Really appreciate this write-up a great mix of historical context and modernpreference. The bit about "note pickers" is wild… almost feels like physical mempool sniping. 😅 but still It’s fascinating how free banking enforced reserve discipline through direct competition something stablecoins don’t face in the same way. I liked Carter’s comparison to money market funds, especially with the emphasis on how different today’s assets and architectures are. The Selgin quote really nails it: maybe instead of forcing neat historical analogies, we need frameworks that reflect how structurally unique stablecoins actually are.