Essentially, Alphabet is launching its own blockchain for its own stablecoin. This wouldn't be a particularly interesting news if we only consider some current posts on HN about crypto's and Trump's announcement about scaling up in CRO/Crypto.com. However, it is interesting because of the text contained in the linked article: the admission that fractional reserve is madness, that makes people lose faith in fiat currencies, and faith is essentially the main underlying asset that holds them together, because States no longer have enough legitimacy in the eyes of the general population, and Hayek's idea of returning to nth private currencies competing with each other, with all the infrastructure, of course, to switch between them and the regulatory uncertainty surrounding them.
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