The Yen Battlefront: Europe's Weak Hand and the Dollar Stablecoin Hierarchy
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Europeā€™s energy shock is becoming sovereign-debt stress as late-cycle disinflation leaves offshore money centers exposed.
Matt Dines argues Japanā€™s onboarding onto T-bill-backed stablecoins may be a tipping point: a shortcut up the monetary stack, past the Eurodollar system.