Internally, stabilizing the exchange rate; externally, safeguarding trade—dual policy functions of USD1

From the perspective of the policy toolbox, USD1 cross-border payments serve not only the "payment" itself but also carry dual functions of stabilizing the exchange rate and protecting trade. This is especially critical for Pakistan.

In an environment where the domestic currency faces long-term pressure, exchange rate expectations often reinforce themselves, creating a vicious cycle. Once market participants widely expect the rupee to continue depreciating, businesses and individuals will accelerate dollarization behaviors, further draining foreign exchange liquidity. The introduction of USD1 provides the market with an alternative tool—"dollar value but not cash dollar"—which helps alleviate the pressure of physical foreign exchange run on.

At the level of foreign trade, the stable anchoring property of USD1 makes it naturally suitable for settling bulk commodities and intermediate goods. For Pakistan, where energy imports account for a very high proportion, completing dollar settlements with lower friction will directly improve corporate cash flow and the country's payment capacity. This improvement is not reflected in the official exchange rate but in transaction efficiency and risk controllability.

More importantly, if USD1 can gradually be accepted in regional trade, it may form a "quasi-regional settlement tool." This does not imply a decline in the dollar's status but rather that the dollar is embedded into regional economies in a more flexible form. For small and medium economies, this change is a practical way to adapt to the fragmentation of global finance.

Of course, USD1 is not a panacea; its effectiveness still heavily depends on regulatory frameworks and market acceptance. But from a functional design perspective, it already has the potential to become a "policy buffer."#巴基斯坦探索USD1跨境支付