Cryptocurrency laws enacted in the United States are changing the game on global financial markets, creating a new settlement system. Essentially, this means that private legal entities are receiving the right to conduct settlements without bank control for the first time in U.S. history, while the Federal Reserve (FRS) loses control over digital assets. These processes give rise to a parallel global financial settlement system in which the dollar becomes merely a base asset, and settlement liquidity is created by tokenized assets — stablecoins backed by dollars or U.S. Treasury securities.

In practice, this means that problems with the U.S. dollar could lead to issues in the settlement system through stablecoins.$WCT $LAYER $BB