The evolution of the dollar, from specie-backed notes to its modern fiat form, has been shaped by pivotal military, commercial and technological shifts.. Now, dollar-denominated stablecoins are emerging as crypto’s ‘killer app’, prompting a re-examination of the dollar’s history and its role as onchain cash. The diverse stablecoin landscape of today echoes the wildcat banking era of 1836-65, raising concerns about the singleness of money. The dollar’s road to global reserve currency status was protracted. While strong at present with over 57% of foreign exchange reserves, this position evolved over centuries. While ... (full story)