Great article, JZ--super informative and enlightening! I really appreciate you laying out the differences between fiat crypto and pegged crypto such as stablecoins. Before now, I had been totally unaware of the pegged category of cryptocurrency, and learning about it has changed my entire POV on the system of blockchain-enabled trading.

Before reading this, whenever I thought of cryptocurrency, I would think of volatility, uncertainty, and difficulty (not only in terms of using the currency but also in terms of collecting/purchasing it). In that way, I definitely see the benefits of stablecoins, but their existence raises a lot of questions about the future.

E.g. Will we one day live in a world in which traditional currency is no longer needs to exist? And if that day comes, how will stablecoins be pegged? What will they be pegged to? In other words, if a new invention is relying on a legacy system to maintain consistency, what happens if enough people switch over and the legacy system becomes obsolete? Just some things to ponder... well done!