Of course, this will only work if the banking system is allowed to do its job, untrammelled by connected or directed lending. Banks cannot provide “due diligence” scrutiny on loans which they were required to make. The first priority, always, is to get the banks -- the core of the financial system -- sorted out quickly.
Stablecoin networks at global scale are leading us to revisit questions over what form money can take, who or what can issue it, and how payments can be recorded and settled. While central bank money and commercial bank money are the foundations of the modern financial system, nonbank private “money” or assets also facilitate transactions among a network of users.