Nate Maddrey, senior research analyst at Coin Metrics, joins the show to discuss a recent report published by CM in collaboration with Bitstamp, The Rise of Stablecoins. We talk through the report and analyse some of the charts in depth. In this episode: 

• Why the auditability of public blockchains is so useful for evaluating stablecoins
• Why fiat backed stablecoins have different price dynamics from 'native crypto collateral' backed ones
• How the arbitrage growth cycle works for fiat-backed stablecoins
• What the distribution of ownership and addresses for USDT tells us
• Liquidity for USDT versus USDC and BUSD
• Distinguishing stablecoins based on median transfer value
• Stablecoins as wholesale rather than retail value transfer networks
• What velocity of stablecoins relative to bitcoin and ether tells us