🟦 Opinion: Stablecoins' Macro Impact Depends on Reserve Assets, Not Technology

Tempo’s Product Architect Neira argues that the macroeconomic significance of payment stablecoins lies not in the software layer but in where the underlying reserves are deployed:

• Bank deposits: Reshape the traditional banking system.

• Short-term Treasuries: Push down yields. BIS data shows that every unit of net inflow reduces 3-month T-bill yields by 2.5–3.5 basis points.

• Central bank reserves: Function similarly to "narrow banking".

Regarding cross-border payments, stablecoins are essentially currency exchange. The main bottleneck is the receiving counterparty’s pre-credit capacity, not on-chain transaction speed.

Neira suggests regulators focus on tracking reserve flows and net issuance volume rather than market capitalization.