, Columnist
The Cypherpunks Wanted to Destroy the Dollar. They Saved It Instead
The dollar’s domination continues.
Photographer: Justin Tallis/AFP via Getty Images
For the first time, stablecoins have surpassed the Automated Clearing House (ACH) payments network in monthly transaction volume. According to blockchain analytics platform Artemis, stablecoins processed $7.2 trillion in February, topping the ACH’s $6.8 trillion. The ACH is the electronic backbone of US financial life, processing roughly 93% of salary payments, the bulk of direct deposits, bill payments, and interbank transfers. Stablecoins, an asset class that did not exist 12 years ago, just outran it.
The cypherpunks would be appalled.