**Summary:**

In this video, Task discusses stablecoins and their tie to currencies outside the US dollar. He mentions an announcement, possibly by Tether, about tying a stablecoin to a currency other than the dollar and emphasizes the importance of understanding the US dollar's power and role as the global unit of account. Task argues that stablecoins pegged to currencies other than the dollar may not make sense given the dollar's stability and dominance in the international monetary system. He highlights the global nature of the digital world where stablecoins and cryptocurrencies operate, making regional pegging less effective. Task stresses the value of stability in stablecoins, contrasting its volatility with that of Bitcoin. He critiques misconceptions around the backing of the US dollar and concludes by emphasizing the necessity of understanding the monetary system for accurate predictions and decision-making in the crypto space.

**Detailed Article:**

Task discusses the topic of stablecoins in relation to tying them to currencies beyond the US dollar. He mentions an unspecified announcement, which he believes to be from Tether, about introducing a stablecoin pegged to a different currency, challenging the rationale behind such a move. Task argues that this decision stems from a misunderstanding of the US dollar's significance and power in the global financial system.

He delves into the historical stability and longevity of the US dollar as the predominant unit of account in international transactions for several decades. Task emphasizes the importance of pegging stablecoins to the US dollar, given its widespread acceptance and adoption in the global banking system. He distinguishes between the concept of pegging stablecoins to a unit of account versus debates around backing assets or algorithms and highlights the US dollar's enduring role in the monetary landscape.

Task addresses the misconception that stablecoins tied to currencies other than the dollar could be beneficial for specific markets, arguing that the digital nature of stablecoins makes them inherently global assets. He illustrates the worldwide reach of digital platforms like Amazon, Facebook, and gaming, demonstrating the need for stablecoins with global applicability and stability.

Furthermore, Task underscores the value of stability in stablecoins, contrasting their fluctuation with the volatility of cryptocurrencies like Bitcoin. He critiques common arguments surrounding the backing of the US dollar, rejecting notions of its worthlessness and attributing its value to factors beyond mere faith in the US government.

In conclusion, Task stresses the importance of comprehending the intricacies of the monetary system to make informed decisions in the crypto space. By debunking misconceptions and emphasizing the enduring strength of the US dollar, he advocates for stablecoins pegged to the dollar for long-term success and stability in the evolving digital financial landscape.

It is very important to have Stablecoins in the markets since for investors with a certain degree of caution it is great and everything to be much safer that Stablecoin must be backed by the same amount of USD and avoid the problems that we have seen in recent days.

I completely agree and stablecoins will be sticking around until the value of items starts being accepted as something other than fiat. It's the world's reserve currency and anyone can figure out the value by comparing it to the dollar.

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A stable coin is not just about pegging to USD, by and large, the adoption is also tied to a Stablecoin. How good the pegging mechanism is, one thing, but the moment you think to change it or use a different peg might prove to be a setback in the context of onboarding the users from the traditional market.

Stablecoin is also an instrument to bridge the crypto and traditional market, unless the world starts accepting a different form of currency to manage their day-to-day finances, it would be futile to think about any other option. The way forward at the moment should be to look for the best possible pegging mechanism. As such this is also not a problem, the major problem is manipulation, fake minting of coins to push the market, and not being transparent when it comes to accountability. So the crypto community should fix these issues to keep Stablecoins in good standing with the Crypto ecosystem.  

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The USD is what everything in the world is measured against, which is very hard to replace. And I don’t see it happen anytime soon. So, it is indeed important to tie things or coins to the USD, or measure it against it, like we do with Bitcoin, when it comes to alt coins.

A stable coin tied to the Australian Dollar would make no sense and wouldn’t get traction imo

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Agreed. The dollar is the worlds reserve currency, and the U.S. probably the worlds strongest or biggest economy. Stablecoins tied to the dollar seem pretty natural in traditional finance.

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Tether came out with their gold pegged coin a couple of years ago and PAXG did the same thing. It's good to have that as a hedge if you want to be exposed to the price of gold without having to pay the physical premium that is being charged today. 

They just aren't extremely popular, but it's nice if you want to trade those assets outside of the traditional markets. 

First story about Luna collapse I read,  said Blackrock made a deal with Do Kwon and  then dumped all the assets they had agreed to HODL.  RatFink LARRY 
Thanks a lot asshole