Editorial Board
Stablecoins Should Be for Moving Money, Not Saving It
If technology startups want to compete for deposits, they can apply for bank charters.
A reasonable first step.
Photographer: Brendan Smialowski/AFP
Cryptocurrencies are hot, and none more so than the so-called stablecoins that mimic dollars. There’s a good reason for that: Although they aren’t without risks, they do provide a fast and cheap method of transferring cash, something American consumers badly need.
For regulators, the goal should be to ensure that stablecoins can provide much-needed competition in the payments business without destabilizing the banking system.