Artem Tolkachev is Head of RWA at Falcon Finance, which builds first-dollar collateral infrastructure.
What really determines whether a stablecoin gets usedThe question, not just parked, is whether the places where people trade, borrow and hedge will accept it as collateral. Can you post it as margin on an exchange? Do you get a reasonable loan-to-value ratio in a credit market? Can you move between places without losing so much to haircuts that you become irrelevant? Collateral acceptance is the line between a dollar token that is held in a wallet and earns a coupon and one that does real work in the financial system. That difference, parked versus 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 main reason for keeping a dollar on the chain instead of dollars in a bank.
This is the variable that almost no one is valuing. We are about to add tens of billions of dollars in supply of new stablecoins, assuming supply equals genuine adoption. It’s not like that. If that supply arrives while exchange and venue risk teams leave their collateral frameworks exactly where they are, the result will not be adoption, it will be stranded warranty: Tens of billions of dollars that are technically alive, diligently earning their 3% and getting precisely nowhere.
