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The missing piece is having CBDCs that your bank accepts on something like Uniswap. Until that happens on/off-ramps are needed, and these can only be centralised by definition.

I’m not sure having ubiquitous CBDCs with all that may entail would be better than having a few trusted centralised exchanges for fiat on/off-ramp though.

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Yeah, it’s a pickle, no doubt about it. Both options are undesirable. Not sure what the best solution there is.

People may not like it (because it will look similar to the inner workings of the eurodollar ["Eurodollar University" on soundcloud, "Monetary Mechanics" Substack] system that we all live in now, and will continue to interface with such off chain systems in more complex ways [esp as on chain liabilities become more and more valuable in more places compared to off chain liabilities]), but I think native on-chain credit origination, built on top of on chain derivatives protocols will be the solution.

Permissioned decentralized global monetary system will simply keep evolving into a more permissionless decentralized global monetary system.

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