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Every cycle, someone solves the stablecoin trilemma
@blockonomist
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2026-05-16 22:43:20
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every cycle someone says they've solved it. every cycle. UST was going to solve it. before that there were others. currently there are a few in the design phase that will, apparently, solve it this time. and then we watch. the algorithmic mechanism works fine in bull markets when people want to hold the stablecoin. it faces a confidence crisis. the mint/burn mechanism that should defend the peg becomes the mechanism that destroys value when confidence goes. the death spiral runs faster than any human coordination can respond. the boring fiat-backed ones — USDC, USDT — keep winning by doing one thing: holding the dollars. there's no cleverness. it just works. there's probably a lesson there about when elegance is a liability. the trilemma doesn't bend because someone was smart enough. it bends when the conditions that require it to hold stop being tested. eventually they get tested.
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