The United States has not always enjoyed the privilege of issuing world reserve currencies, and its financial system has not always been the most dominant, centralized, and monetized, with the deepest and most investment valuable capital market in the world. The rise of the US dollar is accompanied by a long-term struggle to establish a national currency and central bank. In fact, the evolution of the US currency bears striking similarities to the current stablecoin ecosystem, from the circulation of banknotes during the National Banking Era to the rise, regulation, and controversy of money market funds (MMFs). We will briefly explore how the US dollar rose to global hegemony, which provides an important perspective for understanding the long-term tailwinds supporting the adoption of stablecoins. In our view, understanding stablecoins not only requires a technical perspective, but their trajectory is also shaped by political and economic forces.
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