Trump’s Crypto Gamble | Foreign Affairs
The dollar’s dominance has survived its de-pegging from gold, decades of deteriorating fiscal discipline by the U.S. government, and active efforts by criminals, terrorists, and foreign governments to find alternative forms of payment. That dominance has kept the United States’ borrowing costs manageable as its debts mount. But now this central pillar of U.S. economic stability and geopolitical influence faces a fresh challenge from digital alternatives.
During his first term, U.S. President Donald Trump often called the cryptocurrency industry a scam. By now, however, his family has plunged money into it—and his administration has bet that so-called U.S. dollar stablecoins, or privately issued cryptocurrencies regulated by the…
