Debt issuance in U.S. dollars is privilege but the reserve currency status is a straight jacket with flaws - Expectations run high, everyone wants a piece while American control gets harder, diluting responsability and credibility
By establishing a federal framework for dollar-backed stablecoins, the US Senate paves the way for actual use of these cryptocurrencies in everyday retail transactions - how large a shadow this initiative will cast remains undecided
This at least is the assumption today - an existential question for bond traders and for the stock market - framed by structural factors in the global economy but ruled by perception
