Not many people know that BIS (Bank for International Settlement - sometimes called central bank of central banks) ran experiment when they took inspiration and lecture from DeFi(!!!) and they used stableswap amm pioneered by Curve Finance for FX trading of €, CHF and SGD between ECB, Swiss Central Bank and Central bank of Singapore. And they were pretty impressed and happy about it! In Feb I met people working on stablecoin representing HK dollar and they want to tap into DeFi actually not into some private blockchain slop. Until recently I was very skeptical about other than $ stablecoins, but reputation and trust in $ will never be the same after shitshow of last months by the new US Gov. Its not a coincidence that CHF looks so sexy and pumped. Every nation and block will be way more nationalistic and inward looking about their own interests. Liquidity will get more fragmented. DeFi has decent shot to become black horse of forex same as $ stablecoins became last tool for keeping $ dominance and even increasing its adoption w/o (direct) efforts of US basically out of nowhere in less than a decade. On top of it plausibly becoming strategically important for servicing US debt as very rare emerging source of demand for it. You don’t need to be genius to know, that forex would require scale which you won’t find anywhere else than on Polkadot anytime soon. @johnrhodelb & @danicuki bring the Brazil on-chain. Reference for BIS pilot in comment