WSJ: Is a Stablecoin Innovation or a Digital Mirage of the Old Financial System?
Stablecoins are considered a modern version of a "narrow bank," being private digital tokens pegged to the U.S. dollar, purportedly backed by a one-to-one liquidity reserve, but their stability relies entirely on trust, leaving intact the age-old fragility of the financial system.
BlockBeats•2025-07-31 06:00