Last month, I met two Lebanese women at a conference overseas. They were accompanying their businessmen husbands. We got talking and I found that they keep their money mostly abroad or in dollars and euros in cash at home. In 2019, the Lebanese government froze bank accounts, effectively locking over $93 billion of citizens’ money and making it inaccessible. Therefore, when I read that the US has given stablecoins a formal legal backbone, it seemed that a giant step has been taken in legitimising a particular form of crypto currencies that finally have a use case, especially for people in countries with unstable governments and those with hyper-inflation.
