The Death of “Dumb Money”: Why Stablecoins Are Finally Getting Smart
First-generation stablecoins solved a real problem. They gave crypto markets a stable unit of account and made cross-border value transfer faster and cheaper than legacy systems. But they did this by keeping things simple – a token is a claim on a reserve, and the blockchain moves that claim around. The token itself carries no information about who holds it, why it is being moved, or whether the counterparties on either end are compliant with the rules that […]