Everyone agrees stablecoins are the most obvious use case crypto has ever produced.


Yet I hardly see anyone going for the second and third order effect markets.
If USD stablecoins are that obvious, non-USD stablecoins should be just as obvious. And if that's true, so is the entire FX market sitting behind them.
FX is the single largest market on earth. Roughly $10 trillion in daily volume. And while onchain EUR/USD trades are starting to pick up, they barely exist yet.
Spot DEX volumes hardly ever exceed $30M a day. That's a 333,000x difference. This market essentially doesn't even exist in crypto yet.
And the case for moving it onchain is the same old story:
Instant settlement instead of waiting days, permissionless markets that never close, the same rates for a small business as for a bulge bracket bank and horrendous fees going down to fractions of a cent.
It surely will take time just as USD stablecoins did, but rarely is something this obvious also this big.
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