It turns out that USDT is not a tool for de-dollarization, but a Trojan horse for dollar hegemony — this warning from the BIS has slapped the faces of many crypto narratives.

Coin Bureau news: Coin Bureau reports that the Bank for International Settlements (BIS) has warned that U.S. dollar-pegged stablecoins are not acting as substitutes for fiat currencies, but rather as a way for people to switch to the U.S. dollar more quickly. During periods of inflation or financial stress, households often flee weak local currencies and turn to the U.S. dollar. Stablecoins make this transition nearly instantaneous through USDT or USDC. Because most stablecoins are pegged to the U.S. dollar, this keeps the U.S. dollar at the center of the system instead of replacing fiat currencies. The BIS warns that once U.S.-dollar dependency forms, it could last for years.