Decentralized exchanges can solve some of the problems now plaguing FTX investors, but there is still a big problem that the blockchain can’t solve: on and off ramps to fiat.
This is where the criminal underground can potentially thrive.
Black-market dollar markets already exist across the developing world, backing it with stablecoins allows these criminals to better operationalize illicit dollarization, rather than keeping massive amounts of risky cash on hand.
The on & off ramps in the West will have to be centralized due to political will and strong rule of law.
