---
title: Financial Innovation and the International Monetary System
url: https://www.ml-quant.com/papers/repec/nbr-nberwo-35822/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-10-23
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: RePEc:nbr:nberwo:35822
source_url: https://econpapers.repec.org/RePEc:nbr:nberwo:35822
featured: 2026-10-23
citations: unknown
topic: Macro-Finance & Rates
---


# Financial Innovation and the International Monetary System

Dollar-backed payment stablecoins and tokenization likely reinforce dollar dominance despite reducing transaction frictions, with multipolarity potentially increasing fragility.

- Source: https://econpapers.repec.org/RePEc:nbr:nberwo:35822
- Identifier: RePEc:nbr:nberwo:35822
- Released: 2026-10-12
- First featured: Quant Letter No. 136 (2026-10-23): https://www.ml-quant.com/issues/2026-10-23/
- Citations (Semantic Scholar): not tracked
- Published in: not yet
- Topic: Macro-Finance & Rates
- Authors: Gordon Y. Liao, Eswar S. Prasad, Tony Zhang

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