Stablecoins Were Meant to Disrupt Finance. Instead, They Became Idle Cash.
CoinDesk·
60-second summary
Stablecoins are being used as idle cash, contrary to their intended purpose of disrupting finance. According to O'Connor, they have scaled as money but not as capital, with over $150 billion in circulation, primarily held for liquidity and stability rather than investment or lending, limiting their potential for financial innovation and growth.
O’Connor argues that crypto’s clearest success story has scaled as money but not as capital.