bahrainthismonth.com | OCTOBER 2026 OPINION 73 A case in point: in the year to March 2026, the US received well over $600bn in net equity inflows. This was double the total going into government and agency bonds. The extraordinary AI boom and US leadership in the global technological transformation remain powerful forces, while US stocks account for roughly 44 percent of global equity market capitalisation. Technology and the Dollar What about technology, then? More and more central banks are experimenting with digital currencies, blockchain and other solutions to expedite international payments. This will, in principle, reduce hurdles to bilateral transactions outside the US dollar remit. Ongoing discussions about bilateral arrangements within the BRICS group of countries are a case in point. However, US assets will benefit no less than potential alternatives from reduced frictions. When we combine this with other advantages, such as the larger size of US capital markets relative to alternatives, the US stance of encouraging innovation in payments and settlements and government backing for digital assets, it is perfectly possible that the US will emerge, yet again, as the main beneficiary of these developments. In other words, what could in principle provide more of a level playing field may in fact end up further reinforcing the dollar’s dominance. After all, it is America that is leading the charge in adopting blockchain technology to modernise financial infrastructure, from payment systems to tokenised assets. The goal, and quite possibly the likely consequence, is to expand access to the US dollar, finance and capital markets. Plus ça change, plus c’est la même chose…? SMILE Highlights Childhood Cancer Awareness SMILE held a Childhood Cancer Awareness event at King Hamad American Mission Hospital, bringing guests together to raise awareness of childhood cancer and show support for children with cancer and their families.
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