🚨 THIS IS INSANE: Global central banks say crypto stablecoins are strengthening the dollar rather than being an alternative to fiat.

The irony is almost too clean to be real.
Crypto was built to replace the dollar. A decade later, global central banks are publishing research confirming it is doing the opposite.
The BIS, the ECB, the IMF, and the Richmond Fed have all reached the same conclusion this year. Dollar stablecoins are not an alternative to fiat. They are an extension of it, and specifically an extension of dollar dominance into every corner of the world that traditional banking never reached.
Here is the mechanism. Every $USDT and $USDC in circulation is backed one-for-one by dollar assets, mostly US Treasuries. Tether alone now holds $141 billion in US government bonds, more than Germany. Every time someone in Argentina, Nigeria, or Vietnam buys a stablecoin to escape their local currency, they are creating demand for American sovereign debt. The US gets a buyer. The local central bank loses monetary control.
BIS research shows that large inflows into dollar stablecoins actively weaken local currencies in the countries where they flow. This is dollarisation, but faster, borderless, and running through private infrastructure that no government directly controls.
The people who built crypto to escape the dollar accidentally built the most powerful dollar distribution network in history.
And Washington figured that out. The Trump executive order explicitly prioritises stablecoins as the preferred mechanism for safeguarding the dollar's global role. The GENIUS Act ties every stablecoin to Treasury backing by law. The Senate banned a digital dollar while leaving $USDT and $USDC fully legal.
The US government is not fighting stablecoins. It is weaponising them.
The revolution ate itself, and the dollar came out stronger on the other side.