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Digital Economy and the Global Financial System
2024-05-07 11:00:14
The growth of digital coins, and in particular, Stablecoins, could have contrasting consequences for the international dominance of the US dollar. On the one hand, the increased creation of Stablecoins will raise the demand for dollar reserves, enhancing the international role of the US dollar. On the other hand, Stablecoins could be a substitute for typical dollar-denominated assets, potentially reducing the demand for US dollars. We show that the first effect (higher demand for dollars) dominates initially when the size of the digital market is relatively small. However, as the size of the digital market increases, the second effect (lower demand for dollars) becomes dominant.
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