Stablecoins and Financial Stability
Steven shares his skepticism about the current state of stablecoins, emphasizing that while the technology is promising, the product itself may not meet the needs of the financial system. He argues that traditional banks will likely dominate this space, as they can leverage safe assets for backing deposits, unlike stablecoin alternatives. Joe raises valid points about the potential for stablecoins to enhance tech interoperability, but questions the actual demand in developed markets where many banking issues seem abstracted away.In this clip
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