🛋 The U.S. Didn’t Plan for This Kind of Dollar Dominance

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🛋 The U.S. Didn’t Plan for This Kind of Dollar Dominance

Stablecoins have become the dollar’s most unexpected ally.

In places where banks have collapsed or trust evaporated (e.g. Argentina, Turkey, Ukraine), USD-pegged stablecoins filled the vacuum. People are using them to save, send, settle, and survive. Even NGOs are routing humanitarian aid through them.

The U.S. hasn’t tried to block this. If anything, it laid out the runway. The newly passed GENIUS Act treats stablecoins not as a threat, but as a strategic tool in America’s global financial playbook

But that’s where things get complicated. If stablecoins keep scaling through offshore rails and open protocols, how much control does the U.S. actually have over its own currency infrastructure?

In today’s edition, we look at where stablecoins are doing America’s job – sometimes with its blessing, sometimes without.

USD vs. Everyone Else

Not every stablecoin pegs to the dollar. There’s EURS in Europe, BRZ in Brazil, and China’s e-CNY for domestic settlement.

But none have come close to matching the scale of dollar-backed stablecoins.

USD stablecoins make up 97% of global volume. Even in countries actively pushing de-dollarization, demand hasn’t disappeared. It’s just moved onto crypto rails.

As Messari’s 2024 State of Stablecoins report puts it: non-USD coins are still regional bets., and haven’t shown real signs of global traction.

Stablecoins may have started as a decentralization tool, but in practice, they’re reinforcing dollar demand.

USDT and USDC: Same Market, Different Playbooks

Together, USDT and USDC cover nearly 90% of the market. But their strategies couldn’t be more different.

USDT is everywhere. It’s not the cleanest or most transparent, but that’s not the point. In fragile markets, what matters is that it works – and if it works, people will use it.

In Nigeria, Lebanon, Argentina, and Turkey, USDT is the de facto dollar. It runs on TRON, zips through peer-to-peer networks, and sometimes trades at a premium. No bank needed.

USDC, on the other hand, plays a different game. It’s clean, regulated, audit-ready – built for platforms like Visa, Shopify, and Stripe. Circles’s new Payment Network is settling supplier payouts and cross-border B2B flows behind the scenes.

One thrives on resilience in fragile markets. The other bets on trust.

Both are fragmenting the dollar, not by design, but by use case.

New Rules, New Ripple Effects

Regulation made things clearer, but not necessarily safer.

The GENIUS Act sets rules for who can issue, what reserves are needed, and how to stay compliant. But trust in these coins still depends on where they land and how people use them. 

Remittances, merchant payments, and even credit lines are now flowing through stablecoin rails.

Some critics – like CEPR’s Dean Baker – argue that stablecoins just add noise. In his view, they’re patching over issues a well-designed CBDC could address directly.

Then there’s perception.

Most users assume stablecoins come with deposit-level protections. They don’t.

And while they’re strengthening dollar access today, they’re also rerouting it through platforms the U.S. doesn’t fully govern. That’s a different kind of exposure, especially if non-USD alternatives pick up steam.

What feels like stability now could morph into fragmentation later.

What to Watch

The GENIUS Act is already reshaping the stablecoin stack. One key change: reserve requirements now favour U.S. Treasurys, effectively pulling stablecoin issuers into the U.S. debt ecosystem. 

Standard Chartered estimates they could become the second-largest holders of Treasurys by 2028, right behind the Fed.

It also cracks the door open for banks. Some U.S. lenders are eyeing stablecoins as a new product line: compliant, yield-generating, and programmable.

But this future won't roll out the same way everywhere.

In regulated markets, banks and licensed fintechs will likely lead the build. In fragile economies, demand will keep flowing through offshore coins and informal networks.

Some countries will gain dollar access by design. Others will get it by necessity.

But either way, the U.S. is no longer the only one deciding how or where the dollar flows.

📌 Who do you think should be in charge of stablecoins: platforms or central banks?

The Business Model Shift Fueled by B2B Embedded Finance

As large corporations scale across complex SME distribution networks, embedded finance is emerging as a core enabler of efficiency, monetization, and strategic control. With the market projected to hit $320B by 2030, and SMEs accounting for nearly half that value, the opportunity is both massive and deeply operational.

From warehouse financing to PoS terminals, embedded financial products are moving closer to the flow of goods, helping businesses simplify transactions and deepen partner stickiness. No longer just a fintech feature, embedded finance is becoming a critical lever for enterprise value chain integration.

Download the full report to understand how B2B embedded finance is unlocking new business models and driving financial growth across enterprise value chains.

How to Buy US Treasuries – In 4 Simple Steps

Warren Buffett‘s recently said, “I laid out what I thought the average person who is not an expert on stocks should do. And my widow will not be an expert on stocks. I want to be sure she gets a decent result… Put 10% of the cash in short-term government bonds…” 

The strategy Buffett outlined is not just for his family but applies to any investor seeking reliable returns without the need for expert knowledge. He advised using the 10% allocation in short-term government bonds as a buffer during market downturns, allowing for withdrawals without needing to sell stocks at potentially low prices.

I have never bought US Treasuries – what do I need to know and do?

Most people don’t buy treasuries because they simply don’t have access to buying treasuries!  Treasuries are also not actively sold by bankers, just like term life insurance is rarely sold. The fees for the banks are simply not attractive enough. Other reasons include needing a securities account that and US tax forms (W8 Ben or equivalent), which permits eligible investors to receive the full coupon without any withholding taxes. Lastly, it is not super cool to espouse the virtue of US T-Bills at a cocktail party where everyone is bragging about their super cool investments into AI stocks, crypto coins and private debt!

Things are changing. The recent increase in yields is triggering a retail bond buying revolution! Today with platforms like BondbloX it is super easy to onboard, get a securities account and start the US treasury buying journey – it only takes a few minutes. Even filling up the tax forms is quick and fully digital.  In one go everything is set up, from your trading account to custody as well as tax forms.

So it’s easy to buy now, but what about the costs?

The difference between the price at which you can buy and the price at which you can sell is called the bid-offer spread. The smaller the difference between the buy and sell price, the better or more efficient the market. The liquid 10-year US treasury is among the most liquid asset in the world.

For instance, on July 28, 2025 the BondbloX exchange was seeing a price of the 4% US Treasury maturing in December 2027 of 100.297 (buy) and 100.248 (sell).

That’s a difference of just 0.049. Simply put, for an investment of a million dollars the bid-offer is a four hundred ninety dollars – that is a very tight spread. On the BondbloX platform, treasuries have a super low fee of only 0.05% (5 bps). So, on a $1,000 trade you pay 50 cents (not even a dollar) in fees.

Got it – any other benefits of investing in Treasuries?

• Investment in any portfolio, needs diversification, mostly low risk and some medium and high risk. Investing in government bonds denominated in their local currency represent a risk-free investment, more precisely credit risk free.

• Since US government bonds come in small denominations, you can also use them for building bond ladders. Let us say your daughter plans to go and study in the US from 2035-2038. You can buy bonds of these maturities (2035, 2036, 2037, 2038) so that you have the requisite amounts, say USD 50,000, for each year in 2035 through 2038.

• Treasury bonds can also give better returns on idle cash than a typical savings accounts, in addition to serving the purpose of a fallback during times of crises as suggested by Warren Buffet.

Conclusion

Ability and desire are two different things. The ability to buy US treasuries is an important tool in the arsenal of investment strategies and it must be ready. Market risk and opportunities come suddenly, it is best to be prepared. So please go and onboard to buy your first government bond that will pay you more than cash left overnight in your bank account. If you don’t have the desire to hold the bonds, you can simply sell them and experience the ease of selling as well.

Disclaimer: This content is for informational purposes only and does not constitute financial, legal, or investment advice. The views expressed are solely those of the contributor and do not represent an offer or recommendation. All rights reserved to BondbloX Pte. Ltd. Reproduction or redistribution without written consent is not permitted.

Welcome to this week's edition of Thriving in the Fast Lane - a coaching series for Couchonomics Crunch readers.

Choose Freedom Over Loyalty

“Loyalty” is a management darling. We praise loyal teams, promote loyal lieutenants, and write posts about “loyalty to the company.” But look closer at when the word shows up. It’s usually in two situations:

1. Despite my own interests. “We’re cutting salaries / adding hours - who will stay?” Translation: Be loyal even if it costs you.

2. Despite others’ mistakes. “Leadership messed up / the firm is nearly broke - who will stand by us?” Translation: Be loyal even if we caused the damage.

In both cases, “loyalty” carries a hidden invoice: An emotional “I Owe You / You Owe Me”. “I stayed for you - what did you do for me?”

That seed of reproach grows quietly and, sooner or later, poisons the relationship.

Loyalty, as it’s commonly used, is a moral fog: variable, guilt-prone, and easy to weaponize. Freedom is cleaner. It creates adults, not subjects.

The Case for Freedom

Freedom says: You are free to stay or free to go. If you stay, you are choosing - eyes open. That choice breeds responsibility, not resentment.

What freedom does in a company:

• Removes the guilt script. No martyrdom, no “you owe me.”

• Clarifies agency. People own their decision to remain through a tough patch.

• Strengthens trust. Transparency and mutual accountability replace moral pressure.

• Improves execution. Adults who choose, commit; hostages comply.

How to Lead with Freedom (When Times Are Tough)

Be explicit, time-bound, and option-rich. Here’s a script you can adapt:

“We’re facing X. Here are the facts, implications, and the plan 

You have options:

• Stay under these conditions for the next 90 days while we execute the plan,

• Move to role Y / reduced hours,

• Or choose to leave with our support (recommendations, transition timeline).

Whatever you choose, you’ll have my respect. If you stay, I will expect full commitment - and I’ll match it with full transparency.”

You understand here that if your plan is bad, you won’t be surprised that people will want to leave. 

Loyalty will be used as a weapon to “convince” people to stay despite the bad plan. 

Freedom will make the plan maker understand the responsibility to craft a good strategy if they want their teams to believe in it, find their own interest, and stay freely, willingly, as adults.

Signs You’re Trapped in the Loyalty Game

• People say “family” a lot, but keep a quiet ledger of sacrifices.

• Requests come with moral undertones: “real team players…”

• Tough news is framed as a test of loyalty, not a call for ownership.

• Resentment shows up months later - disguised as cynicism or passive resistance.

When you hear these, switch the frame: from loyalty → freedom.

Day-to-Day Practices that Promote Freedom

• No loyalty tax. Never expect people to accept worse terms because they “owe” you.

• Choice in writing. For major asks (pay cuts, stretch hours), document the options and the review date – i.e. be accountable if you want others to believe in you.  

• Respect on exit. Treat departures as adult choices, not betrayals.

• Freedom language in meetings.

“You’re free to challenge this plan - what do you see that we don’t?”

“If you stay on this project, are you willing to own it under these constraints?”

“If this is no longer right for you, let’s plan an honorable transition.”

Bottom Line

Loyalty, as commonly invoked, often demands sacrifice now and repayment later - a perfect recipe for bitterness. Freedom asks for choice now and responsibility now - a cleaner path to high trust and high performance.

Choose freedom. It scales better than guilt.

Joe Sejean is an entrepreneur based in Dubai, founder of The Compass, a space for founders to create business leverage by connecting emotionally to their clients; co-founder of the Bravos!, a global community redefining workplace engagement and well-being; and host of the podcast People, Not Numbers, a deep dive into the human side of engagement. Connect on LinkedIn → linkedin.com/in/jsejean

Now, a quick break for your wellness. Chief Wellness Officer at FAB Diego Carrete is on a mission to help executives get fit, increase their energy, and live longer.

Today he talks about:

Your brain is shrinking (unless you do this 3x/week)

Find out why young adults report sharp mental health declines

What you'll learn today:

• The 3×4 protocol that reverses memory decline

• How popular wearables might be ruining your sleep

• A simple question that predicts burnout months in advance

Happy Wednesday, amigos,

As a father to a young daughter, I often think about the world she'll grow up in—and more importantly, the mental health landscape she’ll face.

The data doesn’t lie. Mental health issues among young adults, especially women, have skyrocketed. The decline in cognitive and emotional well-being is alarming, raising tough questions about why this generation is struggling so much.

But here’s the good news: we have the tools to change the trajectory. With the right habits, we can protect and even improve brain health as we age.

Today’s newsletter focuses on practical steps to keep your brain sharp and your mental health resilient.

🔗 The Leaner Circle — an exclusive, once-a-month experience

Want a private, focused space to improve your health and mindset?

• Hosted at Banya Forrest, one of Dubai’s premier wellness centers

• Access to steam rooms, cold plunges, and recovery facilities

• Outdoor areas for mindfulness and breathing practice

• Private mastermind rooms to connect with like-minded executives

Would you be interested in joining The Leaner Circle?

[Yes, tell me more!] [Not now, keep me updated]

The 3×4 protocol that reverses memory decline

A recent meta-analysis of over 3,000 older adults confirmed:

Exercising 3 times per week for at least 4 months significantly improves memory retention, especially episodic memory (the kind you use to find your keys or remember conversations).

Why it matters:

• Aerobic movement fuels your hippocampus, the brain’s memory center

• Memory loss is not inevitable — it’s preventable with consistent action

• 12 exercise sessions per month is the minimum insurance plan for brain health

Try this routine to stack brain benefits:

• Monday: 30-minute brisk walk outdoors with sunlight exposure

• Wednesday: 40-minute stationary bike ride (podcast optional)

• Saturday: Outdoor hike for movement plus a vitamin D boost

Your brain is like a garden — neglect it, and weeds take over.

Always stressed? The Anti-Cortisol Strategy

If stress is relentless, cortisol remains elevated, which impairs memory and accelerates aging.

Watch this 4-minute video from Live Leaner to learn how to reduce stress and cortisol naturally: [The Anti-Cortisol Strategy: How to Manage Stress & Boost Your Health]

This popular wearable might be ruining your sleep

Many rely on devices like the Oura Ring, Whoop, or various HRV trackers to monitor sleep.

However, research from the Journal of Clinical Sleep Medicine found that:

Wearable sleep tracking can increase insomnia symptoms due to sleep-related anxiety and hypervigilance.

What does this mean?

You’re not just sleeping — you’re “performing sleep” under pressure to hit perfect scores.

Practical tips:

• Use wearables to monitor patterns over time, not nightly scores.

• Avoid checking your sleep data first thing in the morning.

• Prioritize inputs that improve sleep quality:

○ Light exposure management

○ Evening wind-down routines

○ Breathwork and relaxation exercises

The 5-4-3 Approach to Wearable Mastery

1. Track these 5 key metrics:

2. Sleep Quality: Total sleep time and stages (light, deep, REM)

3. Heart Rate Variability (HRV): Your body’s recovery indicator — higher is better

4. Steps/Movement: Consistent daily activity levels

5. Resting Heart Rate: Cardiovascular health marker

6. Active Minutes/Workout Intensity: Measure of workout effort

Focus on these 4 optimization areas:

• Sleep Hygiene: Set consistent bedtimes, reduce screens before sleep

• Recovery: Use HRV trends to adjust training load

• Movement: Aim for steady step counts, build daily habits

• Heart Rate Zones: Train within zones that match your goals (fat loss, endurance)

3 Key Habits for Weekly Recovery

Data is only as good as your actions. Support your recovery by:

• Starting mornings with 5 minutes of deep breathing to lower cortisol

• Engaging in daily mindful movement (stretch, walk, or yoga)

• Scheduling digital detoxes for 1–2 hours daily — disconnect fully from wearables and

• screens

A question that predicts burnout

Forget long surveys. A 2024 study found a single question predicts burnout 6 months in advance:

“Do you feel effective at work?”

If your answer is “No,” here’s what to do:

• Audit energy drains beyond tasks — include people, meetings, digital inputs

• Ask: “What can I stop doing today that no one would notice for a week?”

• Reclaim 10% of your week to focus on deep work and recovery

Burnout isn’t always about workload volume — it’s often meaningless motion.

Closing pulse

• Move your body daily to protect memory

• Sleep like a human, not a data point

• Measure your output, not just hours worked

Hasta la vista amigos!

That’s it for now. Found this helpful? Share this with someone who needs it.

In this week’s episode of Couchonomics with Arjun, I’m joined by Floris de Kort, CEO of Thunes, to talk about what it takes to build a global payments network across 130+ countries. We get into the realities of connecting wallets, banks, and mobile rails, and why real-time payments still hit many roadblocks. Floris shares how Thunes is using compliance as a competitive edge, why B2B payouts are surging, and how MENA is becoming a hotbed for wallet innovation. We also explore the growing role of stablecoins in cross-border finance. Watch the full episode here.

Subscribe for weekly updates on all things fintech here. Thank you to our sponsors E&, SC Ventures, HALA, Mastercard, Digit 9, and Thunes for making today's edition possible.

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