Currency-backed e-money isn't likely to replace banks, but may speed up transactions. Not unless it's regulated though

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Stablecoins aren’t going to be the future of finance, replacing banks and fiat money before transforming the rest of the world into a cyberpunk libertarian’s fantasy. At most, their role in the economy will be consequential to consumers and businesses yet largely invisible. Which is why, despite how overrated they are, Ottawa should regulate them anyway.

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If you went by headlines on press releases, you could be forgiven for thinking stablecoins are about to deliver on the promise of “Satoshi Nakamoto,” the founder of bitcoin, which two decades ago was itself supposed to be the future of money.