Introduction: Stablecoins in Context
Stablecoins have become essential infrastructure in crypto, moving trillions of dollars and powering global trading and payments. They succeed because they improve how money moves—making fiat faster, cheaper, and more accessible on-chain.
The Ceiling of Stablecoins
Despite their utility, stablecoins remain tied to the system they represent. They rely on issuers, regulation, and trust in traditional institutions. Their stability comes with trade-offs, including centralized control and exposure to policy decisions. This creates a natural ceiling on how far th