Stablecoins: the real crypto craze
Policymakers are racing to catch up with their rapid rise
BEHIND THE vaulted arches of Istanbul’s Grand Bazaar, above the haggling and the crush, a quieter trade unfolds. In dimly lit corridors, men slip in and out of back rooms, clutching bundles of dollars. Amid the shadows, a trader says that he deals in millions daily, mostly swapped for stablecoins—cryptocurrencies pegged to other assets, usually the greenback.
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This article appeared in the Finance & economics section of the print edition under the headline “Hard cash, soft rules”
From the March 1st 2025 edition
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