PayPal Just Announced Plans to Launch a USD Stablecoin - Thoughts?

[un_rank]

They are all centralized, they are all closed-source, and the issuers can freeze the stablecoin tokens in your address with the right request/paperwork from law enforcement...

And the holders do not care a bit cause many of them do not even believe in actual decentralization. It is either they do not trust themselves to safely hold the tokens or they appreciate what they believe to be extra security when the developers freeze stolen coins, when the question should be why all the breaches are happening in the first place.

- Jay -

[bbc.reporter]

Nobody is going to accept a USD stablecoin from paypal if they can't use it to pay on websites that say "pay with paypal". If this is something that is going to be kept within Paypal's website and not go out to its payment card infrastructure, it's not going to make a dent like credit cards (issued by the banks) did.

You are be correct, however, there is an argument that because Paypal is one of the biggest payment processors in the world, merchants will be forced to accept PYUSD. I am quite certain if Paypal announced that they would allow PYUSD users to deposit PYUSD to exchanges in the cryptospace, all exchanges would accept them hehe. This might be free cashflow to from more than 100 million active users.

[Pmalek]

And the holders do not care a bit cause many of them do not even believe in actual decentralization. It is either they do not trust themselves to safely hold the tokens or they appreciate what they believe to be extra security when the developers freeze stolen coins, when the question should be why all the breaches are happening in the first place.

I don't think it's always about not caring. Some use stablecoins as protection against the volatility that regular crypto assets go through but without selling their cryptocurrencies and exiting into fiat, which would create taxable events. In that case, they could use DAI, but mostly go for one of the more popular stablecoins instead. The freezing of assets is an unfortunate feature of such tokens that will hopefully never be used against ordinary and innocent individuals on the orders of government institutions and those in power. 

[Synchronice]

This is big news in the cryptocurrency space. Having a major brand like PayPal issue a stablecoin could help drive mainstream adoption.

Mate, we have had USDT for years at this point, and that is what everyone is using. Of course, the company that mints USDT (Tether) cannot be trusted to keep it fully pegged, but do you honestly think that PayPal USD will get huge adoption?

Why not? To my mind there is a very high chance that USDT will end up like Terra because they mint whatever numbers they want without actually backing it up with real assets and that's not only just a rumor. PayPal, on another hand, is number one payment provider, has been in business since the beginning and are still leaders in their niche. This makes PayPal very safe and trustworthy and definitely makes me think that there is a very low chance that PayPal's stablecoin will go down to zero because if that happens, then the PayPal as a company will demolish and this corporation is big enough with smart employees to not let this happen.
If you talk about PayPal blocking user's stablecoins, then you are right, that will happen in case governments or company thinks that there is something wrong but we don't talk about privacy here, then you shouldn't use stablecoins and stick with Monero. For businesses, rich traders and average people, PUSD is better alternative to fiat than USDT.

[un_rank]

The freezing of assets is an unfortunate feature of such tokens that will hopefully never be used against ordinary and innocent individuals on the orders of government institutions and those in power. 

Hopefully that never happens, but power is known to be abused many of the times.
And we have many corrupt governments around the world who will use any power they have against the ordinary individuals.

DAI is a much better option to the rest of the stable coins or worse, the CBDCs.

- Jay -

[Pmalek]

DAI is a much better option to the rest of the stable coins or worse, the CBDCs.

Compared to the centralized stablecoins, yes it is. At least you know that the tokens in your non-custodial wallets are yours and aren't going anywhere without the correct signatures. A different threat, though is de-pegging. You might remember that a few months ago several stableconis got de-pegged, including DAI and USDC. I don't remember if the cause of it was significant loss of liquidity or a breech of some sort.

[BenCodie]

I am surprised that no one has pointed out the fundamental economic flaw with this concept.

If the USD is backed by nothing but faith, confidence, and (arguably) oil....and PayPal is backed by USD... Then what isn't this technically just shit backed by shit?

It's good for cryoto, if it enables people to move from PayPalUSD to cryptocurrency with no limitation. However, limitation is the biggest problem with PayPal. I doubt movement between crypto and PayPal's stablecoin will be seamless or limitless.

The main reason PayPal is doing this is for database integrity via the blockchain ledger, making all payments traceable while reducing the liability and costs involved with the amount of data they process daily. There will probably be a massive scalability boost if the blockchain they use has a reasonable TPS....

Though that's another question. If PayPal is going to make all balances backed by its stablecoin eventually, what chain will it be deployed on and can it keep up with PayPal's TPS?

[wallet4bitcoin]

It's just another stablecoin hype, i don't think it will be used by many   when there are already existing ways to transfer fiat money online. Why fiat, i consider stablecoins as fiat in cryptocurrency form since its centralized. And talking about fees, it will be a hell of fees to transfer sooner when the whole eth blockchain is congested which regularly to happen.

A welcome development by PayPal but they have to create the coin across blockchains and not just ETH as there are many downsides arising from fees and speed. If we have the millions of people currently on the paypal network emptied into the ethereum network, we might be having much more than enough congestion as the network was not made to scale with beyond design capacity. They should adopt the USDT strategy.

[NotATether]

I am surprised that no one has pointed out the fundamental economic flaw with this concept.

If the USD is backed by nothing but faith, confidence, and (arguably) oil....and PayPal is backed by USD... Then what isn't this technically just shit backed by shit?

You're close. It's dogshit backed by catshit.

It's good for cryoto, if it enables people to move from PayPalUSD to cryptocurrency with no limitation. However, limitation is the biggest problem with PayPal. I doubt movement between crypto and PayPal's stablecoin will be seamless or limitless.

PayPalUSD is not going to be useful if it is not accepted as a payment method when you click the "Pay with Paypal" button at checkout, so this is more likely just an attempt to make money like the Wall Street banks would do.

The main reason PayPal is doing this is for database integrity via the blockchain ledger, making all payments traceable while reducing the liability and costs involved with the amount of data they process daily. There will probably be a massive scalability boost if the blockchain they use has a reasonable TPS....

Though that's another question. If PayPal is going to make all balances backed by its stablecoin eventually, what chain will it be deployed on and can it keep up with PayPal's TPS?

If Paypal already has a good TPS with their own proprietary microservices, then why do they need to make a blockchain?

[milewilda]

I am surprised that no one has pointed out the fundamental economic flaw with this concept.

If the USD is backed by nothing but faith, confidence, and (arguably) oil....and PayPal is backed by USD... Then what isn't this technically just shit backed by shit?

You're close. It's dogshit backed by catshit.

Doesnt matter because both things are shit btw. 


My impression on why Paypal did make their own stable coin? They do really just want to be recognized and trying to go with the waves with  crypto trend and since crypto people does know about
those current existing stable coins USDT etc.. then they would just simply attached into it and make them look that they are joining the bandwagon.

People get blinded usually by this is into those people who do love on dealing with traditional things but to those who do give out importance
about decentralization then its just an additional pure shit here on this space.

[bbc.reporter]

I am surprised that no one has pointed out the fundamental economic flaw with this concept.

If the USD is backed by nothing but faith, confidence, and (arguably) oil....and PayPal is backed by USD... Then what isn't this technically just shit backed by shit?

It's good for cryoto, if it enables people to move from PayPalUSD to cryptocurrency with no limitation. However, limitation is the biggest problem with PayPal. I doubt movement between crypto and PayPal's stablecoin will be seamless or limitless.

The main reason PayPal is doing this is for database integrity via the blockchain ledger, making all payments traceable while reducing the liability and costs involved with the amount of data they process daily. There will probably be a massive scalability boost if the blockchain they use has a reasonable TPS....

Though that's another question. If PayPal is going to make all balances backed by its stablecoin eventually, what chain will it be deployed on and can it keep up with PayPal's TPS?

The USD is backed by the credit of the American government and America's military as what was shown when Saddam Hussien declared that Iraq will begin using the Euro for oil trades. They were invaded only 1 month after this declaration.

Also, many people in the bitcoin community say that the dollar is shit, however, in what currency do we price bitcoin? What are the proposals and how to price bitcoin away from shit?

You also mention that Paypal's stablecoin will be good for the cryptospace if it can be moved in the cryptospace without limtation? According to your words, it is shit. Why would you want more shit in the cryptospace?

[BenCodie]

I am surprised that no one has pointed out the fundamental economic flaw with this concept.

If the USD is backed by nothing but faith, confidence, and (arguably) oil....and PayPal is backed by USD... Then what isn't this technically just shit backed by shit?

It's good for cryoto, if it enables people to move from PayPalUSD to cryptocurrency with no limitation. However, limitation is the biggest problem with PayPal. I doubt movement between crypto and PayPal's stablecoin will be seamless or limitless.

The main reason PayPal is doing this is for database integrity via the blockchain ledger, making all payments traceable while reducing the liability and costs involved with the amount of data they process daily. There will probably be a massive scalability boost if the blockchain they use has a reasonable TPS....

Though that's another question. If PayPal is going to make all balances backed by its stablecoin eventually, what chain will it be deployed on and can it keep up with PayPal's TPS?

[1] The USD is backed by the credit of the American government and America's military as what was shown when Saddam Hussien declared that Iraq will begin using the Euro for oil trades. They were invaded only 1 month after this declaration.

[2] Also, many people in the bitcoin community say that the dollar is shit, however, in what currency do we price bitcoin? What are the proposals and how to price bitcoin away from shit?

[3] You also mention that Paypal's stablecoin will be good for the cryptospace if it can be moved in the cryptospace without limtation? According to your words, it is shit. Why would you want more shit in the cryptospace?

Credit is shit. Military is where all the money went, and why the gold standard was eventually abolished. The invasion of Saddam Hussein is only one of many war crimes that the US have committed with the power they have amassed via the fiat money scam.

What better opponent to give Bitcoin than the once unopposed, all powerful reserve currency of the world? As Bitcoin has grown, USD has lost its power. As BTC continues to grow, USD will continue to lose its power. That is what the price truly reflects.

When you convert or redeem PaypalUSD you are able to convert shit to Bitcoin. Just like you can convert USD to BTC. If it's possible, it's another funnel of demand for Bitcoin.

I am surprised that no one has pointed out the fundamental economic flaw with this concept.

If the USD is backed by nothing but faith, confidence, and (arguably) oil....and PayPal is backed by USD... Then what isn't this technically just shit backed by shit?

You're close. It's dogshit backed by catshit.

It's good for cryoto, if it enables people to move from PayPalUSD to cryptocurrency with no limitation. However, limitation is the biggest problem with PayPal. I doubt movement between crypto and PayPal's stablecoin will be seamless or limitless.

PayPalUSD is not going to be useful if it is not accepted as a payment method when you click the "Pay with Paypal" button at checkout, so this is more likely just an attempt to make money like the Wall Street banks would do.

The main reason PayPal is doing this is for database integrity via the blockchain ledger, making all payments traceable while reducing the liability and costs involved with the amount of data they process daily. There will probably be a massive scalability boost if the blockchain they use has a reasonable TPS....

Though that's another question. If PayPal is going to make all balances backed by its stablecoin eventually, what chain will it be deployed on and can it keep up with PayPal's TPS?

If Paypal already has a good TPS with their own proprietary microservices, then why do they need to make a blockchain?

Point 1 & 2, agreed. Point 3, being a stablecoin and using the blockchain is fashionable for businesses. If you do it, you are "on the bleeding edge" so to speak. A blockchain can make systems lighter in weight or replace resource intensive or code heavy components. If setup with the intention of greater control (likely paypal's intention) then it could also allow for better mechanisms in that regard. There's a lot of perks for the business to move to a blockchain and it makes sense, but it doesn't mean that it's good outside of the business in the long run.

[bbc.reporter]

I am surprised that no one has pointed out the fundamental economic flaw with this concept.

If the USD is backed by nothing but faith, confidence, and (arguably) oil....and PayPal is backed by USD... Then what isn't this technically just shit backed by shit?

It's good for cryoto, if it enables people to move from PayPalUSD to cryptocurrency with no limitation. However, limitation is the biggest problem with PayPal. I doubt movement between crypto and PayPal's stablecoin will be seamless or limitless.

The main reason PayPal is doing this is for database integrity via the blockchain ledger, making all payments traceable while reducing the liability and costs involved with the amount of data they process daily. There will probably be a massive scalability boost if the blockchain they use has a reasonable TPS....

Though that's another question. If PayPal is going to make all balances backed by its stablecoin eventually, what chain will it be deployed on and can it keep up with PayPal's TPS?

[1] The USD is backed by the credit of the American government and America's military as what was shown when Saddam Hussien declared that Iraq will begin using the Euro for oil trades. They were invaded only 1 month after this declaration.

[2] Also, many people in the bitcoin community say that the dollar is shit, however, in what currency do we price bitcoin? What are the proposals and how to price bitcoin away from shit?

[3] You also mention that Paypal's stablecoin will be good for the cryptospace if it can be moved in the cryptospace without limtation? According to your words, it is shit. Why would you want more shit in the cryptospace?

Credit is shit. Military is where all the money went, and why the gold standard was eventually abolished. The invasion of Saddam Hussein is only one of many war crimes that the US have committed with the power they have amassed via the fiat money scam.

What better opponent to give Bitcoin than the once unopposed, all powerful reserve currency of the world? As Bitcoin has grown, USD has lost its power. As BTC continues to grow, USD will continue to lose its power. That is what the price truly reflects.

When you convert or redeem PaypalUSD you are able to convert shit to Bitcoin. Just like you can convert USD to BTC. If it's possible, it's another funnel of demand for Bitcoin.

You said that stablecoins are shit backed by American dollars which is also shit. Bitcoin's price is based on dollars and also backed by dollars. The market cannot exist without dollars. Does this imply that bitcoin is also backed by shit also?

You also said that you wish to witness Paypal's stablecoin would make it easier for inflows into bitcoin. This clearly implies a possbility of a pump that might become a bubble if this occurs. However, what would happen if people want to dump their bitcoin because they want dollars?

I will not be a hypocrite and tell everyone that I do not want to witness a big pump on bitcoin, however, mixing idealism with our speculative investments and having a position that say we are better, the other coins have no right to continue might not be a very good position to have.

However, I agree on the argument on stablecoins. I have always speculated that they might have fractionalized already. If the speculation is correct then stablecoins are fractionalized currencies backed by fractionalized currencies hehehehe.

[pooya87]

You said that stablecoins are shit backed by American dollars which is also shit. Bitcoin's price is based on dollars and also backed by dollars. The market cannot exist without dollars. Does this imply that bitcoin is also backed by shit also?

You are confused about what "being backed by something" means.
A stablecoin being backed by dollar means there must be a fixed amount of dollar for each unit of that stable coin. For example 1 dollar for 1 tether.
Can you say that for bitcoin?!!!

Bitcoin price also does not depend on the dollar and is not related to it either. It's just that as the most used shitfiat internationally, it is easier to trade against dollar as opposed to other shitfiats. Otherwise bitcoin, as a currency, has its own value and its own price against all other currencies. If one shitfiat ceases to exist, bitcoin will still exist and work fine!
Not to mention that with the ongoing dedollarisation we eventually will see another centralized shitfiat replace dollar and dominate the market where everything is traded against.

P.S. It is kind of weird to talk about PayPal launching a stable coin while they launched their dollar backed stable coin in 1998 when they established PayPal

[Synchronice]

I am surprised that no one has pointed out the fundamental economic flaw with this concept.

If the USD is backed by nothing but faith, confidence, and (arguably) oil....and PayPal is backed by USD... Then what isn't this technically just shit backed by shit?

And if we measure Bitcoin's price in USD, then technically Bitcoin is backed by nothing, it has zero value. But at the moment, everything is measured in American dollars. When you go the doctor for surgery, they'll calculate your bills in dollars. Even if they accept bitcoin payment, still, they will calculate it in USD value and then convert into bitcoins according to current exchange rate.

The main reason PayPal is doing this is for database integrity via the blockchain ledger, making all payments traceable while reducing the liability and costs involved with the amount of data they process daily. There will probably be a massive scalability boost if the blockchain they use has a reasonable TPS....

Yes but a lot of people simply don't care about that, is it hard to understand? A lot of people don't care about the fact that their transactions will be recorded by PayPal, all they care about is easy access to crypto and stablecoins to gain profit.

[bbc.reporter]

You said that stablecoins are shit backed by American dollars which is also shit. Bitcoin's price is based on dollars and also backed by dollars. The market cannot exist without dollars. Does this imply that bitcoin is also backed by shit also?

You are confused about what "being backed by something" means.
A stablecoin being backed by dollar means there must be a fixed amount of dollar for each unit of that stable coin. For example 1 dollar for 1 tether.
Can you say that for bitcoin?!!!

Bitcoin price also does not depend on the dollar and is not related to it either. It's just that as the most used shitfiat internationally, it is easier to trade against dollar as opposed to other shitfiats. Otherwise bitcoin, as a currency, has its own value and its own price against all other currencies. If one shitfiat ceases to exist, bitcoin will still exist and work fine!
Not to mention that with the ongoing dedollarisation we eventually will see another centralized shitfiat replace dollar and dominate the market where everything is traded against.

P.S. It is kind of weird to talk about PayPal launching a stable coin while they launched their dollar backed stable coin in 1998 when they established PayPal

You are correct it is confusing because bitcoin is not really backed by anything. The price is determined by how much supply is available on the market, how much demand there is on a certain time and what type of attitude the investors presently have on the market. However, what does the market use to price bitcoin? Where does the market base the value? On fiat.

I agree that bitcoin does not depend on the dollar if there is an international market where it can be directly exchanged for commodities. However, it does not. The pricing depends on shit fiat currencies.

[BenCodie]

I am surprised that no one has pointed out the fundamental economic flaw with this concept.

If the USD is backed by nothing but faith, confidence, and (arguably) oil....and PayPal is backed by USD... Then what isn't this technically just shit backed by shit?

And if we measure Bitcoin's price in USD, then technically Bitcoin is backed by nothing, it has zero value. But at the moment, everything is measured in American dollars. When you go the doctor for surgery, they'll calculate your bills in dollars. Even if they accept bitcoin payment, still, they will calculate it in USD value and then convert into bitcoins according to current exchange rate.

Not really. Bitcoin's value is derived from its economic rules, the ecosystem's speculation, the blockchain ledger, and so much more. While Bitcoin's rules are fixed and do not change, USD and fiat money's rules change around what's needed for it to survive.

If USD = 0 then Bitcoin would be measured against another commodity primarily, like ETH (also a commodity) or Gold. Also, if US = 0, it doesn't mean everything else goes to 0... It means everything else = infinite USD. Just like what's happened in Venezuela with their currency.

The main reason PayPal is doing this is for database integrity via the blockchain ledger, making all payments traceable while reducing the liability and costs involved with the amount of data they process daily. There will probably be a massive scalability boost if the blockchain they use has a reasonable TPS....

Yes but a lot of people simply don't care about that, is it hard to understand? A lot of people don't care about the fact that their transactions will be recorded by PayPal, all they care about is easy access to crypto and stablecoins to gain profit.

For now they don't, as for now, it does not matter. When it effects them, it will matter to them. The way you are looking at it might seem correct to yourself for now, but there will come a day that this is no longer the case and your view will be clearly short sided in hindsight.

People also don't care about their social media data being sold to advertisers or insecurely/carelessly handled, I am sure they will care when their face is painted on a commercial thanks to AI, and it is allowed as they permitted it when they agreed to the terms of service on a platform like Facebook, which had a clause permitting such.

I am surprised that no one has pointed out the fundamental economic flaw with this concept.

If the USD is backed by nothing but faith, confidence, and (arguably) oil....and PayPal is backed by USD... Then what isn't this technically just shit backed by shit?

It's good for cryoto, if it enables people to move from PayPalUSD to cryptocurrency with no limitation. However, limitation is the biggest problem with PayPal. I doubt movement between crypto and PayPal's stablecoin will be seamless or limitless.

The main reason PayPal is doing this is for database integrity via the blockchain ledger, making all payments traceable while reducing the liability and costs involved with the amount of data they process daily. There will probably be a massive scalability boost if the blockchain they use has a reasonable TPS....

Though that's another question. If PayPal is going to make all balances backed by its stablecoin eventually, what chain will it be deployed on and can it keep up with PayPal's TPS?

[1] The USD is backed by the credit of the American government and America's military as what was shown when Saddam Hussien declared that Iraq will begin using the Euro for oil trades. They were invaded only 1 month after this declaration.

[2] Also, many people in the bitcoin community say that the dollar is shit, however, in what currency do we price bitcoin? What are the proposals and how to price bitcoin away from shit?

[3] You also mention that Paypal's stablecoin will be good for the cryptospace if it can be moved in the cryptospace without limtation? According to your words, it is shit. Why would you want more shit in the cryptospace?

Credit is shit. Military is where all the money went, and why the gold standard was eventually abolished. The invasion of Saddam Hussein is only one of many war crimes that the US have committed with the power they have amassed via the fiat money scam.

What better opponent to give Bitcoin than the once unopposed, all powerful reserve currency of the world? As Bitcoin has grown, USD has lost its power. As BTC continues to grow, USD will continue to lose its power. That is what the price truly reflects.

When you convert or redeem PaypalUSD you are able to convert shit to Bitcoin. Just like you can convert USD to BTC. If it's possible, it's another funnel of demand for Bitcoin.

You said that stablecoins are shit backed by American dollars which is also shit. Bitcoin's price is based on dollars and also backed by dollars. The market cannot exist without dollars. Does this imply that bitcoin is also backed by shit also?

You also said that you wish to witness Paypal's stablecoin would make it easier for inflows into bitcoin. This clearly implies a possbility of a pump that might become a bubble if this occurs. However, what would happen if people want to dump their bitcoin because they want dollars?

I will not be a hypocrite and tell everyone that I do not want to witness a big pump on bitcoin, however, mixing idealism with our speculative investments and having a position that say we are better, the other coins have no right to continue might not be a very good position to have.

However, I agree on the argument on stablecoins. I have always speculated that they might have fractionalized already. If the speculation is correct then stablecoins are fractionalized currencies backed by fractionalized currencies hehehehe.

I think you both are forgetting a very important fact.

The US Dollar is a scam, which is why Bitcoin was created and is superior to it.

Even though the USD scheme will be around for some time, it does not mean that its value will be. Bitcoin started at fractions of cents and is now worth 5 figures per coin. As more stablecoins, derivatives of USD, or in other words, more USD monetary supply is created, the higher BTC will be valued in USD. The more Bitcoin's price rises, the less USD is worth.

If you want a non BTC example, just look at purchasing power decline of USD and all other fiat currency to date. This won't reverse...and eventually it will be so bad that shit  will be a nice way to describe fiat money, when you take into account how angry the normies that Syncronice somewhat described in the second part of his post will be when shit hits the fan

[bbc.reporter]

@BenCodie. The argument is not if the American dollar, the Euro or any fiat currency is shit. You are correct, they are shit. I am telling you not to have this position of bitcoin is better because the pricing and the value is based on fiat and it will always be based on fiat. Bitcoin needs the scam fiat for the bitcoin market to exist and for it to have a price very similar to how oil, precious metals and industrial metals' value are based on fiat. This is reality and you will need the scam to continue your existence. Do not tell me you do not use fiat to live in this world. That would be impossible and a lie.

I reckon we should accept reality. If much of the people hold bitcoin as a speculative investment to earn more fiat, this should be okay. We should never imply that we or bitcoin is better than other people or other currencies.

[BenCodie]

@BenCodie. The argument is not if the American dollar, the Euro or any fiat currency is shit. You are correct, they are shit. I am telling you not to have this position of bitcoin is better because the pricing and the value is based on fiat and it will always be based on fiat. Bitcoin needs the scam fiat for the bitcoin market to exist and for it to have a price very similar to how oil, precious metals and industrial metals' value are based on fiat. This is reality and you will need the scam to continue your existence. Do not tell me you do not use fiat to live in this world. That would be impossible and a lie.

I reckon we should accept reality. If much of the people hold bitcoin as a speculative investment to earn more fiat, this should be okay. We should never imply that we or bitcoin is better than other people or other currencies.

Just like all other reserve currencies, the US Dollar will fall. When it does, another will take its place. Will it happen tomorrow? Probably not. Will Bitcoin be the next global reserve currency? Maybe not, maybe BRICS will be between USD and Bitcoin. Will Bitcoin be a reserve currency? That's not definite or set in stone. What is definite is that the USD and other fiat money working like it is not designed to last forever. Bitcoin is fundamentally better than fiat. Right now you are right, we can't replace Bitcoin as the reserve currency...but what I am saying is not about right now, it's about the future...and if you think USD or fiat money is here to stay in the future, you are wrong. I am sure of that.

[bbc.reporter]

@BenCodie. I am sorry, however, this image you shared is only something similar to a meme. Itmis difficult for bitcoin to be the dominant reserve currency because there will not be a dominant military to back and support it. There is a higher chance that bitcoin will be very much similar to gold, being used as a speculative investment and as a store of value.

In any case, what the next dominant reserve currency might be is the country's currency with a dominant military and a dominant economy. It might be China, also do not underestimate the rise of India. India's economic and military growth will shock everyone.