স্টেবলকয়েন ব্যাংককে ছাড়িয়ে দিচ্ছে

নিরবন্‌চপশন

আমি ভাবতাম স্টেবলকয়েনগুলোইতোইএকটা crypto gimmick—যতদিনপর্যন্ত I saw a Turkish shopkeeper pay her supplier in USDT instead of lira. No bank branch. No SWIFT fee. Just a QR code scanned at dawn. This isn’t innovation—it’s erosion.

Zero Yield, Infinite Demand

Stablecoin issuers pay nothing. Yet millions hold them anyway. Why? Because the opportunity cost of holding cash isn’t interest—it’s friction. In Argentina or Indonesia, holding your savings in USD-denominated tokens avoids daily devaluation. The real yield isn’t in APY—it’s in survival.

Narrow Banking, Reimagined

Imagine a bank that only holds U.S. Treasuries and issues receipts for money—no loans, no credit risk. That’s narrow banking: the original fintech ideal abandoned by Wall Street in the ‘80s… now revived by Tether and Circle on-chain.

The Real Threat Isn’t Crypto—It’s Currency Competition

Bitcoin? Irrelevant here. Stablecoins aren’t replacing gold—they’re replacing dollars… slowly, silently, through cross-border trade flows no central bank can touch. In Russia-Iran oil trades? USDT is the invoice currency now. In Hong Kong? RMB-stablecoin pilots are quietly scaling under China’s digital yuan architecture—not as competition—but as complement.

The Vulnerability We Ignore

USDC depegged after SVB collapsed—not because of fraud—but because trust is fragile when backed by private entities with opaque reserves. A public good can’t be issued by profit-driven firms without sovereign backstop. We built banks with regulators for a reason.

The Path Forward Isn’t Centralized—or Decentralized—It’s Multi-Currency Infrastructure

China doesn’t need to fight USDT with its own stablecoin. It needs to scale Alipay and WeChat Pay as global rails—with CBDC liquidity bridges connecting ASEAN economies directly. The future isn’t dollar vs euro vs yuan. It’s interoperable rails where value moves like data—with no borders, and no middlemen.