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Euro stablecoins as a pillar of sovereignty
Christine Lagarde, European Central Bank president, is right about one thing: stablecoins force policy-makers to confront a distinction that the existing monetary architecture has long allowed them to manage quietly. Stablecoins are monetary instruments, settlement assets and programmable balance sheet claims at the same time. That’s precisely why they’re uncomfortable. They don’t sit neatly in the retail payments box, nor do they remain confined to wholesale market infrastructure. They inhabit a liminal space – where blockchain allows value to move, settle and interlock seamlessly across domains. That’s ... (full story)