Stablecoins Are Not Enough

2026

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AI-generated summary

1) Stablecoins, while a crucial step, are insufficient for a truly global onchain financial system due to their dollar-centricity, necessitating new primitives that support diverse currencies and yield.
2) This paper explores the limitations of current stablecoin models, introduces the concept of "Stablebonds" as a solution for global yield-bearing primitives, and details how these can unlock true onchain FX and DeFi potential.
3) The document argues for a shift beyond USD-only stablecoins to embrace a multi-currency onchain ecosystem, highlighting the need for assets that are denominated in local currencies, backed by sovereign debt, and fully integrated into DeFi.
Tags: stablecoins, DeFi, global finance, cryptocurrency, yield-bearing primitives

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