alt Hacker NewsMost people don't realize they're inside a plexiglass shielded financial jail until they try to do something like wiring money for some legal activity in someplace spicy or on the FATF grey list.
If you fall into the middle bands of uses, or in the upper class that can just bend or make the rules, then the financial system is well oiled and it looks like the people questioning it are just cranks.
It's true that a lot of those in the outer bands are criminals but others are things like "buying a truck to build an orphanage for starving Iraqi children just outside of terrorist territory" or "wanted an investment visa in some corrupt island paradise and as it turns out no bank will open up account for purposes of 'international wires to the Comoros' "
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This comment isn't really beating the rap that the primary purpose of stablecoins is to facilitate crime.
Oh yeah, "most people outside the US" are looking to build orphanages in deeply sanctioned war zones. How could I have forgotten.
Come on now, that's absurd. If this is your best use case for stablecoins - groping for concocted scenarios to rationalise their existence - I stand by what I said earlier: they're a solution in search of a problem.