Stablecoins Will Both Replace and Entrench the Dollar
Bloomberg reports that as people outside the US increasingly use cryptocurrency such as Tether, their economies will become increasingly “dollarized.”
Every half century or so, the world monetary order undergoes a profound change. We may now be witnessing the latest monetary revolution: the rise of dollar-backed stablecoins, which could entrench the dominance of the US currency for another several decades if not more. Some history: The late 19th century brought a unified gold standard to much of the world. The... ...
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