Newsletter XXXI

The challenge of stablecoins to the payment system: between promises and reality.

The advent of “stable coins” has questioned the established positions of major monetary intermediaries. Their stability is illusory, as it ultimately rests on the same pillars as traditional currencies. However, they reduce the costs and time of transactions—especially cross-border ones—and accelerate the digital transition in the banking and financial sector. For the U.S., they are a weapon to defend the sovereignty of the dollar.

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