Economists Chengxu Fu and Xiaguo Huang from the ASEAN+3 Macroeconomic Research Office (AMRO) argue the future of AI might heavily favor the U.S. dollar, especially through dollar-backed stablecoins. Their research highlights how the American lead in AI-powered energy, infrastructure, and production could trigger a cycle that strengthens dollar dominance worldwide.
The core idea is that if AI-related costs from compute power to infrastructure are priced in dollars, then demand for using the greenback will soar. This effect could amplify as AI expands into a $trillion-scale industry, cementing the dollar’s role as the default currency in this space. Stablecoins pegged to the dollar are seen as the natural medium for payments between AI agents, automating everything from logistics to treasury operations.
Fu and Huang stress the significance of agentic payments transactions executed autonomously by AI systems. These transactions require programmable money, a niche where dollar-stablecoins could dominate due to early network effects and established infrastructure. They predict a self-reinforcing loop where AI systems pay for compute resources with dollar stablecoins, which in turn boosts global demand for these digital dollars and reinforces their footing.
They also recommend Asian economies invest in developing their own digital currencies and AI data infrastructure to reduce overdependence on the U.S. dollar, hinting at potential geopolitical and financial shifts. As AI reshapes industries, the currency powering it will be equally key.
Material is informational and not financial advice.
