Ethereum Foundation Ecosystem Lead: Stablecoins are not necessarily enemies of banks; they can be a money tree (Author James, translated by Chopper)

Traveler's checks can be accepted at face value worldwide, not because the paper itself is special, but because American Express, Visa, and Thomas Cook built clearing networks that ensure merchants in any country can 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 is no universal mechanism that allows you to redeem them at face value through regulated financial institutions; if yields are permitted, the stablecoin market will experience explosive growth, directly competing with deposits, money market funds, and Treasury bonds for idle funds.