Nic CarterPartner at Castle Island Ventures and Co-creator of Coinmetrics Source
Bank deposit-backed stablecoins will win (and have already won) simply because they're more capital efficient, and that trumps everything. You can get censor-resistance lite from a network of shadow banks willing to back stablecoins. As long as there's some bank worldwide willing to facilitate the issuance of these things, they will exist. Even the decentralized™ stablecoins like Dai/Sai clearly have an issuer/administrator... so it's not clear that they're any more able to resist coercion than, say, an overseas bank in some tax haven somewhere.
There's a reason there's $4.5b worth of Tether outstanding, $450m of USDC, and only ~$100m worth of Dai. It costs >$1.5 to create $1 of Dai, and it costs ~$1 to create $1 of USDT/USDC. The economics is persuasive.
Consider that banks issuing unaccountable stablecoins might converge, censor-resistance-wise, to administrators of crypto-backed stablecoin systems (which do exist). In that case, the bank-issued coins are cheaper.
