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Stablecoin Brief: October 19th, 2023
Key Insights
- Fiat-backed stablecoins rank at number 16 among holders of U.S. Treasuries. The mechanisms behind these stablecoins not only generate strong demand for short-term U.S. Treasuries, but the high rates associated with the Treasuries create the conditions for profitable business models to emerge.
- Real-world assets (RWAs) have become a strong narrative throughout the bear market, with Maker generating significant revenue from its RWA assets.
- Liquid staking protocols and their LSTs provide a relatively new, crypto-native form of collateral to issue stablecoins against, with many protocols vying to grow and build traction.
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Prior to joining Messari, Seth worked in traditional finance software and services, and has a MSc in Applied Mathematics. Seth is a Senior Research Analyst on the Enterprise Research team, and focuses on infrastructure, verifiable compute, and the AI x Crypto intersection.
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