{"text":[[{"start":6.03,"text":"The writer is a former US federal prosecutor and is founder and CEO of VC firm Haun Ventures"}],[{"start":14.57,"text":"We live in a world of convenient tap-to-pay cards, mobile banking apps and sleek fintech platforms. Yet beneath this polished surface, the reality of moving money remains fragmented, costly and slow. This is especially true for cross-border transactions. International wire transfers take days to settle. Much of the infrastructure that supports our financial system was built decades ago and processes transactions in batches rather than in real time."}],[{"start":50.57,"text":"Stablecoins are therefore among the most transformative financial technologies to emerge in recent years. These blockchain-based digital assets are designed to maintain a peg with a reference currency like the US dollar and represent a faster, cheaper and regulated payment infrastructure that could rival global settlement networks."}],[{"start":76.12,"text":"By operating on public blockchains that run continuously, they can process transactions in seconds for fractions of a penny. Instead of relying on a web of intermediaries, they enable money to move at internet speed."}],[{"start":93.7,"text":"Yet debates around stablecoins often focus on whether they will make it easier for criminals to move money around. This is a misconception. Stablecoins are a poor choice for bad actors. I spent over a decade as a federal prosecutor at the US justice department investigating some of the largest organised criminal enterprises and money laundering cases, and created the department’s first cryptocurrency task force in San Francisco. I saw first-hand how blockchains are superior for tracing illicit funds, especially in cross-border cases. "}],[{"start":132.73000000000002,"text":"In 2014, I was part of a team investigating corrupt agents tied to the Silk Road case, suspected of stealing bitcoin. Instead of relying on subpoenas to international banks, a process that would take months domestically and years internationally, we turned to the blockchain. Its public ledger let us trace the flow of stolen assets and uncovered a trail that led straight to the perpetrators."}],[{"start":160.42000000000002,"text":"Recently, the justice department seized more than $225mn in global fraud and money laundering scheme proceeds, made possible by the fact that the criminals used stablecoins. Hundreds of victims may see some restitution — an outcome that would have been near impossible had legacy banking systems been used."}],[{"start":183.41000000000003,"text":"A recent report from the Financial Action Task Force flagged stablecoins in illicit finance, but context matters. Illicit crypto activity made up just 0.14 per cent of blockchain volume last year. And unlike cash, stablecoins are transparent, traceable, and can be frozen by issuers."}],[{"start":205.20000000000002,"text":"Of course, some stablecoins have exhibited serious deficiencies in transparency and oversight. This is why regulation matters. We need to require stablecoin issuers to disclose reserves, undergo audits and meet operational benchmarks. "}],[{"start":223.93,"text":"There have already been positive developments. Under the bipartisan Genius Act that is now law in the US, stablecoin issuers must maintain 1:1 reserves in a reference currency like the US dollar, Treasuries or demand deposits. Beyond the passage of the Genius Act in the US and Markets in Crypto-Assets Regulation (MiCA) in the EU, further efforts are under way in the UK and elsewhere to implement regulatory regimes that will serve the twin objectives of encouraging responsible innovation and protecting users."}],[{"start":262.83,"text":"Stablecoins are already being used by financial institutions and companies. A competitive market of private issuers offers a promising path forward, with innovation across privacy and other critical dimensions. With proper guardrails, stablecoins can reinforce dollar dominance, strengthen financial stability, and offer a faster, more resilient foundation for global money movement."}],[{"start":297.31,"text":""}]],"url":"https://audio.ftmailbox.cn/album/a_1754612349_8531.mp3"}