Alphabet launch GCUL supporting Hayek ideas of nth concurrent private currencies

What makes people lose faith in fiat currencies- the actual thing driving an enormous amount of stablecoin use right now, every day- is depreciation/inflation in those fiat currencies. (Yes, the "dollar" being the predominant unit of value in stablecoin use- that it is itself on track to be dramatically inflated away in the next several years...we can talk about that some other time).

Fiat issuers who maintain a low level of inflation enjoy very high degrees of confidence, even with a fractional reserve system, as long as there is competently managed insurance.

An "n private currencies" world reintroduces the counterparty risk on basically every transaction that was absolutely not preferable in the wildcat banking era. People want stable stores of value and no counterparty risk.

I think stablecoins are cool but they are definitely a "now you have n problems" thing for most people.