Neira, architect of Tempo's tokenized financial products, emphasized that the macro-financial impact of payment-oriented stablecoins is determined by the allocation of reserve assets rather than the technology layer. According to Neira, if reserves flow into bank deposits, they can restructure the banking system. Investments in short-term Treasuries can suppress yields, with BIS data indicating that each unit of net inflow reduces three-month Treasury yields by 2.5 to 3.5 basis points. Reserves held at central banks resemble "narrow banking money." In cross-border payments, stablecoins function as a currency conversion business, with the main challenge being the counterparty's pre-approved credit capacity at the destination, rather than the speed of on-chain settlements. Neira suggests that regulatory focus should be on monitoring reserve destinations and net issuance volume, rather than market capitalization.