The Wizard of Oz, written in 1900, can now be taken as being an antecedent to the story of US stablecoins. Not the yellow brick road but the road to US stablecoins: from redeemable gold to redeemable digital currencies. The evolution of the US dollar, from Civil War, era redeemable banknotes to fiat currency and now to USD stablecoins, reveals a recurring quest for trust in ‘money’. The Wizard of Oz serves as an allegory to this journey: gold standards, political illusion and public faith in monetary authority. The GENIUS Act of 2025 marks a key inflection point, restoring redeemability through regulated, asset-backed stablecoins. Similar to Dorothy’s journey, modern money seeks credibility not in spectacle, but in the transparent backing of ‘money’ in real assets and sound governance.
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