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The article argues that stablecoins are undergoing the same adoption curve as cloud computing—initial resistance, private alternatives, then eventual shift to public infrastructure. The real challenge now is building a regulatory framework that can actually reach all the parties involved (wallets, fintechs, individuals) in ways that worked for banks and cloud providers.
- Banks initially resisted public cloud for safety reasons and used private clouds instead, but regulators clarified compliance rules and made public cloud safer and more attractive—the same thing is happening with stablecoins and cross-border payments now.
- Money has two layers: the message (authorization) moves instantly, but settlement still uses 1970s correspondent banking infrastructure; stablecoins fix the settlement layer to match message speed.
- The shared-responsibility model worked for cloud because regulators could reach providers through their regulated bank customers, but stablecoins involve unregulated entities (fintechs, wallets, individuals) that regulators can't easily pressure—the rulebook hasn't caught up yet.