The writer is the co-founder of Ethereum and chief executive and founder of Consensys, a blockchain software company
The modern financial system is undergoing a foundational stress test. Decades of globalisation combined with increasingly fragile institutions have given way to a period of volatility marked by inflation shocks, debt overhangs and declining confidence in centralised authorities. Cross-border payments remain inefficient, sovereign currencies face growing scrutiny, and trust — long held together by central banks and legal regimes — grows ever more fragile in a fragmented world.
This is not a transient crisis, but a signal of architectural fatigue.
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