@youngboy
Stablecoin “Interchange” & Why It Doesn’t Work
> The piece argues that treating stablecoins like credit cards and restricting rewards to transactions misunderstands how they work, since stablecoins generate value from reserve yields while being held, not from spending.
> “Policy should follow the physics of the underlying technology. Stablecoins generate value by existing, not just by moving.”
> “Limiting rewards to customer txns is a legacy-brain solution to a problem that doesn't exist.”
> “If Congress wants a competitive, U.S.-led stablecoin market, it must allow the economics to flow where the value is actually created: the holding of the asset itself.”
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