Stablecoins, a novel form of interoperable and programmable money, have the potential to rewire the global financial system. They could displace legacy payment and credit card networks, accelerate the unbundling of financial institutions, and expand access to dollars in restricted countries.
The stablecoin wars will be decided by applications rather than technology or incumbency. Regulators may hinder innovators, but the outcome will likely be multiple stablecoins offering lower-cost, faster payments globally.
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