[csomar]

I agree with the premise that on a tech basis, a centralized ledger is just as good, if not better, than a decentralized one.

The problem stablecoins are solving are self-inflicted: KYC to open a bank account, restricted nationalities, account freezes, capital controls, taxation over-reach, etc.

At some point someone figured out that if they start over, there is a lot of “value” to be unlocked out there; and paid/lobbied/sponsored the right person to execute on that.