Wondering if all stablecoins (besides maybe USDC) are just tokenized shorts on Bitcoin and other cryptos. They mint more tokens to chase positive funding rates for their pair and collect by going short, and then they mint more again when the bitcoin price moves up to add collateral to their shorts. Tether may effectively function as a ~$180b synthetic short on Bitcoin…
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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