TLDR Tech / Crypto
When do stablecoins become a real monetary system?
Stablecoins only become a true monetary system once they're used on the liability side of the economy. This means paying suppliers, wages, and taxes, and that high matching between stablecoin receivables and payables lets economic activity run without constantly converting back to bank deposits. Stablecoins don't eliminate banking but relocate it, becoming a private monetary base on top of which a new form of banking will be rebuilt to supply credit and elasticity.
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