According to CoinMeta, as reported by A early issuance of in in 2021, at the 2026 Jackson Hole Global Central Banks Annual Meeting, Professor Eswar Prasad from Cornell University presented a paper co-authored with Gordon Liao and Tony Zhang titled "Financial Innovation and the International Monetary System." The paper indicates that the proportion of the US dollar in global foreign exchange reserves has decreased from 72% in 2000 to 57% in the first quarter of 2026, yet its dominant position in cross-border payments, foreign exchange transactions, and international bond financing remains firm. Models show that settlement innovations represented by US dollar stablecoins could attract more enterprises from emerging markets to the US dollar debt market by reducing costs, with the proportion of emerging market enterprises using US dollars for financing rising from 36% without stablecoins to 88%.