Quote from: _act_ on August 13, 2023, 02:14:35 PM

Quote from: Marvell1 on August 13, 2023, 01:46:58 PM

He also shared his view that he will find ways to reduce dependence on the USD and create stablecoins pegged to currencies such as the Yuan or the JPY...

I remember when CZ said he will find other ways. But what other ways has he found now? If he talked about using Yuan and Yen, he is only deceiving himself. Those backed stable coins are backed by their respective fiat, like USDT, USDC, BUSD, TUSD all backed by United States dollar, while coins like Euro Tether backup by Euro which is the second strongest currency in the world. No on can use the fiat of another country to back the stable coin that is not backed by the fiat. Instead, using assets like gold may be better but which would be of small percentage to fiat.

I agree that it's just an idea and things haven't started yet, and implementation takes time so you can't expect it to happen anytime soon. Also, just because it hasn't happened doesn't mean it won't. As I said, the crypto market is too small and won't be strong enough to salvage de-dollarization, this is a political battle and the US needs to confront. Whether stablecoins are pegged to other currencies will depend on the currency wars between countries. Once USD loses its dominance, they will inevitably remove it to support stable coins.