TermMax Daily Topic: Stablecoins, which are also a type of interest rate instrument


Many people understand stablecoins as a very simple thing: 1 USD = 1 token.
But from a financial structure perspective, stablecoins are actually a special type of liability instrument. When you hold stablecoins, essentially, it means:
You are holding a liability of a certain issuing entity.
In the traditional financial system, any liability has a core question:
What is the cost of funds?
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