A more likely outcome is an erosion in the shares of currencies such as the euro, the British pound sterling, and the Japanese yen, while the dollar remains largely unscathed. After all, stablecoins pegged to the dollar would simply make it easier to gain access to the world’s leading currency. If Diem were to provide equally accessible versions of coins linked to the dollar, the euro and a few other major currencies, it is a fair bet that, at least initially, demand would be strongest for the dollar-backed coins.

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