Manager’s commentary

The relationship between the so-called stablecoins, or currencies that follow the pattern of a Fiat currency, in this case the US dollar, and the rest of the cryptocurrencies, is basically in their form. In other words, both concepts are based on the Blockchain, although they pursue different objectives. Stable currencies are intended for commercial exchange, both internally and externally, of a country, but they are subject to the monetary policies of their principals, at the fiduciary level (USA, for the case at hand). They are, and will always be, “centralized” currencies, so that the events of depreciation or revaluation, inflation or deflation, which have their Fiat currencies, will have the same effect on the digital ones. In the case of Bitcoin, to cite the most representative cryptocurrency, due to its condition as a “decentralized” means of payment, from person to person, it will always be kept away from the monetary policy, and its effects, for or against, of a given country. In the case of the emergence of a U.S. digital currency, it will automatically become a “peer” of Bitcoin, like other Fiat currencies that make it determine its value in the market. Thus, these new forms of payment, which among other things validate and endorse the technology behind cryptocurrencies as a whole, which of course is to be welcomed, will eventually replace “stable” cryptocurrencies, such as Tether (USDT) or US Dollar Coin (USDC), but not Bitcoin or altcoins that do not have the government centralization of a country.