A Decentralized Currency System?

Consider this: "Competition from alternative currencies provides a safeguard against chronic inflation of the US dollar. With competition, consumers will seek out a currency which best maintains its value over time. A currency such as the US dollar...,which loses value, will be passed over in favor of a more stable currency."

The words of a crypto enthusiast? No, this is from the 1996 book, "Rethinking Our Centralized Monetary System" by Lewis D Solomon.

The alternative currency Solomon has in mind are local, regional currencies. But, what he is ultimately talking about are currencies that exist in their own ecosystems and are built for and are responsive to the community they serve. Solomon envisioned a decentralized currency system made up of a constellation of local currencies, which might be pegged to the dollar.

Does this all sound familiar? Stablecoins exist in their own ecosystems and are built to serve their users. They aren't regionally local currencies (but they could be—you can have regional stablecoins). Instead, the communities they serve are defined in cyberspace, not geographical space.

The world imagined by Solomon some 25 years ago seems to be emerging, using a different technology.