Faryar Shirzad argues that Bank of America’s fears regarding stablecoins eroding bank deposits are misplaced. Instead of harming banks, stablecoins mainly cater to international demand, thus reinforcing the US dollar’s global dominance.
Two-thirds of all stablecoin transactions occur within decentralized finance (DeFi) platforms. Moreover, stablecoin users do not typically align with community bank customers, debunking concerns that their adoption would negatively impact these financial institutions.
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