@jacqfhfueline
Stablecoins have evolved into the backbone of digital finance, with issuers effectively acting as shadow banks. As adoption grows, a few large issuers could control significant portions of global liquidity, resembling financial oligopolies. Their power derives from custody of reserves, integration with DeFi, and regulatory capture. For users, this creates efficiency but also concentration risks. For the ecosystem, it raises systemic dependence on private issuers. Stablecoins may represent both innovation and consolidation, blurring the line between fintech and traditional finance.
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