The Digital Currency War Heats Up With A New Proposed Pan-Asian Stablecoin

Plus big growth in open interest in BTC options

Happy Thursday, Blockfolians

The Lede

As questions grow about whether the dollar should remain the world’s global reserve currency, China continues to power up innovations around digital currency.

The latest concept is for a new stablecoin that is functionally backed by an SDR (special drawing rights) basket of collateral including the Japanese yen, Korean won, Hong Kong dollar and the Chinese yuan.

According to CoinDesk, the idea was proposed in the Chinese People’s Political Consultative Conference (PCC), an advisory house that does not have the influence of the National People’s Congress (NPC).

Starbucks, 19 Firms Trialing China's Digital Yuan | PYMNTS.com

Still, that this idea is being proposed reflects a world that appears to be moving to an increasingly multipolar, multi-currency model.

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Community Commentary

Electric Capital’s Avichal Garg shared the firms recent investor letter, discussing among other topics a growing confidence in bitcoin as a store of value
Udi Werheimer and Vitalik Buterin take Twitter’s new “control who replies” tools out for a spin. Pretty interesting, actually.

A Really Big Number We Should Be Paying Attention To 

10x

That’s the increase in open interest in CME bitcoin options this month.


Final Thought

Is Eric Weinstein a pre-coiner?