Mallesh Pai(@malleshpai):Deposit tokens vs stablecoins got framed as a fight. From where we're looking it looks more like a stack. Deposit tokens make good reserves, both for the banks and sensitive holders like corporate treasuries: they pay interest and stay inside the bank perimeter. Stablecoins make good bearer money: anyone can hold, no account needed. Put one under the other and an issuer can rebalance reserves in code, at 3am on a Sunday, instead of through wires and cutoff times, leading to a better experience for everyone involved.

Mallesh Pai

@malleshpai

Forward Deployed Researcher and Recovering Economist @tempo.

参加 December 2009

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Mallesh Pai@malleshpai

2026.10.28 14:23

Deposit tokens vs stablecoins got framed as a fight. From where we're looking it looks more like a stack. Deposit tokens make good reserves, both for the banks and sensitive holders like corporate treasuries: they pay interest and stay inside the bank perimeter. Stablecoins make good bearer money: anyone can hold, no account needed. Put one under the other and an issuer can rebalance reserves in code, at 3am on a Sunday, instead of through wires and cutoff times, leading to a better experience for everyone involved.