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Autonomous Stablecoins as Globally Foreign Currencies
By virtue of the autonomy of our stablecoin protocols and by the decentralized nature of blockchains, deployments of our protocols can be considered:
- globally non-territorial: their tokens are not issued within any particular geographical location (unless the underlying blockchain is tied exclusively to such a location).
- de facto sovereignty-resistant: they can continue to run by themselves autonomously on blockchain nodes that are outside the reach of sovereign entities trying to harm it.
A corollary of the two facts above is that autonomous stablecoins are best seen as foreign currencies in every country.
Thus, for example, from a technical and logical point of view, a Djed or Gluon stablecoin pegged to the USD would have a status in the USA (and elsewhere) similar to HKD (Hong Kong Dollar) or SGD (Singapore Dollar); a Djed or Gluon stablecoin pegged to the EUR would have a status similar to the XAF or XOF.
However, instead of being issued by the sovereign monetary authorities of, respectively, Hong Kong, Singapore, Central African countries and West African countries, it is issued by a self-driving monetary policy implemented as a smart contract on a blockchain that is not tied to a particular location.