[[{“value”:”That is the topic of my latest Bloomberg column, here is one point of several: The crypto revolution also seems to be heading in some dollar-friendly directions. Much recent crypto growth has come in the area of stablecoins, as evidenced by Stripe’s acquisition last week of Bridge. Most stablecoins are denominated in dollars, and typically they are
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That is the topic of my latest Bloomberg column, here is one point of several:
The crypto revolution also seems to be heading in some dollar-friendly directions. Much recent crypto growth has come in the area of stablecoins, as evidenced by Stripe’s acquisition last week of Bridge. Most stablecoins are denominated in dollars, and typically they are backed by dollar-denominated securities, if only to avoid exchange-rate risk. If “programmable monies” have a future, which seems likely, that will further help the dominant currency — namely, the US dollar.
You might think that other monies will become programmable too. But since stablecoins often are most convenient for international transactions, as well as for internet-connected transactions, the most likely scenario is that stablecoins concentrate interest in the dollar. The US has by far the most influence of any nation over how the internet works.
The piece has other points of note.
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Current Affairs, Economics, Uncategorized
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