Ever since the Gorton & Zhang paper in July, the regulatory discussion about stablecoins has thankfully narrowed to just those that are “convertible to fiat.” This shift in legislative and regulatory focus was also apparent in private conversations, and cemented by the recent publication of proposed legislative changes and regulatory oversight for stablecoins by the President’s Working Group, FDIC, and OCC. This trend has also been reflected in publications out of the ECB and BIS.
To me, it appears that the term “stablecoin” is used very differently within government circles, and implicitly or explicitly excludes Maker and DAI. Just as Maker is not a bank (and the burdens that come with that title), DAI is perhaps best described as something other than a stablecoin (now that stablecoin-specific regulation is being advanced).
When speaking with lawmakers or officials, what are some alternatives we can uses besides stablecoin — now that it appears likely DAI will escape burdensome regulation that is being advocated for our competitors?
I think it’s clear DAI is not “algorithmic” — both in fact and in that regulators are aware those exist and have suggested they will get to them in due course.
So… what are some good alternative colloquialisms to use in place of “stablecoin?” Something informal and without immediately associating Maker/DAI with impending regulations.
Attn: @jacek who might have some ideas already on this