A solution looking for a problem --- one that the Fed has already solved.<p>FedNow offers instant, low cost $ based transactions from your existing FDIC insured bank account. It's fairly new and not fully implemented at every bank just yet but it's coming!<p>How does this uninsured "cowboy" token pegged to the same $ currency improve on this? Are they looking to better support money laundering or something?
> Stablecoins are supposed to keep parity with an underlying asset, usually the U.S. dollar<p>This always stumps me: This cryptocurrency's value is tied to a fiat currency? Therefore, it's less a currency and more of a method of payment.<p>How does any cryptocurrency establish its own scope - universe if you will - if ultimately, it's pegged to a non-crypto currency (e.g., the dollar). How does a crypto currency avoid the financial "mood swings" of the currency it's pegged to?