Stable.Report Summary, Jul.2 - Jul.8
Message to Young People From the New General Manager of the Bank for International Settlement: “stop trying to create money” 🐵 🙈 🙉
General Manager of the BIS: “Glance back into the past and you will see that creating gold or money from nothing has been a regular obsession. It never worked. Even the great physicist Isaac Newton was at one point in his life obsessed by alchemy and the idea of making gold. He was very successful in a number of fields, but in this one he failed. Newton ended up as head of the British Mint. Why? Because he could detect at once if a coin was counterfeit. After he failed in his attempt to make gold, he switched sides and sent counterfeiters to prison. So my message to young people would be: Stop trying to create money!”
MakerDAO Partners with Supply Chain Payments Company TradeShift 🤝
The partnership combines the power of the Tradeshift business commerce platform with the stability and security of the Dai Credit System to establish a supply chain liquidity marketplace for businesses, developers and investors.
Biggest Mileage System in Korea OKCashBag With 35 Million Users Will Use Cryptocurrency 🇰🇷
On July 3, SKPlanet, the same subsidiary of SK that invested in Korbit, told local reports that the probability of OKCashBag integrating a stablecoin is higher than major assets like bitcoin and ether to prevent both users of the mileage system and the company from being affected by the highly volatile nature of digital assets.
A Brief History of Stablecoins (Part 1) 🙇
This piece by BitMEX made the rounds this week. It looks over the history of distributed stablecoins, with a focus on BitShares (BitUSD) and MakerDAO (Dai). It concludes that while a successful stablecoin is likely to represent the holy grail of financial technology, none of the systems examined appear robust enough to scale in a meaningful way.
MakerDao Raises the Debt Ceiling of Circulating DAI from 50 Million to 100 Million 💸
The debt ceiling was originally set at 50 million so that the system could be stress-tested, allow for steady growth, and ensure that Dai remained as stable as possible until the launch of Multi-Collateral Dai at the end of Q3.