# Reconstructing the Monetary Stack || Joao Reginatto, CSO, M^0 Labs

- Channel: [Stable Summit](https://streameth.org/stable_summit)
- Date: 2024-07-11
- Duration: 10:21
- Topics: cryptocurrency, blockchain, fintech, stablecoins, innovation
- Watch: https://streameth.org/watch/668ffe04204c615d53769139

## Description

Keynote by M^0 Labs The video features a speaker discussing the concept of stablecoins and the potential to reconstruct the monetary stack. The speaker, who has experience working at Circle and leading the build-out of a stablecoin, critiques the term "stablecoin," suggesting it limits the broader implications and possibilities of the technology. They advocate for thinking beyond price stability to consider how major currencies like the dollar could operate on the internet, comparing early digital newspapers to the current rudimentary stage of digital currencies.

The speaker then delves into their personal view of money as a layered concept, with belief systems at its base and applications on top, while highlighting a middle "middleware" layer that is often overlooked. They argue that this layer has room for innovation, particularly in issuance, governance, and settlement processes, which are currently based on outdated systems.

The discussion turns to M0, an infrastructure aimed at creating an open federation for crypto dollar issuances. M0's approach involves on-chain protocols and off-chain technology that allow businesses to mint fungible stablecoins by pledging collateral like short-term US Treasuries. This system aims to directly connect money issuers with a base layer representing a claim on dollars without intermediaries.

Finally, the speaker warns that many current efforts in stablecoin development may fail due to lack of