Artem Tolkachev is RWA Director at Falcon Finance, which is building infrastructure focused on first dollar guarantees.
What actually determines whether a stablecoin gets usedand not just parked, is whether the places where people trade, borrow and hedge will accept it as collateral. Can you post it as a sideline on an exchange? Is he getting a reasonable loan-to-value ratio in a lending market? Can he move from place to place without wasting so much time on haircuts that he no longer becomes relevant? Collateral acceptance is the line between a dollar token that sits in a wallet and earns a coupon and one that does real work in the financial system. This difference, between parked and used, is not academic. A parked token is inert capital; a token that the market accepts as collateral allows its holder to trade, borrow, and hedge without selling it, which is the whole reason for holding a dollar on chain rather than dollars in a bank.
This is the variable that almost no one takes into account. We are about to add tens of billions of dollars in new stablecoin supply assuming the supply equates to true adoption. This is not the case. If this offering comes while exchange and venue risk teams leave their collateral frameworks exactly where they are, the result will not be adoption, but rather adoption. failed warranty: tens of billions of dollars which are technically alive, which conscientiously earn their 3% and which go precisely nowhere.
