STABLECOINS ARE, to proponents, the respectable face of crypto. In contrast to volatile bitcoin, let alone speculative meme coins, they should be backed by holdings of Treasury bills or other dollar-denominated assets. On paper, this makes them a safer store of value than many fiat currencies and a more viable means of payment than other crypto monies, whose price can swing wildly day to day. They should also fuel demand for Treasuries, making it easier for America to finance its budget deficits.
This article appeared in the Finance & economics section of the print edition under the headline “Too-stablecoins”
From the April 25th 2026 edition
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