We have frequently insisted that the current speculative mania is sui generis, reflecting an upwelling of wild-eyed gambling that makes all the historically famous manias that have gone before seem like tiny potatoes. So today we get yet another case in proof.
It seems that the cryptoverse got its panties in a bunch because some mean man at the SEC threatened to put the kibosh on Coinbase’s proposed token lending program, which would pay investors a 4% annual yield on deposits of their USD stablecoins (USDC). In turn, Coinbase was going to make a profit by lending USDC to hedge funds, exchanges, institutional traders, and by issuing asset-backed loans to retail customers.
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