INTERMEDIATE
From the properties of sound money to the mechanics of collateralised stablecoins, algorithmic failures, and central bank digital currencies — a complete guide to stable value in the digital economy.
From commodity money and the gold standard to fiat currency and Bitcoin — how money evolved, what properties make it work, and why the search for digital sound money began.
The stablecoin trilemma, fiat-backed reserves and their counterparty risks, and the overcollateralised CDP model pioneered by MakerDAO's DAI.
Seigniorage shares, rebase tokens, the Terra/LUNA death spiral, and the hybrid fractional-algorithmic models trying to learn from those failures.
Retail vs wholesale CBDCs, design choices, the global CBDC race (e-CNY, Digital Euro, FedNow), and the privacy and control tensions that programmable state money creates.
How stablecoins power DeFi liquidity and lending, depeg cascade mechanics, the regulatory landscape from MiCA to US stablecoin bills, and a capstone to design your own stablecoin.
