The Dollar Left America Decades Ago: What Eurodollars and Stablecoins Reveal About Control
A new Bitget Wallet research article has mapped how custody of the dollar has moved for seventy years, from London’s offshore banks, to fintech databases, to today’s stablecoin issuers and self-custodial wallets.
That story starts with a version of the dollar that never quite lived in America: the eurodollar. Some argue the eurodollar, not the dollar most people know, is the real global reserve currency.
The term traces back to a single bank’s telex address: in the 1950s, Soviet and Eastern European states, wary of holding dollar reserves inside American jurisdiction where they could be frozen, moved those funds to European banks instead, including Banque Commerciale pour l’Europe du Nord in Paris, whose telex code read “Eurobank.” The nickname stuck, and over time it came to describe any dollar held outside the United States.
London played a decisive role in the dev…
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