X @Messari

De-dollarization and Currency Competition - The industry observes a shift towards a retro-future currency race, with BTC and ETH in multisigs gaining traction [1] - China's RMB is surpassing the dollar in outbound trade payments, facilitated by the Belt and Road initiative, indicating active dollar displacement [1] - The industry notes the expansion of e-RMB rails through ASEAN, suggesting a move away from SWIFT [1] Stablecoin Evolution - The industry anticipates that stablecoins will adapt to de-dollarization by emerging in non-USD forms like RMB, RUB, and INR [2] - In the absence of dollar reserves, stablecoins will compete to hoard BTC and ETH as backing [2] - Stablecoins are evolving into digital currencies competing for trust, liquidity, and integration, shifting backing from sovereign debt to crypto-native reserves [3] P2P and Reserve Currency Dynamics - P2P volumes indicate a shift, with NGN, CNY, and RUB dominating stablecoin sell-side flows, forming FX and remittance infrastructure outside the banking system [3] - The next reserve currency might be collateralized by crypto, issued by code, and adopted P2P, potentially originating outside state control [3] - The industry foresees a multipolar, permissionless world, moving away from dollar or yuan dominance [4]