The founder and managing partner of the venture capital firm Sentinel Global, Jeremy Kranz, stated that investors should exercise "cautious discernment" when considering privately issued stablecoins, as these stablecoins carry all the risks associated with central bank digital currencies (CBDCs), along with their unique risks.
Kranz referred to privately issued stablecoins as "central commercial digital currencies," which possess the same monitoring, backdoor, programmability, and control features as CBDCs. He told Cointelegraph:
Kranz added that over-collateralized stablecoin issuers support their blockchain tokens with cash and short-term government securities, and if too many holders attempt to redeem their tokens simultaneously, they may face a "bank run."
He informed Cointelegraph that algorithmic and synthetic stablecoins that rely on software or complex transactions to maintain a dollar peg also have their own counterparty risks and dependencies, such as the risk of decoupling due to volatility or flash crashes in the crypto derivatives market.
Kranz stated that technology is a neutral tool that can be used to build a better financial future for humanity, but it can also be misused. The outcome depends on whether individual investors carefully read the terms, understand the risks, and make informed choices about the financial instruments they choose to hold.
Kranz told Cointelegraph that the rapid innovation pace of stablecoins, cryptocurrencies, and tokenization technology is akin to "10 black swan events," emphasizing that rapid and disruptive technological advancements will bring both opportunities and risks.
According to DeFiLlama, the market capitalization of stablecoins surpassed the $300 billion milestone in October.
Stablecoins have received heightened attention following the passage of the GENIUS stablecoin bill in the U.S., which has elicited mixed reactions from lawmakers.
U.S. Representative Marjorie Taylor Greene from Georgia referred to the bill as a Trojan horse for CBDCs. "This bill regulates stablecoins and facilitates backdoor central bank digital currencies," she said in a post on X on July 15.
"The Federal Reserve has been planning CBDCs for years, which will open the door to push you into a cashless society and digital currency, allowing authoritarian governments to weaponize it against you and control your buying and selling capabilities," she added.
Related: Stablecoins Say Goodbye to the "Lying Flat" Era: The Rise of Yield Products and Exchanges Competing for New Asset Appreciation Tracks
Original: “Venture Capitalist: Stablecoins are just CBDCs in Private Issuance Packaging”
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