Opinion: Stablecoins could help crypto companies to escape the banking system, making them more stable and less vulnerable to bank runs.
Boosting financial inclusion is one of crypto’s strongest value propositions. Yet, ironically, the banking crisis has effectively de-banked the crypto industry itself, at least in the United States.
Signature, for one, did not face a bank run. The Federal Deposit Insurance Corporation still took the bank over in a jiffy. Anonymous sources even allegedthat any purchaser “must agree to give up all the crypto business,” though the agency walked back those claims. Our journey toward a more equitable, individual-centric world of crypto was never meant to be easy. The hyper-aggressive response from regulators is also pretty much in line with the expectations. But somehow the authorities, especially in the U.S., don’t seem to realize that their actions are self-destructive.Technological progress has been crucial in taking the U.S. to its current position of dominance in global geopolitics. Emerging crypto-based technologies enabled the nextin this direction.
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