Eight decades of dollar history can be read as a three-act game.
Action in were Eurodollar-off-shore bank deposits that jumped up in the 1950s London, so the Soviet block, European exporters, and eventually each multinational could contain dollars outside the US regulation spewing a shadow base with several trillion dollars.
AKT II was Petrodollar. After 1974, OPEC’s decision to price crude oil in dollars stated the Fast Cable Association Global Energy needs to US currency and gave Washington an automatic bid for his treasury.
John Devadoss appears in “IEEE X Consensus Research Symposium: What’s next in Agentic AI?” in Consensus 2025 on May 16 at 1 p.m. 11: 00-12: 30.
AKT III is now unfolding. USD-backed stablablablars (alias stableecoins)-on tokens tokens, which are full collateral with T-bills and cash-are sprang past $ 230 billion in circulating supply and for many days will run more value than Paypal and Western Union together. The dollar has reinvented itself – this time as a Monetary API: A permission -free, programmable device that clears seconds for a fraction of a cent.
Follow the incentives and the form of the future appear. A Lagos merchant can accept USDC on his phone, skip over 20% Naira slip and rebuild furniture that afternoon. A Singapore Hedge Fund parks cash in tokenized T-Bill vaults, giving 4.9%, and then directing these dollars to a swap at. 08.00 New-York time without a correspondent bank. A Colombian gig worker converts weekend salary to digital dollars, bypasses capital control and withdraws Pesos in a quarter of an ATM of ATM Friday-to-Monday Delay, No. 7% Remit fee.
Stableecoins have not replaced the banking system; They have tunneled around their slowest, most expensive choke points.
Scale begins legitimacy. The Genius Act Moving through the US Senate would charter stable coin issuers nationally and for the first time open a path to bold Master accounts. Treasury staff are already modeling a $ 2 trillion stable-coin-float in 2028-NOK to compete with the entire Eurodollar stock in the early 1990s.
This projection is plausible: Tether and Circle Command over 90% share with reserves that are almost exclusively filed in card-dated American debt, which means that foreigners effectively keep digitized T-rules that settle in 30 seconds. The dollar’s network effect is migrating from Swift messages to smart contract calls that expand hegemony without printing a single new note.
Still, the Stablollar Poken is no risk-free triumph. Private tokens that pack superb money raises tough questions. Who performs monetary policy when a third of the offshore flooring lives in smart contracts? Which application does a Venezuelan family have if an issuer black-listing its wallet? Will European or BRICS-TEARMERS A RAILE LEVEL DOPPERRY OF A US-REGULED ATTEMBER? These are management puzzles, but they can be resolved if decision makers treat stablecoins as critical dollar infrastructure, not like speculative irritants.
Playbook is straightforward:
- Impress rules for Basel-style capital and liquidity rules for issuers.
- Post real-time reserve attestation On-chain So security is transparent by default.
- Mandate interoperability across blockchains to prevent winning-take-all-all-Custodianing.
- Expand FDIC-like insurance to tokenized deposits so that end users enjoy the same safety net as with bank accounts.
Do it, and the United States creates a digital dollar moat wider than any rivals CBDC, including China’s. Drip on the shoulders and the issue will migrate offshore and leave Washington to police a shade system, it no longer controls.
Dollar Hegemony is always obtained by gathering to the dominant trading stream of age: Eurodollars funded post -war reconstruction; Petrodollars lubricated the fossil fuel hundred; Stabledollars leads the high speed, software-eating economy. Ten years from now, you won’t see you; They will simply be the water we swim in. Your local café will quote prices in Pesos or pounds, but sit in tokenized dollars under the hood. Brokers will sell “notes” that are really carriers that are programmable for security calls. Salary will arrive in a wallet that auto-routed savings, investments and charitable gifts the moment it clears.
The only open question is whether the United States will manage the upgrade it accidentally gave birth. Stableecoins are already the fastest growing quasi suoverign asset class. Sele them with serious rules, and dollars third big reinvention writes itself. Ignore them and that future still arrives – just without the US in the driver’s seat.
