[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Steve Hou [@stevehou0](/creator/twitter/stevehou0) on x 30.7K followers Created: 2025-07-12 13:52:32 UTC Underneath the “US dollar”, it’s a vast USD-denominated financial technology and services architecture, which one needs the dollar to access. Just as one needs NVidia GPUs to use CUDA. The US dollar is a financial technology. That’s why trade and financial transactions are conducted in dollars bc it’s cheaper risk capital and convenient. Bitcoin, by extension the crypto complex is a novel development as an alternative for a narrow but growing set of functions of the dollar. But even there, very quickly “USD stablecoins” came online as a natural use case proving there’s still vast unmet demand for access to the USD system. Tbh, most national monetary systems are kinda redundant and superseded. You don’t see much demand for say EUR, GBP, or JPY stablecoins. So I actually think Bessent is right that the embrace of crypto is good for USD on net: while crypto funnels some “money” (transactions and storage) out of the USD system, stablecoins will funnel in more money into the USD, likely overwhelms the former by a lot. We currently have this odd criss-crossing equilibrium where a lot of the global demand for crypto is to fundamentally gain access to a (shadow) USD financial system and the crypto complex increasingly speaks USD even as crypto tries to present itself as an alternative to the fiat. Look at the latest several waves of bullish catalysts for crypto for evidence. The rise and popularity of crypto has less disintermediated the dollar and much more so disintermediated the rest of the national currencies into USD so that we are all in one way or another “Americans” now. XXXXX engagements  **Related Topics** [fintech](/topic/fintech) [money](/topic/money) [united states dollar](/topic/united-states-dollar) [hou](/topic/hou) [stocks technology](/topic/stocks-technology) [$nvda](/topic/$nvda) [bitcoin](/topic/bitcoin) [coins layer 1](/topic/coins-layer-1) [Post Link](https://x.com/stevehou0/status/1944032130754920946)
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
Steve Hou @stevehou0 on x 30.7K followers
Created: 2025-07-12 13:52:32 UTC
Underneath the “US dollar”, it’s a vast USD-denominated financial technology and services architecture, which one needs the dollar to access. Just as one needs NVidia GPUs to use CUDA. The US dollar is a financial technology. That’s why trade and financial transactions are conducted in dollars bc it’s cheaper risk capital and convenient.
Bitcoin, by extension the crypto complex is a novel development as an alternative for a narrow but growing set of functions of the dollar. But even there, very quickly “USD stablecoins” came online as a natural use case proving there’s still vast unmet demand for access to the USD system. Tbh, most national monetary systems are kinda redundant and superseded. You don’t see much demand for say EUR, GBP, or JPY stablecoins. So I actually think Bessent is right that the embrace of crypto is good for USD on net: while crypto funnels some “money” (transactions and storage) out of the USD system, stablecoins will funnel in more money into the USD, likely overwhelms the former by a lot.
We currently have this odd criss-crossing equilibrium where a lot of the global demand for crypto is to fundamentally gain access to a (shadow) USD financial system and the crypto complex increasingly speaks USD even as crypto tries to present itself as an alternative to the fiat. Look at the latest several waves of bullish catalysts for crypto for evidence. The rise and popularity of crypto has less disintermediated the dollar and much more so disintermediated the rest of the national currencies into USD so that we are all in one way or another “Americans” now.
XXXXX engagements
Related Topics fintech money united states dollar hou stocks technology $nvda bitcoin coins layer 1