The whole crypto security problem is inherited from maximalist bitcoin-brainlets that demanded fully decentralised, instant settlement, instant finality and sit at home in the midwest with 1000 guns, a bible and a tin foil hat convinced the CIA is poisoning them with chemtrails. I think we need a pragmatic realisation that when you create stablecoins pegged to fiat you immediately lose sovereignty. You give the state issuer the right to freeze and revert transactions of the currency. The very fact that we have this arbitrary freezing/reverting ability but that it's not programmatically and fairly distributed down the value-chain is insane. and unfair. Settlement is practically instant in fiat (SEPA) and thieves can force you to withdraw funds instantly. Why do they not? It's because you cannot do cross-boarder transactions outside of strong legal protections instantly and there are limits to the "instant" nature. Settlements will be held until you can explain the source/origin/intention of funds. You must transfer funds to another bank with which you have strong KYC/AML checks that cause the would-be thieves real-world violence from the legal system should they attempt a theft. These are the protections of a sane retail system. This is a system that can easily be instant and IS for most countries. We need a stablecoin that embeds these protections at the contract level to interact with off-chain systems: - freeze suspicious transactions - require source of funds - revert thefts prorata impacting downstream users - require large cross-boarder transfers to do more checks or pre-approve specific counterparties to move size Unchecked stablecoins still have their value but I don't see them being the vehicle of mass adoption. They will be the tool of temporary and specific actions, users that want some specific use case. DeFi power users or hedgefunds that don't want the risk of SARs holding their funds up. Remittances that will temporarily move into the stablecoins to cross-boarders before moving back to a safe store of value.