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Stablecoins and tokenization take center stage. (Photo by May James/SOPA Images/LightRocket via ... More Getty Images)
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Late last year, I stood on stage at a fintech summit in Singapore talking about digital identity, stablecoins and tokenization, surrounded by leaders from central banks, blockchain startups, and AI innovators. It was one of those moments where you could feel history nudging forward. Discussions that used to live in niche corners of crypto Twitter were now center stage — about programmable money, the fragility of global currencies, and the reinvention of financial infrastructure.
There was an electricity in the air, not of fear, but of change. What struck me most was the shared understanding across sectors: the old financial rails weren’t just aging. They were being replaced, reimagined, and rebuilt.
Later in 2025, at a Digital Economist event with financial researcher Tarun Kishnani, we dug deeper into what’s really happening underneath the surface. This isn’t about headlines or hype. It’s about a fundamental rewiring of the architecture that underpins global commerce and power.
From Dominance to Diplomacy: The Dollar in Transition
Much of this transformation can be traced back to an imbalance that has been growing for decades. Over reliance on foreign manufacturing, ballooning trade deficits, and geopolitical tensions have chipped away at the U.S.’s unchallenged monetary position. In just the past few months, the Dollar has weakened more than 10% against a basket of global currencies — not because people stopped believing in the U.S. entirely, but because uncertainty is being priced in at the margins.
Jamie Dimon, CEO of JPMorgan, warned that adversaries are actively working to dismantle the Dollar’s hegemonic role. Larry Fink, CEO of BlackRock, said what once would have been controversial: that U.S. debt mismanagement could erode the Dollar’s reserve status.
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