Stablecoins' dominance due to limitations of US banking — Jerald David

Arca Labs' president, Jerald David, attributes the rise of stablecoins to limitations in the traditional US banking system, such as restricted hours. He believes that the crypto industry, which operates 24/7, requires a more flexible financial infrastructure. David highlighted upcoming payment systems that combine yield-bearing instruments with stablecoins. KYC procedures for stablecoins were also a key topic during the panel discussion. Figure Markets suggested that KYC is necessary for yield-bearing stablecoins for tax purposes. However, David argued that KYC shouldn't be required for smaller transactions like buying coffee. Nick Carmi proposed a trust-based KYC system to streamline user verification across platforms. The current system of requiring separate KYC checks for each institution is inefficient. This new approach would enable users to carry their credentials, reducing friction and improving user experience.