I agree Seeing dollar flows is always the symptom, never the root cause. It's the release valve for a system that isn't functioning properly On an individual level, this flight to the dollar is entirely rational and stablecoins make that on-ramp incredibly easy The issue arises when this has the potential to scale to a point where it becomes outright monetary substitution, the full consequences of which remain a wildcard A local deposit turns into an offshore dollar claim, FX demand becomes unrelenting, domestic funding becomes less sticky and the central bank is forced to rebuild friction at the perimeter We need to find a balance between transactional dollarization and portfolio dollarization, which is exactly why central banks find themselves in such a tough spot It's all well and good to build better off-ramps that allow the global population to escape local currencies, but that approach is entirely rooted in the biases of our current financial system Instead, we should be exploring ways for currencies with diverse attributes to play a more efficient role in the broader ecosystem, ensuring that holding them isn't so penalizing for the end user