In a recent interview, Bitcoin OG and Hashcash founder Adam Back highlighted the significant role stablecoins now play in global finance. Back noted that stablecoins, initially developed to facilitate quick transfers between Bitcoin exchanges, have evolved into a modern alternative to traditional wire transfers. This evolution has made them popular for remittances among businesses and individuals. Back emphasized that stablecoin issuers like Tether and Circle have become substantial buyers of U.S. Treasuries, with their holdings now exceeding those of some major countries. He described this as an "entirely new business model," which is fueling increased interest in stablecoin issuance.