Um, yes. Stablecoin issuance that includes Tether is a terrible metric.[1]
(This is a general problem in some areas of finance - is there new money entering the subsystem, or is it the same money going round and round? Crypto is so opaque that you can't tell. NFTs are worse. Coins at least have liquid markets and market prices. NFTs have high asking prices in stalled markets, and wash sales that conceal whether there's any significant resale market at all.)
Comments
Um, yes. Stablecoin issuance that includes Tether is a terrible metric.[1]
(This is a general problem in some areas of finance - is there new money entering the subsystem, or is it the same money going round and round? Crypto is so opaque that you can't tell. NFTs are worse. Coins at least have liquid markets and market prices. NFTs have high asking prices in stalled markets, and wash sales that conceal whether there's any significant resale market at all.)
[1] https://www.coindesk.com/markets/2021/01/11/tether-mints-rec...