PANews reported on October 6th that Paradigm co-founder Matt Huang wrote that people used to joke that cryptocurrencies were a product of the Zero Interest Rate Era (ZIRP) (loose monetary policy led to the rise of speculative assets). Ironically, it was the end of the ZIRP era that spawned the stablecoin supercycle: cloud dollar banking, widening interest rate differentials compared to traditional finance, and stablecoin issuers earning billions of dollars for global distribution.