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The Struggle for Currency Supremacy

The question of whether the US dollar will be dethroned by a cryptocurrency, a stablecoin, or some other digital asset or payments system ultimately misses the point. What really matters is the mix of possible alternatives that today's evolving financial landscape will offer to governments pursuing a geopolitical advantage.

LONDON – A combination of geopolitical tensions and aspirations for economic autonomy is motivating Russia, China, the European Union, and others to move faster to establish new currency and financial systems. These developments naturally raise questions about the US dollar’s central role in global trade and finance – questions that necessarily implicate the future of the existing international order.