Cryptocurrency entered the scene with an ambitious mission: reimagine and democratize finance, breaking free from traditional institutional gatekeeping. But here's the catch—stablecoins might be steering us in the opposite direction. According to economist Eswar Prasad, writing in F&D magazine, these seemingly neutral instruments could end up concentrating financial power in the hands of major corporations, undermining crypto's core promise. It's a sobering reality check worth contemplating. As stablecoins become more prevalent in crypto trading and settlement, the irony deepens: the very tools meant to bridge traditional and decentralized finance risk becoming vectors for corporate dominance. The question becomes urgent—can we achieve true financial democratization while allowing centralized entities to control the infrastructure?