Member

That is misleading. The risks are not the same; this is not just about using different pipes for the plumbing. The financial mechanisms in cross-border trade using dollar stablecoin, which is a good example, are far more under US Treasury control than a trade made in US dollar-denominated assets held beyond the reach of the Federal Reserve, which is where most of the dollars outside the US currently sit. I see no recognition in the SI of that fundamental difference between a dollar stablecoin used for cross-border transactions, which can be subject to levers pulled by the US Treasury, versus trade that can take place in dollars without any reference to the US Treasury at all.