《Ethereum Foundation Ecosystem Lead: Stablecoins Aren't Necessarily Banks' Enemy, They Could Be a Cash Cow》(Author James Translator Chopper)

Traveler's checks could be accepted at face value globally, not because the paper itself was special, but because American Express, Visa, and Thomas Cook built clearing networks that ensured merchants in any country could exchange checks for cash at face value; stablecoins are now in exactly the same situation. They can cross borders on public blockchains in seconds, but there's no universal mechanism that allows you to redeem them at face value through regulated financial institutions; if yield is permitted, the stablecoin market will experience explosive growth, and they will directly compete with deposits, money market funds, and Treasury bonds for idle capital. Read the full article: