Opinions

If the Federal Reserve wants to keep the U.S. dollar competitive in the 21st century it must move boldly to declare dollar-backed stablecoins equivalent to other forms of money.

In a new paradigm of anti-money-laundering compliance, success increasingly depends not on obtaining information faster, but on recognizing when machine-generated intelligence should not be trusted.

Community banks have long been reliant on — and constrained by — a handful of core-banking technology vendors. But enterprise artificial intelligence licenses offer the chance to transcend those limitations.

The policies most community banks rely on for cyber liability, fidelity bonds and directors and officers insurance are full of overlapping exclusions, restrictive coverage sublimits and vague specifications. That can become an expensive problem.

As the regulatory landscape for digital assets becomes clearer, it is vital that stablecoin reserves, custody and settlement services, and the provision of liquidity not be concentrated within a small number of companies.

The recently announced consortium of crypto companies behind OpenUSD, a new dollar-denominated stablecoin, will have to demonstrate that it can build partnerships with banks and intermediaries before it can challenge USDC and Tether.

Investors in a panic about private credit valuations need to draw a distinction between funds backing AI-threatened software companies and those whose collateral includes the hard assets of frontier AI companies themselves.

Just as internet connectivity destroyed the market for long-distance telephone service, blockchain technology is going to make high-margin transactions, like cross-border funds transfers, dirt cheap. Established players should brace themselves.

In the year of the country's 250th anniversary celebrations, it's worth looking back at the long road the U.S. dollar took to global dominance, and the lessons we can learn from it.