The world is pulling away from the dollar but the demand for it keeps climbing.

For decades the US issued the world's reserve currency and traded away its industrial base for the privilege, but that bargain is now unwinding. Freezing a country’s reserves showed that assets held abroad could be blocked. The shift away from Treasuries was already happening, and the freeze sped it up.

Ordinary people are moving the other way. In countries where the local currency keeps losing value, households and businesses buy dollars to hold their savings in something stable. Less of the world's surplus is flowing back into Treasuries, while private dollar demand keeps climbing.

That demand is finding a new outlet. Stablecoins let people hold and move dollars without a US bank account. That access is spreading fast across the developing world.

(Original content provided by @PonderingDurian at Delphi Ventures)

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