Merkle Tree Capital

Stablecoins: the digital aircraft carrier in the fiat wars

by | Dec 12, 2025

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Ryan recently published analysis on Stablecoins on Livewire

Stablecoins are, in effect, tokenised dollars: now moving at internet speed over public blockchains. The market is significant and growing fast, with aggregate fiat-backed supply north of US$300 billion. And the market has already been dollarised, USD making up nearly 99% of...

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