The Transformation of the Global Monetary and Financial System Under Tokenization

... through the issuance of private money, creating an alternative to the money of commercial and central banks. On the other hand, stablecoins may strengthen the international position of the dollar thanks to the technological opportunities emerging from the ... ... cartel-type financial intermediation. Now, to examine these two features in more detail. Credit-Based Money Aleksei Kuznetsov: World Finance in an Era of Trade Wars Formally, the U.S. dollar was recognized as global money at the intergovernmental level in 1944....