Nobel Prize-winning economist Paul Krugman calls stablecoins 'technologically enhanced wildcat banks'

According to news from Hash World, Nobel Prize-winning economist Paul Krugman recently compared stablecoin issuers to banks in the pre-Civil War United States in his blog, calling them 'technologically enhanced wildcat banks.' He believes stablecoins are a 'new type of shadow banking' and points out that they are mainly used to evade regulation and are not suitable for everyday payments, with the only advantage being anonymity, which is the root cause of stablecoins fueling crime. Krugman warns that large-scale bank runs could lead to a sell-off of U.S. Treasury bonds and impact the financial system. In response, CoinMetrics co-founder Nic Carter stated that Krugman's views are 'seriously misleading' and believes that billions of users have already demonstrated the actual value of stablecoins.