Messari Product Owner: Stablecoin Takes Off Currency Opportunity From Smart Contract Platform

Messari product director Wang Qiao recently tweeted that stablecoins basically stifle the opportunity for all smart contract platforms to accumulate huge currency premiums. ETH soared to $ 1,400 in 2018, mainly because ETH could be used as money for ICOs, and BNB rose to $ 30 in 2019, also because BNB could be used as money for IEOs. Nowadays, if users can use stablecoins to realize the settlement of value transfer in smart contract platforms / ecosystems, then why use native crypto assets with large fluctuations? In addition, stablecoins have stifled the use cases of Bitcoin as a remittance and capital flight. In the over-the-counter market, the transaction volume of stablecoins may have exceeded Bitcoin. However, Bitcoin still has use cases for "irrelevant asset classes" and "digital gold". The stablecoin is only as good as the base fiat currency. As a store of value, Bitcoin is also more shock resistant than stablecoins. When it comes to these use cases, ETH and other smart contract crypto assets cannot be distinguished from Bitcoin at all to overcome their network effects. Wang Qi'ao still believes that smart contract platforms / highly programmable blockchains will change the world, but he is bearish on the native tokens they issue.