> ## Content Index > Fetch the complete content index at: https://www.thedigitalspeaker.com/llms.txt > Use this file to discover other available public pages before exploring further. # Synthetic Minds | America Just Outsourced The Digital Dollar To Wall Street - URL: https://www.thedigitalspeaker.com/synthetic-minds-america-outsourced-digital-dollar-jpmorgan/ - Published: 2026-05-19T07:38:04.000Z - Updated: 2026-08-04T05:45:01.000Z - Description: In one week, JPMorgan filed to back every American digital dollar under the new US stablecoin law while ECB's Lagarde warned Europe against "digital dollarization" and China made its digital yuan a bank deposit. Three jurisdictions, three answers, one question: who issues the money of an AI economy? - Author: Dr Mark van Rijmenam, CSP - Tags: Synthetic Minds Newsletter, #newsletter *The Synthetic Minds newsletter offers short daily insights to get you thinking. If you enjoy it, please forward. All signals are powered by Futurwise. If you need more insights,* [*subscribe to Futurwise*](https://futurwise.com/?promo=syntheticminds&ref=thedigitalspeaker.com) *and *get 25% off* for the first three months!* ***I have just launched the*** [***Intelligence Age Scorecard!***](https://www.thedigitalspeaker.com/intelligence-age-scorecard/) ***It will help you understand how ready your organization is for the Intelligence Age.*** **Today’s topic:* Tokenization* --- ### [Who Mints Tomorrow's Money? America Just Decided.](http://thedigitalspeaker.com/synthetic-minds-america-outsourced-digital-dollar-jpmorgan/?ref=thedigitalspeaker.com) The United States quietly made a choice it never put to a vote. The next form of the dollar will not be issued by the central bank, it will be issued by JPMorgan, BlackRock and Circle. Wall Street is competing for the role the Fed used to occupy. That is the shift hiding under this week's filing. While Europe debates a public digital euro and China routes its digital yuan through commercial banks, America picked the private path. [JPMorgan filed paperwork on Monday](https://www.futurwise.com/article/3132edd8-3385-48c4-a431-eeb38931808e?ref=thedigitalspeaker.com) for an internet-native US government bond fund — designed to back every regulated "digital dollar" issued in the country. Its stated purpose is to satisfy the reserve requirements of the GENIUS Act, the US stablecoin law signed in July 2025. The legal scaffolding got finished the same week. [Trump's January 2025 executive order](https://www.futurwise.com/article/7e2f87ee-fb7d-4500-bce2-c7ce1966951c?ref=thedigitalspeaker.com) banned the Federal Reserve from issuing its own digital currency. [The Senate Banking Committee cleared the CLARITY Act 15-9](https://www.futurwise.com/article/97875c79-3713-4a84-854a-30c0666f13a2?ref=thedigitalspeaker.com) on Thursday, writing the rest of the rules into US law. Compare what every other major economy chose. [ECB's Christine Lagarde warned Europe last week](https://www.futurwise.com/article/d33cb9fd-1d1b-4e22-aa3b-e176246df6e8?ref=thedigitalspeaker.com) that copying the US stablecoin model would amount to "digital dollarization." [China reclassified its digital yuan on 1 January](https://www.futurwise.com/article/98252e06-0996-4311-b829-491849c61320?ref=thedigitalspeaker.com) as a bank deposit liability; public-issued, commercial-bank-intermediated. Three answers to one question: who issues the money of the [digital age](https://www.thedigitalspeaker.com/digital-age-speaker/)? That is the policy story. Here is the signal. Stablecoins already move more than $300 billion. Your AI agents pay vendors in them, your treasury holds them, your overseas suppliers get paid in them. By 2027, the cash behind those digital dollars will sit on the balance sheets of two or three private firms. The last time private money creation dominated, America lived through [the wildcat banking era](https://www.futurwise.com/article/2183e27d-1ab0-4c39-853b-c139859ffae8?ref=thedigitalspeaker.com). The Federal Reserve was created in 1913 specifically to end it. We just chose to start it again — this time with AI agents inside the loop. The question is no longer whether the dollar goes digital. It is whose balance sheet your money sits on when it does, and whether anyone you elected gets a say. --- ## The Intelligence Age Scorecard [![](https://storage.ghost.io/c/af/cc/afcca743-e1e6-4752-bf81-782fb033f39c/content/images/2026/05/intelligence-age-scorecard-copy.jpg)](https://www.thedigitalspeaker.com/intelligence-age-scorecard/) America just outsourced the digital dollar to JPMorgan and BlackRock, while Europe pushes back and China runs its digital yuan through commercial banks. WAVE — Watch, Adapt, Verify, Empower — is the question every leader owes this pattern: are you still watching the policy debate, or already verifying whose balance sheet your future money sits on? Take the [Intelligence Age Scorecard](https://www.thedigitalspeaker.com/intelligence-age-scorecard/) to benchmark your readiness for the next two quarters, and the next five years. --- If this newsletter was forwarded to you, [you can sign up here](https://www.thedigitalspeaker.com/newsletter-archive/). Thank you. Mark ## Frequently asked questions ### Who will issue the next form of the digital dollar? Rather than the central bank, the next form of the dollar will be issued by private firms such as JPMorgan, BlackRock and Circle. JPMorgan filed paperwork for an internet-native US government bond fund designed to back every regulated digital dollar issued in the country, satisfying reserve requirements under the GENIUS Act. [Link to this question](#faq-who-will-issue-the-next-form-of-the-digital-dollar) ### What legal changes enabled private firms to issue digital dollars? Trump's January 2025 executive order banned the Federal Reserve from issuing its own digital currency. The GENIUS Act, a US stablecoin law, was signed in July 2025\. The Senate Banking Committee then cleared the CLARITY Act 15-9 on Thursday, writing the remaining rules into US law and completing the legal scaffolding for private digital dollar issuance. [Link to this question](#faq-what-legal-changes-enabled-private-firms-to-issue-digital) ### How does America's approach to digital currency differ from Europe and China? Europe is debating a public digital euro, with ECB's Christine Lagarde warning that copying the US stablecoin model would amount to digital dollarization. China reclassified its digital yuan on 1 January as a bank deposit liability, publicly issued but routed through commercial banks. America instead chose a private path, letting Wall Street firms issue the digital dollar. [Link to this question](#faq-how-does-america-s-approach-to-digital-currency-differ-from) ### Why does it matter that private firms will hold the reserves behind digital dollars? Stablecoins already move more than 300 billion dollars, with AI agents, treasuries and suppliers using them for payments. By 2027 the cash behind these digital dollars will sit on the balance sheets of two or three private firms, echoing the wildcat banking era that led to the Federal Reserve's creation in 1913, raising questions about accountability and who controls future money. [Link to this question](#faq-why-does-it-matter-that-private-firms-will-hold-the)