Rebuilding the problems already solved by TradFi: Clearing Systems

Author: Stablecoin Blueprint

Translated by: Baihua Blockchain

It will achieve this by reproducing the problems that traditional finance (TradFi) has already solved: the universal interoperability of numerous private currencies (i.e., clearing).

When this happens, fragmentation will disappear, and users will no longer care who issued their dollars, just like in the banking system.

We already live in a world of "multiple stablecoins." They are referred to as bank deposits.

A dollar at Chase is not the same liability as a dollar at Wells Fargo; the risk situation changes once it exceeds the insurance limit of the Federal Deposit Insurance Corporation (FDIC), yet we still consider them completely the same.

Why? Because the system abstracts the issuer.

Clearing networks like ACH and Fedwire continuously coordinate these private currencies in the background. Visa and Mastercard add another layer on top, enabling consumption anytime and anywhere without asking which bank holds the liability.

This perceived uniformity comes from redeemability, spending power, and seamless interoperability, rather than from a single, winner-takes-all issuer.

Stablecoins will follow the same path.

Regulations like the GENIUS Act define reserve and redemption rules, but regulations alone cannot create interchangeability.

It must be paired with infrastructure, namely on-chain systems equivalent to ACH and merchant settlements.

We are still in the early stages. Today, we see interoperability within platforms (@m0, @Stablecoin, @Paxos, @Anchorage, @withAUSD) and the first attempts at cross-issuer clearing (@ubyx_).

Will a single neutral layer emerge? Or will there be multiple competing networks?

Time will tell us the answer. But once users can send, spend, and store value without knowing (or caring) whether it is USDC, PYUSD, or some other coin, this mental model will collapse into a single truth:

It is money. The issuer will gradually fade away.

Article link: https://www.hellobtc.com/kp/du/10/6081.html

Source: https://chukxyz.substack.com/p/how-will-a-future-of-1000-stablecoins

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