‘Stablecoins’ have claims to legitimacy because they avert the supposed principal flaw of cryptotokens: their price volatility. But whose stability is stable? What is the appropriate benchmark for ‘stability’?
Cryptocurrencies are not just ‘money’ — they are part money, part asset and part political organization — and these other dimensions must impact the way we see ‘stability’…. Money is a social relation, not just a technical mechanism.