We’re entering a retro-future currency race. Not gold in vaults, but BTC and ETH in multisigs. China’s RMB is overtaking the dollar in outbound trade payments. The Belt and Road is becoming a payments network. SWIFT is optional. e-RMB rails are expanding through ASEAN. This is active dollar displacement. Most stablecoins today are dollar-pegged and backed by cash and T-bills. But what happens in a world where de-dollarization accelerates? What happens when trust in U.S. assets erodes? Stablecoins will adapt. Non-USD stables — RMB, RUB, INR — will emerge. And in the absence of dollar reserves, they’ll compete to hoard BTC and ETH instead. Stablecoins won’t just track fiat. They’ll evolve into digital currencies that compete for trust, liquidity, and integration. The backing will shift from sovereign debt to crypto-native reserves. P2P volumes already show the shift. NGN, CNY, RUB dominate stablecoin sell-side flows. This is not just trading. This is FX and remittance infrastructure forming outside the banking system. The next reserve currency might not come from a state. It might be collateralized by crypto, issued by code, and adopted P2P. Not a dollar world. Not a yuan world. But a multipolar, permissionless one. Stats from 👇 Read to learn more