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Their wordsPerfect global coordination to suppress stablecoins is highly unlikely.
Their wordsFor the United States specifically, dollar-backed stablecoins-which constitute almost the entirety of the market today-may actually reinforce U.S. dollar hegemony, extending the reach of the dollar into previously inaccessible corners of the global economy and bringing more activity under the purview of U.S. regulators and law enforcement.
Their wordsUnlike the opaque world of correspondent banking and the eurodollar market, stablecoin transactions have the potential to be highly traceable, whether because transactions are recorded on public blockchains or because of cryptographic technology like ZK.
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