Is it possible stable coins could have their own bank?
Is it possible stable coins could have their own bank?
Is it possible stable coins could have their own bank since they are backed by a country’s currency like the U.S Dollar which they use to maintain a stable value?
Or also, knowing that stablecoins are different from cryptoassets which do not have assets as backings and are more volatile, will in the future, the success of stablecoins not call for something like a bank or a recognized office building built to show legalization and acceptance as a means of payments for transactions and services?
Stable coins that runs on blockchain doesn’t necessarily need banks because we get to store the coins in the blockchain itself so there is no job for bank in this process but that’s different when it comes to CBDC cause it’s backed to that fiat value of the country so mostly you need bank account to connect your CBDC wallet since that is the most preferred way for verification until now in CBDCs.
I assume that we are already into it. Yeah, unlike traditional banking, these days I am able to open a bank checking account online without visiting any branches; this is very much similar to registering an account in a crypto exchange with KYC. I agree there are few differences like debitcard, check facility, overdrafting etc.. but we can find other third party services to work with cryptocurrencies to avail exact similar functionalities.
I mean bitcoin was developed to provide banking facility to each and every human without trusting any central authorities including governments and here stablecoins providing additional layer of simplicity to take banking facility to needed people.