Stablecoins are a natural evolutionary move away from legacy systems, and may be a “wake-up call” to banks that lag behind fintech trends, commented Benoit Coeure in his hearing before the Bundestag. Facebook’s Libra may end up reaching previously unbanked populations which have been left disconnected from the finance system.
“The traditional bank-based payments ecosystem is being disrupted from below by tech start-ups and from above by well-established big techs - firms that have a large digital footprint but whose core business models have so far been confined to non-financial activities,” commented Coeure.
The remarks resemble those of David Marcus, head of the Calibra wallet service. He commented on Libra’s potential to build a net...