> you should not speak about the utility of blockchain.

But most of the engineering around blockchain was to improve throughput (ie off chain transactions)

Its not like you can really do fractional reserve banking on the blockchain, well not practically. this means that you can't treat it like "money" ie the ever increasing supply of non-central bank controlled cash (ie your eurodollar, yen etc.)

There is no utility in stablecoins. They are basically joint stock company, but without an income, or case law to help you when it goes pop. Of course they are popular because they have no regulation and can basically do what banks do, but without any of the oversight need for stability/fraud prevention. "we are going to act like an investment bank, and create money, oh no, not by securities, but by word of mouth, that word being pyramid."