How crypto helps the dollar
By BEN SCHRECKINGER
09/29/2022 04:00 PM EDT
Presented by CTIA - The Wireless Association
With help from Derek Robertson
The dollar’s surge in global currency markets — it’s up between 20 and 30 percent against the euro, yen and pound over the past year — is forcing crypto enthusiasts to reevaluate the idea that cryptocurrencies will undermine the dollar’s hegemony. Instead, it now seems that, for the foreseeable future blockchain technology is poised to help the dollar at the expense of weaker sovereign currencies.
That’s because stablecoins are making digital dollars accessible in parts of the world with high inflation and unmet dollar demand, at a time when unbacked cryptocurrencies like bitcoin and ether are down to a third of their peak values.
Though the estimated total market cap of all stablecoins amounts to less than 1 percent of the U.S. money supply, their persistence in the face of cratering crypto markets and the collapse of luna, a so-called...
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