HOW STABLECOINS COULD FAIL

Summary from the TLDR Founders newsletter

The Bank for International Settlements warns that stablecoins fail the "singleness" test of money—different stablecoins could trade at varying rates based on issuer creditworthiness, creating fragmented quasi-dollars rather than unified currency. This risks "stablecoin corporate feudalism," where users get trapped in specific ecosystems with fees for moving between tokens.