Anyone who’s ever sent a bank transfer overseas is familiar with the painful process of waiting for things like working hours, correspondent banks and settlement times.
In many cases, it would be faster, cheaper and just more efficient to strap the physical cash to a homing pigeon, or slap it in an envelope and send it via DHL.
Stablecoins can move money across borders around the clock, without waiting for the legacy system to fire up its steam engines.
They can settle transactions 24/7, cut out layers of intermediaries and give people access to digital dollars without even needing a traditional bank account.
So do we even need banks any more? And what are the ramifications of stablecoins offering a faster, cheaper and easier way to move money?
The two clocks
Anthony Vassallo, director of crypto at Silicon Valley Bank, which failed in March 2023 and now operates as a division of First Citizens Bank, tells Magazine competition from…
