La chose des stablecoins, qui prétend être indexée sur le dollar américain, en réalité n'est pas différente de l'impression privée de monnaie. Dès que le côté des actifs fait faillite, la panique de retrait est plus intense que celle des banques. La régulation devra tôt ou tard l'intégrer dans le système de la banque centrale. La leçon de l'ère des banques libres n'est-elle pas encore suffisante ?

The Wall Street Journal describes stablecoins as essentially private currencies, despite the GENIUS and CLARITY bills promoting compliance, they still pose structural risks to the financial system. Stablecoins pegged to the dollar can easily deviate from 1 USD, and issuers seeking profits may allocate high-risk assets, which could lead to losing the peg during asset declines, triggering redemptions and market chain reactions. Chainalysis states that stablecoins account for about 84% of illegal activities in cryptocurrency, mainly used for transactions, with less than 1% for real economic payments. In the future, stablecoins may face stricter regulation like banks and be deeply integrated into the central bank system, repeating the trajectory of the free banking era in the 19th century.