TL;DR
Economist Charles Calomiris argues that stablecoins are ripping apart the traditional bank playbook by “unbundling” payments from lending—think DeFi style—shifting power away from chartered institutions. He stresses that political and regulatory battles will matter far more than the tech itself, and that chasing high yields on stablecoins comes with its own set of risks.
Looking ahead, Calomiris explores whether stablecoins abroad might chip away at the dollar’s global dominance or actually reinforce it, depending on how U.S. policymakers react. It’s a front-row seat to a finance revolution where code, politics and the future of money collide.
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