The article discusses the importance of the concept of stealth denationalization of money, a form of non-state issuance that F.A. Hayek argued that money should not be “legal tender” forced on people by the state, but should be discovered, adopted and discarded through market choice like any other product. The author suggests that while stablecoins can be useful as they move on open networks, they also risk becoming a bridge into tighter control. While stablecoins are currently one of crypto’s most successful use cases, they digitize the existing national money and extend its reach. However, they are not neutral but a competitor to decentralized currencies. The article suggests that agents will increasingly care less about branding, marketing, branding, and narratives rather than focusing on properties like predictability and predictable monetary rules.