The topic I wanted to discuss last time is this one. In fact, it is not calculated this way; stablecoins cannot be viewed as equivalent to the US dollar. They are not actually equal to 1 USD, but should be equal to the US Treasury bills (TBills) that 1 USD represents. Stablecoins are essentially a representation of US Treasury bills on the blockchain, so

1 USD = 1 USD Tbills = 1 USD (T, C)

The logic of using USD (T, C) to purchase US Treasury bills is also that you first sell the corresponding 1 USD Tbills to exchange for 1 USD, and then use the USD to buy the US Treasury bills.

Therefore, in the cryptocurrency field, using USD (T, C) to purchase or consume is essentially paying with short-term US Treasury bills. When circulating in the market, there is no need to exchange short-term US Treasury bills; only when the acquirer returns USD (T, C) to Tether or Circle do the two companies sell (redeem) the corresponding US Treasury bills, convert them into USD, and provide them to the acquirer.

So, stablecoins do not turn 1 USD into 2 USD.

Interested friends can read the original text: https://x.com/Phyrex_Ni/status/1920882114469523941

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