Regulated Multicurrency Stablecoins Will End The Dollar’s Crypto Monopoly
Opinion by: Jamie Elkaleh, chief marketing officer at Bitget Wallet
Stablecoins started as a workaround for crypto traders. By pegging tokens to the US dollar, they created liquidity in a market that never closed. In just a few years, however, they have outgrown that role. The result is an onchain financial layer where dollar-pegged coins set prices, collateral norms and risk appetite.
The danger lies here: Without the growth of credible, well-regulated alternatives in the euro, yen and offshore yuan, the US dollar’s dominance will be locked into crypto’s foundation for years.
If that happens, liquidity will track US rates and policy more tightly, amplifying drawdowns when Treasury markets wobble and exporting Washington’s policy…
