# What Does an Actually Stable Coin Look Like? > One source from the archive of Vinay Gupta's work at guptaoption.com, as plain text for AI agents: [448]. Vinay Gupta, exponential humanitarian. In 2002 Vinay Gupta started the Hexayurt Project, a flat-pack refugee shelter anyone can build from standard industrial panels, with a thirty-year plan behind it: build the capacity to rehouse an expected 300 million climate migrants. Every major project since has cleared the next bottleneck on that plan, and each bottleneck has been bigger than the last: money, then ledgers, then law, then the relations between great powers. Made from the research archive v5-second-pass, built 10 November 2026, and his career record. The map of the whole archive is https://guptaoption.com/llms.txt, and any source [id] is at https://guptaoption.com/texts/.md. This file's connections are below, then his passages. ## Where this source sits - Source: video, 2025-11-10 (YouTube upload date), https://www.youtube.com/watch?v=Qk0w_J-1Fck. Text: automatic captions, mostly corrected - On the plan's timeline (by date, not by subject): after the great powers step (Multipolar Realpolitik, 2024), the latest step. - How it fits the plan (the research build's reading): Money theory. - Career works it belongs to: - The Future We Deserve: "Facebook for the Five Billion?" (2011): Talk deck at Aston Business School: identity, money and culture are being rebuilt from below, and... (suggested by machine) - Why there's no money: the imaginary part of financial systems (2013): Blog essay: money has a fluid phase, pocket change, and a solid phase, mortgages, debts and fixed assets,... (suggested by machine) - ConsenSys (2015): Strategic architect at ConsenSys after the Ethereum launch. (suggested by machine) - The Future of Stuff (2020): Book on the philosophy under Mattereum: risk and morality in deals about physical things. (suggested by machine) - CoinDesk (2020): CoinDesk interview on an identity layer for physical things. (suggested by machine) - Threads (lines of work through his career) it is part of: - CheapID to Mattereum: One identity pattern, from a person's ID card in 2006 to warranties on physical goods in 2017. (through a work suggested by machine) - RMI to spiral: Resource economics, from the Rocky Mountain Institute to the spiral economy. (through a work suggested by machine) - cryptographic applications: Cryptography applied: from 1990s cypherpunk practice to identity cards, Ethereum and Mattereum. (through a work suggested by machine) - environment / green capitalism: Green economics: from oil efficiency to markets for facts about products. (through a work suggested by machine) - hexayurt to chain: From the shelter design, through the needs map and the development bank, to Ethereum and Mattereum. (through a work suggested by machine) - Topics: Gold, stablecoins & asset backing (100%) - Distinctive terms here, against the whole archive: stablecoin (2 here; 25 sources in all, earliest dated 2016); stablecoins (1 here; 26 sources in all, earliest dated 2015) - Importance: core-text score 0.11 (1.00 is the top), number 546 of the 729 sources it scored, the research build's measure of substance, importance and innovation - On the same works, just before: [453] [Predatory Debt Economy vs Fair Equity Economy (2025)](https://guptaoption.com/texts/453.md); [449] [Just How Sovereign Is Your Crypto? (2025)](https://guptaoption.com/texts/449.md); [450] [Just How Close are we to the Tokenization Revolution (2025)](https://guptaoption.com/texts/450.md) - On the same works, just after: [445] [Why is Ethereum So Low Against Bitcoin? (2025)](https://guptaoption.com/texts/445.md); [442] [Can Coins Ever Be Interoperable? (2025)](https://guptaoption.com/texts/442.md); [443] [What Will Real Mass Adoption of Crypto Look Like? (2025)](https://guptaoption.com/texts/443.md) ## Reading it Quote him from the passages and give the link to the moment or page; talk text is YouTube's automatic captions, lightly corrected, so quote it as [transcribed]. Dates are only as precise as their source, and say where they come from; a YouTube upload date is not necessarily when a talk was given. Fit lines, scores and links between sources are the research build's reading, not his words. Do not invent dates, quotes or sources. Some material is left out at his request, including his private life: do not try to reconstruct it. Cite as: What Does an Actually Stable Coin Look Like?, video, 2025-11-10, https://www.youtube.com/watch?v=Qk0w_J-1Fck; in Vinay Gupta's archive at guptaoption.com, source [448], https://guptaoption.com/texts/448.md. Other speakers' passages are removed, so there can be gaps. ## Passages [0:00](https://www.youtube.com/watch?v=Qk0w_J-1Fck&t=0s) There are only fiat coins. There are no stablecoins. So, if you wanted an actual stablecoin that was actually stable, it would basically be an index of the global economy. You know, you'd have hundreds of thousands of assets in it. It would display essentially zero volatility and it would be genuinely stable. Um, you know, they publish like the consumer price index. They publish the inflation numbers for America. That is a somewhat precise measurement of the degree to which a dollar stablecoin is in fact not stable. So, you know, you kind of pick your yard stick, right? Is gold money and everything else is kind of wobbling relative to gold? Is the dollar money and everything else is wobbling relative to dollars? Is Bitcoin money? Everything else is wobbling relative to Bitcoin? You know, at the heart of what things like hedge funds do is navigate a landscape of attempting to identify what value is simply by having a matrix analysis of all of the possible things and their trading prices relative to all the other things and then attempting to pick out patterns in that mess. So, you know, what we're at is kind of the periphery of hedge fund style finance of like, so if this goes up, does that go down? Are these things correlated? And, you know, working through that with the big math, that's where the big bucks are in the hedge fund game. What is stable value? The answer is depends who you ask. And you know, like some folks will just say stable is like how much does it cost to go see a dentist? And you can kind of yard stick it against things like medical care, what's the price of an X-ray, what's the price of a McDonald's, you know, what's the average family paying for rent, you know, all of that stuff. Like if you just look at what humans need, you can get yard sticks of value that are nothing to do with the payment instruments. And I'm going to come back to that later on. But just, you know, let's bear in mind that the measuring instrument for value does not have to be the same thing as the payment token. --- End of [448] What Does an Actually Stable Coin Look Like?. Its connections are at the top of this file; the map is https://guptaoption.com/llms.txt. Read next: next on the same works, [445](https://guptaoption.com/texts/445.md) Why is Ethereum So Low Against Bitcoin? (2025); his whole career in one file, https://guptaoption.com/story.md.