If the financial system doesn't work without a lender-of-last-resort (aka the Fed) willing to print unlimited money in a crisis, does it actually work at all?
What is more likely, a government accustomed to printing infinite amount of its currency moving to a digital hard asset standard or continuing to print its own currency on a smart contract chain?
It would be interesting to take Blast's USDB model and instead of having the yield rebase to the holders on the L2, the holders could vote to direct the yield to fund public goods.
