Asia Morning Briefing: China’s Car, America’s Currency — Why Stablecoins Keep the Dollar in the Driver’s Seat

GOOD MORNING, ASIA. HERE'S WHAT'S MAKING NEWS IN THE MARKETS: Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas. On the streets of Bolivia, an advertisement for a bright green BYD Dolphin Mini is plastered across a billboard. The irony is hard to miss: a Chinese electric vehicle, the symbol of Beijing’s export strength in the world's emerging markets, is moving off lots in a BRICS country, but it is paid for in USDT – which is backed by the very treasuries China is dumping. China has spent years pushing de-dollarization in Latin America, framing it as South–South solidarity and economic independence from Washington. Bolivia now settles about 10% of its trade in yuan, Brazil has renewed a RMB 190 billion ($26 billion) swap line, and Argentina taps renminbi liquidity to avoid default. Yet the reality is different for retail consumers. China still wins on exports, but loses influence over the unit of account. This…