Stablecoins Were Meant to Disrupt Finance. Instead, They Became Idle Cash.

Stablecoins are probably crypto’s clearest success story, and rightly so. They became the industry’s monetary primitive; the dollar layer for trading, collateral, payments and settlement.

But they have scaled as money, not as capital.

Roughly $315 billion now sits in stablecoins, yet most of it still behaves like digital cash. They sit in wallets, on exchanges, and in…