What’s being staged right now looks like conflict, but functions more like choreography. What the headlines are doing is manufacturing motion without escape: Banks vs stablecoins → false opposition Exchanges “pulling out” → theater of decentralization New rails, same tracks → illusion of progress When people move from bank accounts into stablecoins, they haven’t exited the system — they’ve simply changed custodians. The liability still exists. The promise still exists. The issuer still exists. The freeze button still exists. Take Coinbase as an example. Whether they exit one jurisdiction, product, or partnership doesn’t alter the underlying truth: stablecoins they support remain IOUs, not assets. Digitized claims, not final settlement. This is why the messaging is accelerating now. The system senses leakage — not into chaos, but into finality. And finality is the one thing it cannot offer.