Crypto has many problems of its own making. Bad user experiences, unsustainable transaction fees, an inability to assess risks in the face of unyielding innovation. But until this year, I doubt anyone would have suggested that an interdependence on the U.S. dollar was one of them.
The introduction of easily tradable, even decentralized, stablecoins has been a godsend for millions of ordinary people. They can now hedge against the constant fluctuations in price of ETH and BTC. And price stability means global commerce need no longer be obviously deterred in integrating programmable money into their digital operations.
And yet, the land of the dollar is in trouble. The full economic repercussions of shutting down an economy for many months are yet to reach its apex. Debt is being monetized on a huge scale. There are huge wealth divides between generations, races and cities.