“He was also a key architect of the stablecoin system — currencies without government backing.”
They’re not currencies; they don’t meet the definition.
what's your definition of currency?
They should call them “systems of exchange’...............
In the old days stores would give out wooden nickels. Its the same thing. Airlines give miles. Green stamps give out sticky paper. Private currencies are like coupons. But their coupons have a trading desk to get out. ALthough they paid 15 percent (in their wooden nickels) so people kept their money in to get the 15%. How could this go wrong?