just be repeating the same mistakes and issues that traditional finance already solved.

This passage:

-> There’s more trading between Tether and bitcoin than between bitcoin and all fiat currencies put together

Is a huge red flag to me on where the ecosystem could be going...

Believe it or not --- any stability in crypto is based on the illusion that stablecoins are directly tied to fiat.