Yes and don't forget consumer preferences. This is Hacker News where they are still clamoring for a "small smartphone" because everything else is too big. Shocker, small phones don't sell. Neither do bulky ones when compared to sleek iPhones.
This year's winner of the nobel prize is highly organized and ran a parallel election campaign, which was obviously dismissed by the Maduro regime. There is a slim possibility of a peaceful transition given the democratic efforts underway in Venezuela for many years at this point.
I don't think it has dawned on the HN crowd how insatiable the demand for dollars across the world is. This stuff is being used in all corners of the world, and accelerating.
If tether wants to maintain their dominant position (they do) then they will work to be compliant with the LAW, on a timeline deemed appropriate by the law makers.
Stablecoins offer a relentless price insensitive buyer of US debt. This is good for America, good for democracy, and good for property rights globally.
However, stablecoins WILL cause unrest in Nigeria, Venezuela, Lebanon, and Turkey as their corrupt local currency completely erodes and the ruling class can no longer extract from their citizens.
This number will continue to climb and I am confident before the decade ends, stablecoins broadly will be the largest holder of US debt. The interests are fully aligned between the issuers and US govt - issuers keep the interest, US has a price insensitive buyer of debt.
This is ultimately good for the world, good for democracy, and good for the downtrodden and underprivileged members of corrupt countries such as Nigeria, Venezuela, Lebanon, and Turkey, who have suffered their own currency crises to the great detriment of their citizens. With only an Internet connection, US dollar stablecoins give them property rights which can't be voided through an act of the corrupt ruling class.
Before the tether truthers come out, update your priors. This industry is very different than it was in 2015. It has grown up substantially. The GENIUS act is the largest banking and financial reform of the last 100 years, and the consequences will shape the 21st century and local currencies globally.
Stablecoins are now a regulated industry with laws in place to address this very concern. Tether is currently not compliant, but as the largest player in the space, has a great incentive to maintain its dominance.