Chainlink is not offering central banks a new currency or asking governments to replace their sovereign financial systems with a public blockchain. Its institutional role is more practical: coordinating data, payments, tokenized assets, compliance checks and settlement instructions across systems that were not designed to communicate with one another.

The European Central Bank is warning that stablecoins could become more than a competitor to cards and bank transfers. At sufficient scale, they could begin removing the retail deposits that European banks use to fund mortgages, business loans and other credit.

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