The dollar’s final form may be brutally simple:

a system whose primary purpose is maintaining demand for itself.

Stablecoins need dollar reserves.

Dollar reserves buy Treasuries.

Treasuries finance the system.

The system expands dollar liquidity.

That liquidity creates more demand for dollar-denominated assets.

The loop feeds itself:

Debt → collateral → stablecoins → dollar demand → more debt.

But notice what is quietly being removed from the equation:

the dollar’s own settlement rails.

The dollar does not necessarily die first.

Its necessity does.

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