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Stablecoins Are Not Enough

The case for global, yield-bearing primitives — why stablecoins alone cannot power the next financial system.

David Taylor

David Taylor

CEO, Etherfuse

April 2026

“Stablecoins hold value without generating it. The next layer of global financial infrastructure will be built on tokenized sovereign debt — not synthetic dollar exposure.”

Research Paper

Visual Summary

The argument in images.

Prefer a faster read? The visual essay walks through the full argument in a single illustrated format.

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Explore Stablebonds — the tokenized sovereign bond primitive.

Explore Stablebonds

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