CoinMeta data: Circle executive Nikhil Chandhok stated that resisting US dollar-stabilized coins could prevent the United States from attracting as much as $1 trillion in overseas demand for US dollars. During a discussion about the proxy economy, Chandhok questioned why the US would resist a payment system that could attract people who wish to hold US dollars. He pointed out that US-dollar-backed stablecoins allow holders to transfer digital claims linked to currency without going through traditional international bank transfers. Chandhok also mentioned that there is approximately $3 trillion in funds currently in the international banking system that are idle due to outdated technology and settlement protocols. Circle pursues this payment use case through its US dollar-stabilized coin USDC and has connected it with Fireblocks settlement tools, allowing customers to make local currency payments in over 50 countries.