{"id":4269370,"date":"2022-06-30T16:55:17","date_gmt":"2022-06-30T14:55:17","guid":{"rendered":"https:\/\/www.deptagency.com\/insight\/crypto-is-not-dead-and-neither-are-stablecoins\/"},"modified":"2025-12-08T13:40:48","modified_gmt":"2025-12-08T11:40:48","slug":"crypto-is-not-dead-and-neither-are-stablecoins","status":"publish","type":"article","link":"https:\/\/www.deptagency.com\/en-au\/insight\/crypto-is-not-dead-and-neither-are-stablecoins\/","title":{"rendered":"Crypto is not dead and neither are Stablecoins"},"content":{"rendered":"
\n\t\n\t<\/svg>\n\t\t\t\n\t\t\tBack to all articles\t\t<\/span>\n\t\n<\/button>\n\t\tCrypto is not dead and neither are Stablecoins\t<\/h1>\n\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t<\/picture>\n\t\n\t<\/div>
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\n\t\tJesse Streb\t\t
\n\t\tGlobal SVP, Engineering & Technology\n\t\t\t<\/div>\n<\/div>\n\t
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\n\t\t\t\t\tDate\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t\t30 June 2022\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t<\/div>\n<\/div>\n\n
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\n\t\t\tYou know who doesn\u2019t care about the price of Bitcoin? The blockchain. It just keeps running, and it will keep doing that.\t<\/h2>\t<\/div>\n\n<\/div>\n\n
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\n\t\t\n\t\tIs crypto dead?\t<\/h2>\n\t\t\t\t\t
\n\t\t\t\t\n\n\t\tNope! It\u2019s just less noisy right now.

What\u2019s interesting about all this web3 tech is that the utility of it has nothing to do with the price of a cryptocurrency.

Since web3 is all about exchange of value, it\u2019s no wonder everyone has been so caught up in the dollar signs. We\u2019re seeing the classic\u00a0Gartner Hype Cycle<\/a>\u00a0right before our eyes.

The technology trigger was NFTs and NBA Top Shot\u2019s success: a familiar brand, and over $1B in sales to date. NFTs were \u201cnew\u201d and a little confusing, which led to rampant exuberance and hypebeasts exclaiming \u201cweb3 is going to change everything!\u201d

It will not change\u00a0everything<\/em>. It will give all of us a way to exchange items of value in a \u201ctrustless\u201d way (ie no middleman).

This is a good reminder that if you have a product that does, or will run on the blockchain, the price of a given coin is typically inconsequential. Since the advent of stablecoins this is especially true, despite the collapse of the so-called stablecoin TerraUSD (UST).

Initially, stablecoins provided the necessary bridge between our traditional government-backed fiat money system and the crypto markets.\u00a0

That bridge was widened further thanks to the ability to easily leverage web3 technologies. However, like the rest of the crypto ecosystem, stablecoins have not been excluded from controversy.\u00a0

Before we explore the utility of stablecoins it is important to first understand what stablecoins are, how to avoid future collapses, and coins such as UST.\t<\/p>\n\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t\n\t