The crypto industry has been filled with many promoters touting dubious use cases of blockchain technology over the years. At various times in its history, crypto was supposed to revolutionize everything from supply chain logistics to the monetization of digital art, but for the most part, bitcoin as a long-term store of value is still the only use case that shows any actual promise. Centrally-issued stablecoins have also become more prominent in recent years; however, they’re also being issued on increasingly centralized rails, which throws into question whether this is really something new or just a new wrapper for traditional finance.

Over the past few years, one of the new sales pitches from crypto promoters has…