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Nobel Prize-winning economist Paul Krugman has dismissed stablecoins as having no practical utility, likening them to fraudulent 19th-century bank notes. His critique has drawn sharp rebukes from crypto industry leaders who argue stablecoins serve millions globally.
- Krugman compares stablecoin issuers to fraudulent 19th-century 'wildcat banks' that contributed to financial crises
- The economist warns stablecoin redemptions could trigger Treasury bill fire sales, threatening financial stability
- Crypto leaders counter that Krugman ignores stablecoins' demonstrated utility for over 100 million global users
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