At the end of August, as a result of what happened with Tornado Cash, also involving USDC, which "blacklisted" some addresses, Rune Christensen, co-founder of Maker Dao, published some ideas and thoughts regarding a possible future of DAI - the decentralized stablecoin that works from digital assets used as a guarantee of its value - in which it was not linked 1 to 1 with the US dollar but instead maintained a floating value, not a stable one.

The reason for this de-peg with respect to the dollar is to reduce the regulatory risk due to exposure to so-called Real World Assets, as is the case of USDC, which, although it is a cryptocurrency, is collateralized in real dollars. , therefore it ends up being a representation of the real dollar in the digital world (at least, that is the intention of companies like Circle or Tether). It is important to know that USDC is, today, the most collateralized asset in the DAI protocol.

DAI works in a completely decentralized way, it does not have a company behind it, but a DAO in which the community can vote, therefore it cannot be functional to the needs of governments such as exchanges or other stablecoins that can block addresses or freeze the movements of their tokens. Rune concludes that the only way to get around regulations is full decentralization, while thinking aloud how to achieve it.

DAI is the only stablecoin in the top 100 by market cap that does not have “USD” in its name.

But… Is this total decentralization possible? We may think that by using a decentralized asset in a centralized exchange, we are losing its advantages since we depend on what the exchange decides to let us or not do with our asset. Let's remember what happened with Celsius not allowing its clients to make withdrawals.

As always: Not your keys, not your coins.

On the other hand, in the case of stablecoins, we can ask ourselves how they would work if they were not tied to an asset that is the world reference such as the US dollar.

Would they be tied to another asset like the euro or would they simply seek stability that is not necessarily tied to a real currency? What asset would that be?

Decentralization as a premise involves many points to consider. The first and foremost is“Should I invest in X cryptocurrency?” There is no central bank, country or entity to trust that X currency has value and our money will be safe. Let's remember what happened with Terra and UST, a stablecoin that worked in a logarithmic way and in which a lot of people lost money - despite the fact that a lot of other people understood that it was a ticking time bomb - and when we are talking about decentralization, obviously there is no who to complain to Our money only depends on us.

In conclusion, as participants in the crypto ecosystem, we can ask ourselves to what extent the decentralization that this ecosystem pursues so much goes or not, and also ask ourselves in what cases is it necessary and in what cases are we willing to sacrifice decentralization for convenience, because it is infinitely more comfortable. have our Ether or DAIs in a CEX and be able to exchange them in a practical way for fiat money for immediate use. At the same time, by doing this we have to know that we are doing it in exchange for our information, our privacy and the possibility that regulatory entities can access our information.