This spam of Stablecoins can impact the market in the short term very positive ->much more volume and Billions of "USD`S"
Prepare your selves for a nice $$ injection in the market by USDC.
But in the long run, I believe this can be very dangerous as we get a lot of manipulative power in the ecosystem.
Ah, I see Circle's new stablecoin has been launched. Gemini just launched one as well.
More will follow for sure as it basically means printing money that people might never want back, same as the
1.2 billion $ that sits quietly on the Starbucks cards.
Next will be an avalanche of other currencies like euro, pound, yen, yuan and for sure we're going to have also a large influx of scam coins by fake companies and the madness of useless alts will never end.
A stablecoin issuer, just like an exchange, could inject unbacked money into circulation.
Of course, nobody is stopping them to do otherwise.
And they could simply create a "stable" coin, buy
BTC with it, sell the coins for $...and voilà the coin is backed. By their own money, made out of nothing.
