That's not the framing:

> The private interest is genuine, [...] rational for the individual Nigerian saver

You expand upon that rationale. It is individually rational precisely because of corruption, incompetence, external sanctions and many other situations across the world.

This choice is corrosive for Nigeria regardless of whether the Nigerian government is benevolent or malevolent because American monetary policy is ignorant of what would be beneficial for Nigeria and the more people that make that choice the more the future of their society is tied to American monetary policy. It is an incompetent policy by construction. Now you have two problems: corruption, and an inability to effect monetary policy.

You might think, well if and when we solve the corruption problem we can transfer the stable coin back to effect a monetary policy... triggering the run that will drop the peg because the private entities backing the coin aren't regulated like a bank. Although comically, maybe the American taxpayer will then bail out the entity and the Nigerians will get their money!

I wholeheartedly agree with your comment. Stablecoins are not the problem, they are a symptom. I'm from Venezuela, the country that keeps leading in inflation. Our options are holding a currency that loses half its value in months, buying dollars in the "black market" which is illegal or using stablecoins.

I hate these type of articles because they often come from people that live in a normal country and don't know the struggle to live in a corrupt shithole where you don't have financial freedom nor security

I don't see why those two positions are mutually exclusive?