Why would you never cash in stablecoins? They are used for payments

Do you consider sending them to another person cashing them in? I'm referring to bob's stablecoin -> bob's fiat -> alice's payment, and suggesting that their goal is bob's stablecoin -> alice's stablecoin, and avoiding the stablecoin->fiat (cashing in) phase entirely.

I mean, yeah. If the entire world transacted in stablecoins, it would be a much much better UX.

It would probably be quite abysmal, considering the deflationary nature of most cryptocurrencies. Which stablecoin provider do you trust to secure your wealth at this point? After the downfall of FTX, Tether, Luna, Celsius, etc., who in the space can anyone trust? Which is the real sleight of hand of the entire "trustless" Crypto ecosystem...

> After the downfall of FTX, Tether, Luna, Celsius, etc., who in the space can anyone trust?

You're talking about centralized grifting as your examples and I'm glad they failed (well, technically Tether hasn't failed, yet).

If you are 'trusting' those companies... that is the problem. The point is that you shouldn't have to trust those companies, or the government, with your money.

Right, this is what I was saying in the original comment. You exchange peer to peer but never cash them in.