They say history doesn’t repeat; it rhymes. However, the Stablecoin Wars of the 2020s don’t just share syllables with the past, or even lines, but entire verses. Sixty-something years ago, a dynamic was unfolding between US banks that bears an eerily similar dynamic to that being played out between Stablecoins and their issuers today. It revolved around the same medium of exchange (US Dollar) and exhibited the same pattern of fragmentation that we see today. It will result in the exact same o...

They say history doesn’t repeat; it rhymes. However, the Stablecoin Wars of the 2020s don’t just share syllables with the past, or even lines, but entire verses. Sixty-something years ago, a dynamic was unfolding between US banks that bears an eerily similar dynamic to that being played out between Stablecoins and their issuers today. It revolved around the same medium of exchange (US Dollar) and exhibited the same pattern of fragmentation that we see today. It will result in the exact same o...