Dragonfly Research
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Dragonfly Research

Fighting to be STABLE: the Evolution of Stablecoins

The crypto industry has been in a tizzy lately over a the STABLE Act, a US bill that would require stablecoin issuers to obtain banking charters.

The genesis of crypto money

Stablecoin supply by issuer. Credit: Debank

How long will Tether’s dominance last?

Growth in active Ethereum stablecoin recipient addresses (mostly USDT). Credit: Joel John

Liberty Reserve, Redux

Banned Tether addresses over time (less than 0.1% of addresses). Credit: Dune Analytics

The rise of RUSD

The Curse of Digital Cash

Credit: Mercatus Center

The final form of cryptodollars

The Tether peg (green) vs the Dai peg (red) over 2020. Credit: Coinmetrics
An illustration of ETF create-redeem arbitrage. Credit: Michael Kitces



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Haseeb Qureshi

Investor at Dragonfly Capital. Formerly Metastable, @Airbnb, @earndotcom. Writer. Effective Altruist. Former poker pro. One always finds one's burden again.