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Opinion: The macro-financial significance of stablecoins depends on the ultimate destination of the reserve assets, not the technology layer.

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ME News message, April 27 (UTC+8): Neira, an architect of Tempo’s tokenized finance products, said in a post that the macro-financial significance of payment stablecoins does not lie in the software layer, but in the final destination of the reserve assets: if they flow into bank deposits, they reshape the banking system; if they flow into short-term government bonds, they suppress short-end yields (BIS data: each unit of net inflow reduces the 3-month Treasury yield by 2.5 to 3.5 basis points); if they are held with the central bank, they are close to “narrow bank money.” In the cross-border payments layer, the essence of stablecoins is the currency conversion business—the key bottleneck is the destination counterparties’ ability to pre-extend credit, not on-chain settlement speed. The author believes regulators should monitor reserve destinations and net issuance volume as core indicators, rather than market cap. (Source: Foresight News)
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