Pegs do not generate stability out of thin air; volatility cannot be destroyed, only transformed.

With this publication, we will attempt to uncover the underlying mechanisms of stablecoins and cryptocurrencies from a financial plumbing perspective.

It is our strong conviction that stablecoins and cryptocurrencies will have an indispensable part to play in the future of financial intermediation, holding significant promise in improving the traditional financial system. We recognize that there are many complexities in the construction and design of stablecoins and cryptocurrencies. In this publication, we will attempt to explore and elucidate all the unique and nuanced features of this revolutionary asset class in an open-minded manner.

Our framework for understanding stablecoins and cryptocurrencies can be summed up as “strong convictions, loosely pegged” – the inspiration behind the name of our publication.

Unpegged will be a foundational building block, explaining the core themes in stablecoins and cryptocurrencies, upon which further discourse about this innovative field can be properly built. This publication is designed to be somewhat insensitive to whatever the latest news flow is at the moment, aiming instead at tackling the timeless fundamentals. With this publication, we hope to contribute to and inspire a more objective and open exploration of stablecoins and cryptocurrencies, and the gray area between stability and volatility that they currently occupy.

Unpegged is brought to you by a short-term interest rate trader and macro analyst.

We are TradFi people trying to learn about this space and we hope to engage with interested people from both camps (both DeFi-native and TradFi). We welcome and encourage lively discussion and debate on any of these topics from interested market participants.

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Unpegged tackles the mechanisms of stablecoins and cryptocurrencies from a financial plumbing perspective. From a STIR trader and a macro analyst.

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Unpegged tackles the mechanisms of stablecoins and cryptocurrencies from a financial plumbing perspective. From a STIR trader and a macro analyst.