Why the ‘stablecoin supercycle’ could rewire banking
Some technologists believe more than 100,000 such payment systems could swamp the world within five years
Some technologists believe more than 100,000 such payment systems could swamp the world within five years

Fintechs have touted stablecoins as a way to revolutionise international transfers

Asset-backed digital currencies could pose risks to bedrock of global financial system

The crypto tokens are not yet safe enough to be used at scale in the settlement of large, wholesale financial transactions

Fears that they make it easier for criminals to move money around are based on a misconception

They are no substitute for money, even if usage is growing fast

Banks say rules governing the digital currency are a risk to financial stability. Are they just trying to stamp out competition?