A new financial system, centered in Hong Kong and utilizing stablecoins like Tether, is rapidly emerging as a significant force in global trade, largely operating outside traditional U.S. banking regulations. This system allows BRICS nations and others to conduct international transactions using U.S. dollars without exposing their currencies to speculation or incurring new sovereign debt, bypassing U.S. banks in the process. Tether, a stablecoin pegged to the U.S. dollar, has become a dominant player, processing an astonishing volume of transactions that now rivals the entire U.S. economy, despite being a relatively unknown entity to most. The U.S. government is actively working on legislation, such as the Genius Act, to bring this burgeoning stablecoin market under its regulatory oversight, as much of this activity occurs outside American jurisdiction, raising concerns for both U.S. financial control and the independence desired by its users. The source also speculates on Tether's future, suggesting its growing investments in assets like Bitcoin and gold could potentially lead to its value exceeding the U.S. dollar, positioning it and the BRICS economies as a future anchor for the global economy.

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