Stablecoins are emerging as a new instrument of economic statecraft: a way for the US to reinforce reserve-currency dominance, export digital dollar liquidity, and create structural demand for US debt. In a world shifting from hyperglobalisation to neomercantilism, financial infrastructure is also strategic infrastructure. Dollar stablecoins could become the digital successor, or partner, to the Eurodollar system  privately issued, globally distributed, treasury-backed, and geopolitically useful. For Europe, the UK and China, this could pose a risk to monetary authorities.

Christian works for Rabobank in New York as Chief Cross-Asset Strategist and Head of Americas & Energy Markets Strategy. Christian has over 19 years of financial markets experience across sales, trading, and research. He is currently responsible for macro market forecasting and specialises in currencies and interest rates. Prior to this role, he worked on the FX team in London, covering emerging markets. Before joining Rabobank, Christian worked as an interest rate strategist at RBC Capital Markets, specializing in cross-currency relative value rates trading. Christian began his career in 2007 on a structured credit and non-linear rates trading desk. Christian has a BA in Economics and an MSc in International Banking & Finance.