Money and Power: Historical Lessons for Stablecoins and U.S. Dollar Dominance -- by Michael D. Bordo, Carolyn Wilkins

The authors thank Oren Swagel and William Neumann for excellent research assistance, and Andrew Bailey, Darrell Duffie, Scott Hendry, Harold James, Shirley Ren, William Roberds, Myron Scholes and Peter Zimmerman for helpful comments and discussion. The views expressed here are those of the authors and not those of the Bank of England or its Financial Policy Committee. All errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

It would like to recognize the financial support of the Griswold Center for Economic Policy at Princeton University.