THE TYRANNY OF STABLECOINS: A FALSE SECURITY

In a world reeling, where value dissolves and money melts like ice in the sun, the promise of stability resonates like a sweet song. A magic word has emerged: stablecoin. It reassures, it soothes, it gives the impression of finally being able to breathe in a chaotic universe. For many, these dollar-backed cryptocurrencies have become the ideal tool for navigating between traditional finance and the digital world. A sort of ideal bridge, a temporary shelter in the storm. But this refuge is a decoy. Because what stablecoins sell as stability is nothing more than a disguised continuation of the old system. A fiat reincarnated, reprogrammed, but still just as toxic. The dollar, with its chains, its debt, its control, its illusions. Just dressed up in a new way.

Stablecoins are not cryptocurrencies. Not in the philosophical sense of the term. They don't challenge anything. They don't break any monopoly. They don't bother central banks. On the contrary, they extend their power. They even give them a second wind. By cloning the dollar on the blockchain, offering it mobility, speed, and accessibility, they restore a technological relevance it was losing. The dollar is collapsing in the real world, but it is reborn in the virtual world. Fiat dies on government balance sheets, but it is resurrected in digital wallets. What stablecoins call stability is the perpetuation of a system already falling into ruin.

And this ruin is very real. The dollar has been unbacked by anything since 1971. Its value depends solely on the trust placed in it, on the United States' ability to impose its military, diplomatic, and economic domination. For decades, it has been printed at will, diluted, and manipulated. It has become a tool of power as much as a tool of exchange. And yet, it is this same dollar that stablecoins choose to imitate, follow, and serve. This is not a revolution, but a submission.

The most tragic thing is that many believe it represents progress. In countries where the local currency is disintegrating, where hyperinflation is turning wages to dust, where banks are locking accounts, USDT is seen as a liberation. In Lebanon, Nigeria, Argentina, and Venezuela, people are flocking to stablecoins to protect what they can of their savings. And we understand why. In the short term, they allow them to breathe. To escape an immediate hell. But this breath of fresh air only delays the asphyxiation. Because USDT is not a solution. It's a substitute. A replacement dependency. We are moving from a sick local currency to a cancerous global currency. This is not an exit from the system. It's a transfer of servitude.

Monetary sovereignty isn't won by changing jailers. It isn't built by adopting a foreign currency, especially when that currency itself is in its terminal phase. What stablecoins are fostering isn't a monetary revolution, but a digital colonization. A discreet, but formidably effective, imperialism. Where guns and banks can no longer impose the dollar, blockchain takes over. It's no longer the US Army. It's USDT.

And it's no coincidence that financial institutions, large funds, regulators, and authoritarian states tolerate stablecoins far more than they tolerate Bitcoin. Because the former don't disrupt anything. They are controllable, freezeable, traceable. They are issued by companies, with offices, managers, and bank accounts. They can be regulated, blocked, and subjugated. Bitcoin, on the other hand, answers to no one. It doesn't obey. It is a headless protocol, without a master, without a gateway. And that is precisely what makes it dangerous for those who hold the reins.

Stablecoin proponents like to repeat that these tools are neutral. Just practical, efficient payment instruments, adapted to decentralized finance. But this supposed neutrality evaporates as soon as a power intervenes. Tether has already frozen addresses. Circle too. Tomorrow, if political pressure is exerted, issuers will be able to suspend accounts, block funds, deactivate wallets. A stablecoin is not a cryptographic promise. It's a commercial promise. It holds as long as the market wants it to. It can be broken at any time.

The biggest trap is habit. We quickly get used to the idea of having a “crypto” that doesn’t move. That retains its value. That facilitates transfers. That behaves like a dollar, but without the banks. So we use it. We build services around it. We build an entire economy on this shaky foundation. And without realizing it, we make the dollar even more powerful. We strengthen the mechanisms of monetary control. We sink into a new dependence, but this time deeper, more global, more difficult to identify.

And while all this is normalizing, central banks are moving their pawns. They're observing, testing, learning. They're watching how stablecoins work, how people adopt them, how money flows. And soon, they'll be proposing their own version: CBDCs. State-owned stablecoins. Backed by official currency. Managed directly by the central bank. Connected to digital identity. Programmable. Geolocatable. Perishable. Totally controllable.

The stablecoin is a Trojan horse. It familiarizes the masses with the idea of a non-physical digital currency. It makes the interfaces, practices, and reflexes acceptable. Then one day, they will be offered an “official,” “guaranteed,” “secure” version. And those who enthusiastically adopted stablecoins will resignedly embrace CBDCs. What seemed like a step toward freedom will become the foundation of absolute control.

What we're witnessing is a subtle but brutal inversion: the technology meant to liberate us is being used to connect us more securely to those who hold us on leashes. The weapon of liberation is being turned against the people. And in this setting, stablecoins are the double agents. They speak the language of crypto but serve the interests of fiat. They borrow the tools of change to cement continuity. They give the illusion of newness while perpetuating the old world.

And this is where the only real breakthrough comes in: Bitcoin. It doesn't make empty promises. It doesn't promise immediate tranquility, nor artificial stability. It doesn't seek to reproduce the old world with more modern code. It offers something else. A currency without banks. A currency without borders. A currency without dilution. It is unstable in the short term, it's true. But it is predictable in the long term. It doesn't guarantee comfort, but it does guarantee sovereignty. It doesn't protect against risk, but it makes you responsible. It doesn't follow the dollar, it emancipates itself from it.

Bitcoin doesn't depend on anyone. It doesn't freeze. It doesn't confiscate. It doesn't shut down on weekends. It obeys no central bank. It's no one's debt. It doesn't exist to serve the established order. It exists to offer an exit. A real one. One that isn't backed by a mirage, but by a code. One that doesn't promise order, but freedom.

And that's precisely what stablecoins will never be able to offer. Because they were born to reproduce. Not to create. Because they reassure where they should be disruptive. Because they keep us where we should be leaving. Because they resemble change, but they are its antidote. Every time a user replaces their local currency with stablecoins, they strengthen the dollar. Every time a platform favors USDT as a unit of account, it turns its back on decentralization. Every time a wallet fills with digitized fiat, it's a victory for the system we claim to be fighting. True resistance isn't in comfort. It's in disruption. In the discomfort of the long term. In patience, conviction, autonomy.

Bitcoin is that fault line. It doesn't hold your hand. It gives you the keys. It doesn't guide you. It sets you free. And in a world where everything is surveillance, dependence, and dilution, this liberation is a vital necessity. It's not a fad. It's not an asset. It's not just another tool. It's an exit. A voluntary exile. A radical refusal. A declaration of monetary independence. And as long as we continue to confuse false securities with true freedoms, stablecoins will continue to gain ground. Until the day when nothing remains of the cypherpunk spirit, nothing of the initial promise, nothing of the breath of revolt that gave birth to Bitcoin.

Let's not be the architects of a new trap. Let's reject chains, even golden ones. Even digital ones. Even temporary ones. Because in the end, it's always the system that wins if we play by its rules.

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