Ngaphezu kwama-15 amabhizinisi amabhizinisi amakhulu e-digital, kuhlanganise i-Circle, i-Paxos, i-BitGo, ne-Coinbase, asebenzise ngokuvamile amabhizinisi amabhizinisi amabhizinisi amabhizinisi amabhizinisi amabhizinisi amabhizinisi amabhizinisi amabhizinisi amabhizinisi amabhizinisi amabhizinisi amabhizinisi amabhizinisi amabhizinisi amabhizinisi amabhizinisi amabhizinisi amabhizinisi amabhizinisi amabhizinisi amabhizinisi amabhizinisi amabhizinisi amabhizinisi amabhizinisi. I-Fed Master Account inikeza ngaphezulu kuncike ngokushesha futhi engabizi kakhulu. Kuyinto indawo yokufinyelela emzimbeni yama-infrastructure yama-US, ukunciphisa ama-intermediaries futhi inikeze izakhiwo ukufinyelela kwebhanki yama-payments. Kodwa ngaphandle kwezinzuzo zobuchwepheshe, inqwaba elikhulu lokuphendula – ikhono yokusebenza ngaphansi kwe-frictional reserve framework. Ngokuvamile, kuphela amazwe amancane afana ne-JPMorgan, i-Goldman Sachs, ne-BNY Mellon babe lula lokhu. Lezi zebhanki kuphela; zihlanganisa emzimbeni e-Federal Reserve ngokuvamile. Nge-Master Account, hhayi kuphela ukuguqulwa ama-payments – hhayi I-crypto firm wants this seat at the table not only to improve efficiency, but to evolve. I-colapse ye-crypto-friendly banks ezifana ne-Silvergate ne-Signature ibonise ukuthi ukuxhaswa kwama-infrastructure yebhanki ye-third-party kungabangela ukuthi kungabangela. Ukubuyekezwa kwezi zangaphakathi zangaphakathi zithunyelwe manje kuboniswa njenge-not a luxury. I-license yebhanki ye-federal noma i-state futhi ukwandisa i-creditability - kanye namakhasimende - futhi ivumela lezi zebhanki ukwandisa izinsizakalo zayo: ukuxhaswa, i-deposit, ukuxhaswa kwe-stablecoin, kanye ne-fiat-crypto ukuxhaswa, konke Uma i-Circle wathatha i-$10 billion e-USDC ngomhla, kungenzeka nje ukuba akufanele i-$1 billion e-Treasuries. I-$9 billion elinye ingathengiswa nge- tokenized debt instruments noma i-crypto-collateralized assets. Kuyinto ingxenye yebhanki ye-reserve ye-fractional – futhi iyatholakala ku-stablecoins. I-Coinbase, i-Paxos, kanye nezinye i-crypto-native amabhizinisi angakwazi ukuxhumana le model, okwenza isithombe esitsha se-liquidity ye-synthetic emakethe ye-crypto. Ngemuva kwalokho i-liquidity inikeza isivinini, futhi nge-momentum inikeza isivinini se-collateral – I-Interestingly, isivumelwano yaseMelika ngokuvamile akuyona umphumela we-crypto ku-financial playbook yayo. I-Bitcoin Policy Institute edlule Umhlahlandlela we-BitBonds yenzelwe ukufinyelela izindleko ze-interest ku-traditional Treasury debt, ukwakhiwa kwezimpahla ze-Bitcoin ngaphandle kokuvimbela abantu, inikeza imikhiqizo yobuchwepheshe yobuchwepheshe e-Bitcoin emangalisayo yama-American abesifazane, kanye nokukhanyisa indlela yokunciphisa isivumelwano sesizwe ngokuvimbela ukuthuthukiswa kwe-asset, ngaphandle kokufikelela kuphela ku-imali yokushintshwa noma ukunciphisa izindleko. Ngaphansi kwezi-plan, i-90% yemali ye-Bitcoin izindwendwe ku-operations ezivamile ze-government, futhi i-10% ezilandelayo izinsiza ezisetshenziselwa ukuthenga kwe-Bitcoin. Ak Ukubuyekezwa Waze Imininingwane Yintoni singathanda manje akuyona ukuchithwa kwe-banking yi-crypto, noma ukuchithwa kwe-finance yama-traditional. Kuyinto ukuxhaswa. Uma izivumelwano zebhanki zithunyelwe futhi i-Master Accounts zithunyelwe, ama-crypto companies akuyona kuphela ama-providers zezinsizakalo zebhizinisi. Ziye ziye ziye ziye zihlanganisa izinhlelo. Ziye zithunyelwe i-credit, zihlanganisa i-capital flows, i-minte ye-digital dollars, futhi kungase ngisho zihlanganisa kwestrategy ye-debt yesizwe. Lokhu akuyona i-DeFi vs. TradFi. Kuyinto ukwelashwa kwe-crypto-powered central banking infrastructure. I-time-line iyahambisa. I-regulators ibheka. I-applications iyatholakala. Futhi i-infrastructure yakhelwe. I-financial system iyahambisa — hhayi ku-haotic overthrow, kodwa ku-absorption ye-methodical. I-Crypto akuyona emaphaketheni. I-Blueprint e-Hand. Umbuzo kuphela esithathwe: umuntu uyazi izici - futhi umuntu uyaziwe?

The is an opinion piece based on the author’s POV and does not necessarily reflect the views of HackerNoon.

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