Banks are finally waking up, asking 'what did stablecoins ever do for us?'

A former banking executive is questioning the long-term viability of stablecoins as traditional financial institutions start exploring their own digital currencies. The core argument is that as banks build better, regulated digital payment rails, the original technical advantages of stablecoins—like 24/7 operation and global access—may become less unique.

For users and engineers, this means the crypto ecosystem's 'killer app' could be cannibalized by the very institutions it aimed to disrupt. The real-world impact is a blurring of lines where crypto firms act more like banks, and banks adopt crypto-like features. The takeaway is a classic tech industry cycle: the disruptive upstart's innovations are absorbed by the old guard, leaving everyone to wonder what the point was.