Dollar-Backed Stablecoins: A Synthetic Savings Account

PayPal stablecoin is a watershed moment for finance, says Austin Campbell. Stablecoins can communicate US monetary policy directly to the people living in other countries when American efforts to engage other governments aren't succeeding. If stable coins flourish, citizens of other countries will increase the demand for dollars independent of their government's political decisions. U.S. politicians need to agree that redolarizing the global economy is important.