[New Book] The Next Dollar

[Financial News] The Next Dollar examines how the dollar became the central currency of global trade and the impact digital assets could have on its status. It was written by Hong Ik-hee, who worked at the Korea Trade-Investment Promotion Agency (KOTRA) for 32 years.
It examines why the dollar continued to be widely used in oil transactions even after the system that allowed dollars to be exchanged for gold was suspended in 1971. It also covers moves by BRICS member countries, including China, to explore payment networks that bypass the dollar.
The U.S. GENIUS Act requires issuers of payment stablecoins to hold reserve assets, such as cash and short-term Treasury securities, at least equal to the amount outstanding. The author analyzes that demand for U.S. Treasuries could rise if dollar-pegged coins become widely used. The book looks ahead to a financial order in which the dollar, Bitcoin, and central bank digital currencies (CBDCs) coexist.

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