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.

加入 December 2009

1K 正在關注 5.9K 粉絲

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.