I’m starting to think stablecoin infra might be slightly ahead of its time similar to RWAs.
Whilst it’s been a major focus this year, bad market conditions exposed some of these companies and many have already unwounded. As they say, bodies continue to surface months after a black swan.
After the performance of XPL and the debacle with Bybit I would say confidently a lot of people have lost trust in anyone building similar infra. Especially since a lot of these companies were doing shady things behind the scenes whether it was not having assets in the treasuries or just sound obscene borrow lending “delta neutral” strategies.
If you’re not using USDC USDT DAI who knows wtf could happen. My biggest worry for this sector is Ethena randomly depegging but don’t think that’s a real concern atm.
Anyways, this stuff might take an extra 2+ years before it’s time in the spotlight again.
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It's disturbing to see how @StablesLabs depegged 94% and has had zero communication with their users so far after posting a useless form.
The account has not tweeted since and hasn't even renewed their bluecheck, I had their lead BDs telegram handle which is now unavailable and their CEO @goXmoonman has also not tweeted ever since after their users lost millions of dollars.
I'm sure their investors have also lost a lot of money but it would be great if they stepped in since these lot raised 45M dollars in their pre-seed round.
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