Thanks. I’m convinced that any generalization about “most startups” or “most people” in the blockchain world is a reflection of which camp you happen to be tuned into.

Price stability is definitely important if cryptocurrencies are to become a significant form of payments. No one will spend a coin that might double in value next week if they just held it, and no merchant will take a coin that might be worth half as much next week. Whether stablecoins are the best way to achieve price stability is a fascinating question. There are now quite a few serious experiments, so we’ll see what happens.

I don’t think stablecoins have much to do with disrupting financial institutions. Again, maybe if we’re just talking about payment intermediaries. But in general terms, the big financial players will, for the most part, incorporate this innovation the way they have all the previous ones. There will be some successful new entrants and changes to the market. It’s important to keep in mind that disruption is a process, not a general social goal.