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RT @severaldegrees: was an honour to pitch in front his majesty the King of Bhutan, @cz_binance , @BarrySilbert , @ellazhang516 who’s been…

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RT @cz_binance: Sitting in the audience now. Tune in.

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7/ Eurodollars equalised trade beyond New York and London, into Hong Kong, Singapore, and the UAE. The first real rails of an interconnected world. Stablecoins take those rails to anyone with a phone. Full argument: https://t.co/GLysgYDEIH

6/ Stablecoins fix both by construction. The USDT you hold is the same USDT anyone on the planet holds, verifiably backed 1-1. And it settles directly between counterparties, at any hour, with screening once at each end instead of five times along a chain.

5/ The underlying settlement, FedWire, is instant. The transfer still takes days. Miss one cut-off and add another. Not a technology problem. An architecture problem.

4/ Flaw two: the chain. Sending dollars from Tanzania to South Korea crosses at least 5 banks: your bank, its US correspondent, the Fed, their correspondent, their bank. At least 4 separate compliance checks. Each with its own banking hours and cut-off time.

3/ Flaw one: credit risk you cannot see. The only guaranteed dollar is the one the bank actually holds at its US correspondent. The rest is created out of thin air, governed by local regulation. Banks are happy to take USD deposits. Somewhat less enthusiastic about paying them

2/ Eurodollars are dollars issued by banks outside the US. A bank in London or Hong Kong opens you a USD account and writes dollars onto its own balance sheet. That let a Gulf oil trader deal through London while dealing in dollars. No Fed involved.