Beyond stablecoins: The evolution of digital money

Beyond stablecoins: The evolution of digital moneygoogle.com
Beyond stablecoins: the evolution of digital money
by @macbudkowski5764 🥝 • 1y
AI summary of the linked article

Traditional finance can modernize payments by running commercial bank money on shared ledgers instead of adopting stablecoins, without reinventing money. Stablecoin transaction volume tripled in 2024 to $5 trillion in organic transactions, but stablecoins still face unresolved issues including regulation, compliance, fragmentation, and reduced bank lending. The Economist estimates that fragmented payment systems could cost the global economy $2.8 trillion, or 2.6% of global GDP, by 2030. Google Cloud Universal Ledger (GCUL) is presented as a Google Cloud platform for managing commercial bank money accounts and transfers.

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all of that was supposed to happen on Ethereum and now Stripe, Circle, Google launch their own L1s.

wdyt about it? on one hand people say that they'd find how hard it is to run a decentralized L1, and maybe that's true. but otoh they are atm just centralized databases and their users don't care, so why would they care about centralized L1s?
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Does remind me of a convo we had here some months ago about the banana ‘The Comedian’ by Maurizio Cattelan

Capitalism absorbs its critiques and sells them back to us. The cypherpunk dream of ultrasound money is now repackaged by Google as you have “commercial money” and central bank money ;) Private money, meant originally as being your own bank, is now sold to us as money from a private company ;) well, can’t wait to spend some Google dollars haha. They don’t need cookies to track my spending.


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