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Carolyn A. Wilkins is a visiting research scholar at the Griswold Center for Economic Policy Studies, Princeton University, and an external member of the Financial Policy Committee, Bank of England. This post is based heavily on a paper coauthored with Michael Bordo titled “Money and Power: Historical Lessons for Stablecoins and U.S. Dollar Dominance,” (NBER working paper 35768, August 2026). The author would like to thank William Neumann for his research assistance. The views expressed here are those of the author and not those of the Bank of England or its Financial Policy Committee.
