TechFlow reports that Morgan Stanley has issued a warning, stating that a "paradigm shift" in the perception and use of digital assets such as Bitcoin could threaten the U.S. dollar's dominant position in global currency.
The approval by the SEC of a series of spot Bitcoin ETFs, along with accelerating global adoption of Bitcoin, is driving this transformation.
Pierre, Morgan Stanley's head of digital assets, said this could challenge the dollar's status in global foreign exchange reserves.
He believes central bank digital currencies (CBDCs) and stablecoins may impact the dollar's dominance, suggesting stablecoins could be more beneficial to global finance and describing fiat-backed stablecoins as the "killer application" of cryptocurrency.
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