Crypto-Mercantilism and the Transformation of the International Monetary Order

This paper examines the rise of crypto-mercantilism as a digital revival of early modern mercantilist logics. It links the historical focus on monetary accumulation and state power to the contemporary spread of dollar-backed stablecoins, institutionalized by the U.S. Genius Act (2025). Issued mainly by banks and Big Tech platforms, stablecoins reinforce U.S. monetary hegemony but also heighten systemic risks, from digital bank runs to weakened monetary sovereignty abroad. We argue that crypto-mercantilism reshapes the international monetary order by blurring the boundary between public and private money.