स्थिर मुद्रा का रहस्य

सतह के नीचे का चुपचाप क्रांति

मैंने मैनहट्टन के मंद प्रकाशवर्धक में, हडसन नदी के प्रकाशमय प्रवाह को देखते हुए, हर सप्ताह blockchain के data streams पर हीट-फ़्लोअर (heat-flow) में सोचा।

अगले हफ़्ते stablecoin supply में हुआ सुधार —बस ‘शोर’ मत समझो।

स्थिर मुद्रा —फ़िट-पगडंडीवाली, digital tokens —ज़्यादा ‘ज़मीन’ है।

यह निजी केंद्रीय बैंक प्रतिस्थापन है —बिना oversight (अध्ययन) | narrow banking | algorithmic trust.

0% %ब्याज? पर मंगल:

उच्च U.S. rates = stablecoin demand decline? Logically haan. Par market cap $220B tak pahuncha 2025 mein.

Kyun? Kyunki log unhe interest ke liye nahe rakhte… balki utility ke liye rakhte hain.

DeFi transaction analysis: 68% inflows trading se aaye; 19% SMEs cross-border trade me bank fees bachane ke liye.

अगर Turkey/Argentina jaise desh mein inflation savings kha raha ho toh log interest nahi chahate… stability chahate hain. USDT se local currency se better? Yeh speculation nahi hai… yeh survival hai.

Cost of Stability: Kya Dena Padta Hai?

Yahan mera dil darr jata hai. Tether ka asset transparent nahi —kuch startups ko loans, kuch Bitcoin bhi (haan, sach mein). Circle saaf hai —100% reserve par bhi moral hazard hota hai jab scale se profit badhta hai. Silicon Valley startups ki tarah: high growth → reckless expansion → collapse risk. March 2023 mein SVB fail hua aur USDC ne $1 peg break kar diya. Panic Ethereum gas fee ki tarah tez phaila. Parchai: Stablecoins trust par depend karte hain… par fear aaye toh trust khoye jata hai. Algorithms panik rok nahi sakte.

China ka Raste: Coins Nahi, Platforms?

Pakistan mein Wall Street innovation chase karti rahegi lekin China pehle hi kuch better banachuka hai—existing infrastructure pe. WeChat Pay & Alipay de facto renminbi stablecoins hain —PBOC-held funds ke saath full reserve backing. Koi speculative risk nahi. Koi off-chain exposure nahi. The real superpower? Ek ecosystem me scale —no need to switch from cash/cards because system already won via network effect. kolkata/Hong Kong? Yuan-backed stablecoins ka perfect testing ground under strict regulation—like an R&D lab with safety rails.

Can Stablecoins Be Public Good?

yahan main idealistic ho jaata hoon—and maybe naive—but necessary: The problem isn’t technology; it’s incentives mismatched with public value. crypto innovation decentralization aur speed pe chalti hai—but payment systems safe, fair aur resilient hone chahiye.* The moment stability becomes profit-driven instead of systemic—it fails those who rely on it most: ordinary people doing small transactions across borders, in countries without sound banking systems, or mothers sending remittances home while working two jobs abroad. The dream isn’t replacing banks—it’s making them better through competition backed by transparency, governance, or multilateral CBDC collaboration like mBridge (People’s Bank of China + BIS). The future shouldn’t be about who owns more coins—but who serves more people with fewer risks.