My takeaway is that stablecoins won't be allowed to defeat G7 capital controls but can offer an "American bank account" to the developing world. Sounds promising...

But will this be allowed in China? Or India, or Russia, or Brazil? All have moved pretty heavily to block disruptive technology and financial exports in the past decade.

And if not any BRICS, then maybe you get an Argentina or Nigeria or Vietnam? But at this point, you are developing an enitre industry where permission/adoption is an outlier instead of where the original vision of a universal rails where rejection is the outlier.