“Well, bitcoin is a currency. Bitcoin has no underlying rate of return. You know, bonds have an interest coupon. Stocks have earnings and dividends. Gold has nothing, and bitcoin has nothing. There is nothing to support the bitcoin except the hope that you will sell it to somebody for more than you paid for it.”
– John C. Bogle
The Through Line: Financial innovation is advancing quickly, giving participants many ways to invest and transact. Recent regulatory changes in the U.S. are helping create a framework for adoption of stablecoin, a form of digital currency designed to be less volatile than traditional crypto assets have been. What role can stablecoin play – investment or merely transaction conduit? How does it compare to crypto? How might it impact various aspects of the financial services sector? While it is early days and many aspects remain in flux, we profile some of the issues, opportunities and challenges.
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