The Transformation of the Global Monetary and Financial System Under Tokenization

... within the GMFS if they succeed in bringing the further modernization of blockchain, the key digital technology, under their own control. Evidence of such intentions can be seen in the current investments made by system-forming U.S. banks not so much in cryptocurrencies themselves as in the blockchain ecosystems associated with them, such as Axoni, Metamask, Coinmetrics, Chainalysis, Digital Asset, CertiK, Consensys, and others. Returning to the GENIUS Act, linking stablecoins to the financing of U.S. government debt carries the risk of dollarizing the financial systems of competing economies. It is clear that neither the eurozone nor China will be able to provide an adequate digital response at the global level,...