The Shadow Dollar: How Private Companies Cloned the World's Money, Bankrolled a Superpower, and Built the Riskiest Unregulated Bank on Earth
M. Muñoz
M. Muñoz · AI-narrated by Martin (from Google)
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4 hr 20 min
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The Shadow Dollar. How Private Companies Cloned the World's Money, Bankrolled a Superpower, and Built the Riskiest Unregulated Bank on Earth tells the story of two companies almost nobody could find on a map that now issue more digital dollars than most nations issue paper ones. It begins on a Saturday in May 2022, when a coin that promised to always be worth exactly one dollar started trading for ninety-eight cents, and three days later was worth almost nothing. That collapse erased tens of billions of dollars and exposed the single beam holding up an entire hidden financial system: the promise that a digital token can always be exchanged for a real dollar. The survivors of that crash—led by Tether and Circle—have gone on to become two of the largest buyers of United States government debt on the planet, courted by Washington, copied by the world's biggest banks, and used daily by a truck driver in Venezuela, a garment worker in the Philippines, and a trader in Singapore. This book follows the money from an offshore office that prints digital dollars to the halls of the U.S. Congress, revealing who profits, who is protected, and what happens the day too many people want their dollars back at once.
The Shadow Dollar. How Private Companies Cloned the World's Money, Bankrolled a Superpower, and Built the Riskiest Unregulated Bank on Earth tells the story of two companies almost nobody could find on a map that now issue more digital dollars than most nations issue paper ones. It begins on a Sa...
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