Is the US dollar, the cornerstone of the global financial system for decades, wobbling? Between colossal debt, geopolitical tensions, and the rise of digital currencies, its future is more uncertain than ever.

In this changing landscape, stablecoins emerge as a discreet but powerful alternative. Presented as a mere digitization of the dollar, could they actually accelerate its fall and reshape the global monetary balance?

Let's dive into a scenario where the dollar struggles for its survival against its own digital creations.

I. Why is the Dollar Threatened?

1. An Uncontrollable Debt

The United States carries a debt exceeding 35 trillion dollars. Between budget deficits and the constant need for monetary issuance, confidence in the greenback is starting to erode. If the Fed lowers interest rates to stimulate the economy, the yield on dollar bonds decreases, reducing their attractiveness compared to other currencies or assets.

2. The End of the Dollar's Reign

Since World War II, the dollar has been the dominant currency for international trade and central bank reserves. But today, the BRICS+ and other emerging powers are seeking to free themselves from this dependence. Russia and China have already reduced their use of the dollar, and initiatives like payments in yuan or gold-backed stablecoins could accelerate dedollarization.

3. Geopolitics and Dedollarization

The use of the dollar as a geopolitical weapon through sanctions is pushing many countries to explore other options. The rise of central bank digital currencies (CBDCs) and the adoption of cryptocurrencies in international trade are likely to gradually erode the supremacy of the dollar.


II. Stablecoins: Savors or Gravediggers of the Dollar?

Stablecoins like USDT (Tether), USDC (Circle), and DAI (MakerDAO) are designed to replicate the stability of the dollar, but their massive adoption could have unexpected effects.

1. A Digital Dollar Without State Control

Stablecoins allow the use of the dollar without going through the traditional banking system or the Fed. This means that billions of dollars are circulating outside of American control, weakening the government's ability to regulate its own monetary system.

2. An Alternative to Banks and SWIFT

Stablecoins offer a fast and inexpensive alternative to international bank transfers. Businesses and states are starting to use them to bypass financial restrictions imposed by the United States. Example: Argentina, in the midst of a monetary crisis, is seeing massive adoption of dollar-stablecoins to avoid inflation of its own currency.

3. The Threat of a Collapse of the Stablecoin System

If a major player like Tether (USDT) were to collapse due to insufficient reserves or because of a harsh regulation from the United States, it could trigger a crisis of confidence not only in cryptocurrencies but also in the dollar itself. A financial panic could ensue, accelerating the flight to alternative assets like gold, Bitcoin, or other currencies.


III. Towards a Digital Currency War?

The dollar is not alone in its fight. CBDCs (central bank digital currencies) are also coming into play:

• The digital yuan is already being used in several international transactions, notably for oil with Saudi Arabia.

• The digital euro could be a direct competitor to the dollar in European markets.

• The BRICS are working on a gold-backed stablecoin, a credible alternative to the dollar-dependent system.

If the United States does not react quickly, dollar-backed stablecoins could be replaced by multipolar alternatives, further reducing global demand for USD.


IV. How to Position Oneself as an Investor?

In the face of this evolution, several strategies can be considered:

🔹 Diversify your assets: Gold, silver, Bitcoin, and other assets uncorrelated to the dollar can serve as a hedge against a potential loss of confidence in the USD.

🔹 Do not rely on a single stablecoin: USDT and USDC are dominant, but their centralization poses a risk. Decentralized options like DAI or gold-backed stablecoins offer interesting alternatives.

🔹 Monitor regulation: If the United States decides to severely regulate stablecoins, it could impact their use and favor the adoption of other digital currencies.


Conclusion: A New Monetary World in Progress

Far from being a simple stabilization tool for cryptocurrencies, stablecoins could accelerate the fall of the dollar by facilitating its circumvention by states and businesses seeking to break free from the traditional banking system.

But is the dollar really in danger of collapse? Probably not in the short term, but its influence is already eroding. Its greatest enemy may not be the yuan or gold, but its own uncontrolled digitization through stablecoins.

In this transition, the future of the global monetary system may already be played out on the blockchain, far from the halls of the Federal Reserve...

So, stablecoins: allies or killers of the dollar?