The rise of stablecoins backed by the US dollar is often presented as a “technological solution” to the global debt crisis: by massively recycling Treasury bills (T-bills) as collateral, they promise virtually unlimited liquidity and a “frictionless” private currency.
However, this promise masks a denial: the world is now multipolar in terms of debt, and the international monetary system can no longer be used to process US debt alone. With their success this summer, USD stablecoins are therefore contributing to the fragmentation of the Western camp (Europe vs. the United States, Japan vs. allies) and accelerating the rise of counter-models, including mBridge, the BRICS infrastructure for central bank digital currency (CBDC) settlements.
Seen from this angle, USD stablecoins are probably reinforcing our bond crisis scenario for the autumn. In any case, they point to a currency and bond war in 2026. But first, let’s try to better understand the conceptual fundamentals of stablecoins, which are directly linked to debt.
What is debt?
Debt is future economic activity.
The monetary crisis that the world has been grappling with since at least 2008 is, in a way, due to the limitations of a dollar system that must supply a multipolar world, in which economic activity and exchange needs have exploded, with vehicles of exchange (money supply).
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