National deposit insurance was established in the United States in 1932 following a major bank panic.

Brendan Greeley asserts that stablecoins represent bank dollars that are slipping out of the regulatory control of institutions like the FDIC, the Comptroller of the Currency, and the Federal Reserve.

In 1776, the United States chose a Spanish coin made of Mexican silver with a German name as its official currency.

The Federal Reserve provides liquidity to the offshore dollar system during crises, such as in 2008 and 2020, through swap lines with foreign central banks.