The Transformation of the Global Monetary and Financial System Under Tokenization

... the global monetary and financial system (GMFS). On the one hand, the law legalizes the financing of U.S. government debt 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 universal tokenization of financial and real assets at the global level. Key global financial institutions—whose investment portfolios consist predominantly of dollar-denominated assets—are deeply interested in preserving the dollar’s role as the monetary ...