Stablecoins Are Industrial Policy for the Dollar: Essay

The dollar has survived many obituary notices: the end of the gold peg, the rise of the euro, an American-made global financial crisis, China’s ascent and years of periodic talk of de-dollarization. The greenback remains at the center of global commerce, sitting on one end of almost 90% of transactions in the $9.6 trillion-a-day currency market. In second place? The euro, at 30%. Still, the almighty buck entered this decade looking less invincible, due in part to US fiscal deterioration and to the Biden administration’s sanctions on Russia after its 2022 invasion of Ukraine.

Washington’s answer to the future of ...