Aaron Brown, Columnist

Stablecoin Battle Is for the Heart of Internet Economy

These cryptocurrencies represent an intermediate concept, linking the web and traditional economies without full integration.

October 30, 2018 at 2:00 AM EDT

By Aaron Brown

Aaron Brown is a former head of financial market research at AQR Capital Management. He is also an active crypto investor, and has venture capital investments and advisory ties with crypto firms.

Cryptocurrencies are battling for the heart of the internet economy.
Photographer: Olga Maltseva/AFP/Getty Images

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The cryptocurrency market was roiled this month by something known as “stablecoins.” These are an odd hybrid and among the most controversial and least-understood cryptocurrencies, but they’re important to the future of the internet economy.

Up until Oct. 10, this month had been quiet for cryptocurrencies. That’s when an intense burst of trading just before midnight New York time pushed Bitcoin prices down by $400 to below $6,200. Then just after midnight five days later an even larger burst pushed prices up by $800 to nearly $7,000.1

Before it’s here, it’s on the Bloomberg Terminal

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