John Palmer, a developer and brand adviser, said it “feels like a bug” to call them stablecoins and that they should have a self-defined and non-reactionary name.
Stablecoins, the name given to cryptocurrencies pegged to the price of a stable asset such as the US dollar or gold, have outgrown their label as they become part of the global financial system, said Robert Hackett, head of special projects at a16z crypto.
Hackett said in a report on Friday that the term “stablecoins” was coined in crypto’s early years, when wild volatility defined the space and the tokens were created to maintain stable value and encourage their use for everyday financial activity.
“The name was straightforward, if slightly defensive: not a volatile coin, but a stable one. It described the problem it solved perfectly. But the technology has since outgrown the label,” he said.
