Last month at the World Economic Forum in Davos, Switzerland, the IMF’s first deputy managing director warned that rising stablecoin usage can put “competitive pressure” on countries with weak fiscal and monetary frameworks. That is diplomatic language for a bigger and under-discussed shift. People and businesses are gaining a low-friction path into the U.S. dollar that can bypass local banking rails. The result is a growing risk of global dollarization by default, rather than by design. That