Las monedas estables, que dicen estar vinculadas al dólar, en realidad no son diferentes de la impresión privada de dinero; una vez que la parte de activos colapse, los retiros serán más intensos que en un banco, y tarde o temprano la regulación tendrá que integrarlas en el sistema del banco central. ¿No fue suficiente la lección de la era de los bancos libres?

The Wall Street Journal states that stablecoins are essentially private currencies, despite the GENIUS and CLARITY bills promoting compliance, they still pose structural risks to the financial system. Stablecoins pegged to the dollar can easily deviate from 1 USD, and issuers seeking profits may allocate high-risk assets, which could lead to losing the peg during asset declines, triggering redemptions and market chain reactions. Chainalysis indicates that stablecoins account for about 84% of illegal activities in cryptocurrencies, mainly used for transactions, with less than 1% for real economic payments. In the future, stablecoins may face stricter regulation like banks and be deeply integrated into the central bank system, repeating the trajectory of the free banking era in the 19th century.