Mike Novogratz says stablecoins are coming for the $7.5 trillion-a-day foreign exchange market, and he's giving it five years at most.

The crypto OG is making bold claims, but he has actual numbers backing up why your bank's currency desk might be obsolete by 2030.

Are we entering a world where all currency markets are coming on-chain and powered by robots? 

The Math Checks Out

Stablecoins went from $10 billion in 2020 to over $230 billion today, and that's just the warm-up.

Banks need 2-3 days to settle currency trades while stablecoins do it in seconds – basically, banks are still using carrier pigeons while crypto's on 5G.

And let's talk fees – moving $100k internationally costs thousands through banks, but mere pennies with stablecoins.

Traditional FX Is A Dinosaur

The current system relies on a maze of correspondent banks that's older than your grandpa's flip phone.

Banks are still closed on weekends and holidays, just like they're running a mom-and-pop shop.

Meanwhile, stablecoins operate 24/7/365 because blockchains don't take vacation days – they work regardless of whether the office is open or closed.

As Novogratz put it: "If countries want to participate, they better get on the bandwagon or be left behind."

TradFi's Getting Desperate

Fidelity is launching their own stablecoin because it sees the writing on the wall.

Tether is sitting on $147 billion, while USDC and Ripple's RLUSD are gaining ground rapidly.

Even Congress is rushing to pass the STABLE and GENIUS Acts before they get completely left behind.

Citi's calling this the "ChatGPT moment" for blockchain, projecting $3.7 trillion by 2030.

The Terra/Luna Hangover

Nobody's forgotten how Terra/Luna went boom and took billions with it.

Novogratz himself just coughed up $200 million to settle with NY regulators over his Luna cheerleading.

However, regulations are being implemented now, rather than just endless hearings and hot air.

That’s the sort of thing that makes institutions much more comfortable with dipping a toe in the stablecoin waters – or jumping in head first. 

Here's How FX Gets Rekt

Instant settlement means no more waiting days for your wire transfer to land.

Emerging markets are already paying premiums for stablecoins because their local currencies are essentially equivalent to Monopoly money.

Transaction costs plummet when you eliminate the banking cartel.

Countries with unstable currencies will switch to stablecoins as quickly as stablecoins themselves rose from a novel concept to a globally systemic tool in the financial system's toolbelt.

It's Eurodollars 2.0

Just as Eurodollars created an offshore dollar system last century, stablecoins are doing the same digitally.

Except this time, everyone gets to play, not just suits with Bloomberg terminals.

Global trade could shift entirely to blockchain rails by the end of the decade.

The Writing's On The Wall

The tech works, the demand's massive, and institutions are FOMOing in.

Banks either adapt or become the Blockbuster of finance.

This is quickly becoming a story of which banks’ forex desks survive the feast.

Traditional FX desks are still printing money today, but their days are numbered.