Stablecoins Should Be for Moving Money, Not Saving It: Editorial

Cryptocurrencies are hot, and none more so than the so-called stablecoins that mimic dollars. There’s a good reason for that: Although they aren’t without risks, they do provide a fast and cheap method of transferring cash, something American consumers badly need.

For regulators, the goal should be to ensure that stablecoins can provide much-needed competition in the payments business without destabilizing the banking system.

No doubt, the payments industry is ripe for change. Countries such as Brazil and India have rapidly deployed systems that allow consumers and businesses to transmit money instantly and for free, or nearly free. But US ...