Crypto Isn’t Replacing Fiat — But It’s Changing Everything
Crypto doesn't need to win to matter. It just needs to persist — and it has. This future, where crypto and fiat coexist uneasily, is not a footnote in monetary history. It's the battlefield. And what’s at stake isn’t just which currency we use — it’s who gets to decide. The question now is whether policymakers are ready to govern it — before it governs them.
Why stablecoins are Silicon Valley's Pandora's box
Despite piggybacking on the dollar and often sharing the same blockchain, out of the box their smart contracts remain stubbornly non-interoperable and therefore non-fungible.
Each coin is a brand—and combined with the network effects inherent in money itself, winner-takes-all dynamics emerge. Already, two giants rule: Tether commands a $159 billion market capitalisation - 61% of the market - while Circle's USD Coin holds $62 billion or 24%.