It is insidious, but a war has broken out and the enemies are closing in from both sides. What hope and aspirations remain for those caught in the middle of the firefight. Will the light fade and does doom await those of us invested in the battle for survival Does this vice like attack, spell the end? Will we see the victors stand over the corpses of the vanquished and will we pay the price for it?
Sorry for the obviously clickbait title and lead in, but if it got your attention it clearly worked.
I am of course talking about the assault on our beloved StableCoins. I first became aware of it when staking rewards stopped on my USDC as a result of MiCA (EU) coming into effect, you may remember me writing about it. Well now, and especially in the light of the incoming Clarity Act (US) a common assault has begun upon them. They have been stripped of the right to be staked and while they can still be used for yielding and lend to earn they have pretty much been rendered dormant.
This has all of course been orchestrated by the whinning banks, who to paraphrase one commentator on my post yesterday, must have been running scared. What this doubled barrelled attack has effectively done though is made StableCoins virtually pointless in any portfolio. You may as well leave it in a savings account earning interest with a bank and that is exactly what the banks wanted.
Victory by stealth by taking out the opposition.
Very soon, if this continues the only value for StableCoins within a crypto portfolio will be to consolidate gains and ride out a dip before locking and loading again.
Somehow I feel robbed, but war is brutal.
As always stay safe and well my friends.
