Bridged USDT (USDT)

It is often said that the real market for tokenized stocks consists of the tens of billions of people locked outside.

Argentinians want to buy SPY, Nigerians want NVDA, Turks want to hold dollar assets, and Chinese want to allocate overseas assets. When US VCs ask “Who will buy tokenized stocks?”, they really mean “Why not just use Robinhood?”.

But these tens of billions simply can’t use Robinhood.

I think this conclusion is partly right, but only half of it.

Often what they really want is dollars; the stock is just a convenient shell they can purchase.

In recent years, the real explosion has been stablecoins and on‑chain sovereign bonds, while the stock layer has remained lukewarm.

But this actually makes me increasingly concerned about another matter.

The crypto dream in 2009 was to bypass banks, bypass the dollar, bypass Wall Street, bypass sovereignty. By 2026, the most successful crypto products are all helping more people worldwide hold US assets.

Many call this ‘TradFi on‑chain,’ but what’s really happening is crypto becoming a new distribution channel for the dollar system.

The most surprising part is that the US is no longer blocking; instead it is green‑lighting legislation for stablecoins. Washington realized that on‑chain dollars and on‑chain sovereign bonds are its best export channels, reaching places blocked by capital controls and inaccessible to banks. The decentralization track that once aimed to topple the empire has become the empire’s most efficient freight wagon.

Thus, someday, tens of billions will enter the US capital market via wallets, not brokers.

Is this a win for crypto or for the dollar?

I tend to think it’s the latter, though I may be overly pessimistic.