The Dollar System and the Rise of Stablecoins

This chapter examines the transition from the gold standard to the petrodollar system, focusing on the recent emergence of Bitcoin and stablecoins like Tether in the evolving financial landscape. It discusses the implications of rising interest rates and how Tether's growth has positioned it as a major player in U.S. debt markets while maintaining its role in the cryptocurrency ecosystem. The chapter critically analyzes the relationship between traditional financial instruments and decentralized assets, highlighting the contradictions in government attitudes towards promoting Bitcoin.