
Stablecoins Are the “Royalists” of the Crypto World: Open USD Lets the Old Monetary System Enter the Arena Itself
Introduction|The arrival of Open USD shifts stablecoin competition from a scramble for market share among crypto startups to a contest over infrastructure in which traditional finance, payment networks, technology platforms, and public-chain ecosystems all take part together. Around this new alliance involving more than 140 institutions, scholar Hu Yilin argues that stablecoins are not the moderate wing of the crypto revolution, but rather something like the “loyalist reformers” inside the old monetary system: they inherit the efficiency of blockchains while preserving the central position of the dollar and the Federal Reserve. The real crypto revolution, in the end, still has to return to a more fundamental question: must market life…
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