fxUSD can be understood as an ultra-minimalist stablecoin asset system, central bank level. Here's my raw, minimalist, and straightforward interpretation: M0 = WBTC + stETH The cornerstone of blockchain + the cornerstone of smart contracts M1 = fxUSD stablecoin Not pegged to USD or EUR, only anchored to the core value sources of the crypto world: Bitcoin + Ethereum. Its credibility comes from BTC's scarcity + ETH's ecosystem value. Essentially, it uses volatile assets to compress stable credit. The risk isn’t in the peg, it’s in liquidation. There’s only one scenario where it goes to zero: BTC and ETH both go to zero. But if that really happens, it’s not fxUSD’s problem—it’s the entire crypto blockchain’s problem. @protocol_fx @FX100Perp @VitalikButerin