The digital currency quietly taking over the global financial system
In an era where economic statecraft increasingly involves payment systems and financial sanctions, control over monetary infrastructure carries geopolitical weight.
The global financial system is undergoing its most profound transformation since the advent of electronic banking, with digital currencies rapidly rewriting the rules of international trade and payments.
At the heart of this shift are stablecoins – digital tokens pegged to traditional currencies – that have quietly grown into a US$250 billion market.
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Dr. Marina Yue Zhang is an associate professor (technology and innovation) at the Australia-China Relations Institute, University of Technology Sydney.
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