A Stablecoin is a cryptocurrency asset that has a one-one or stable exchange rate with an underlying fiat currency. Different Stablecoins employ differing mechanisms to maintain stability, though their use case is similar: to have a stable cryptocurrency asset that allows for easy trading in and out of payments currencies.
A ‘Stablecoin Banknote’ is an oxymoron; it is a cash-like representation of self-similar cash. Then, why produce a Stablecoin Banknote? …because it offers an interesting investigation into the brand and psychology of money, blockchain, and a future vision.
THE DAI ‘HISTORICAL’ SERIES
DAI is an asset-backed cryptocurrency, and the first stablecoin on the Ethereum blockchain. Its sophisticated mechanism allows for a guarantee of stability through multiple asset backing. It can be used for hedging, payments, lending, and allows investors a 1-1 US Dollar safe haven without exiting the crypto market.
This series extrapolates the psychology of cash’s major touchstone – the design of the US Dollar, and extends it into the crypto space. The series uses authentic banknote design and historical US figures to apply gravitas to DAI’s innovation. Whilst this series is denominated in DAI, it isn’t intended to be an extension of DAI’s existing brand. It acknowledges DAI in the design’s text, and with DAI’s logo in red, but that is the extent of the DAI brand on this design. Instead, the series is 1) a design and brand challenge, to give an existing Stablecoin a new and distinct persona, and 2) an inquiry into the mythology of DAI’s 1-1 basis: the United Sates Dollar.
What will become a family of five designs, each symbolizes a moment in the US Dollar’s brand:
50 DAI – Freedom
100 DAI – Industry
200 DAI – Mythology
500 DAI – Consumerism
1000 DAI – Finance/Mercantilism
This series will feature prominent figures from history, all of whom were integral to the Unites States Dollar’s brand – it’s logo, and psychological meaning. This is a perfect way of marrying the mostly faceless brand of stablecoin cryptocurrency, with the rich power of the world’s reserve. It is a celebration of the innovation of a stable crypto dollar, as the ultimate iteration of the the Dollar’s global function.
The 100 DAI features Samuel Slater, a key figure in America’s industrial revolution. Cryptocurrency has been likened to that time, with incredible opportunities and risks. Slater recalls a moment of technological revolution in US history that is paralleled by DAI’s innovation.
These designs are not meant to challenge fiat currency. They’re an artistic, graphic and branding exercise. Their likeness to US cash is balanced by their title ‘The Union of American Republics’ – a fictional jurisdiction that represents a future vision of America.