{
    "success": true,
    "data": {
        "id": 1685612,
        "msgid": "from-petrodollar-to-programmable-dollar-lessons-from-the-strait-of-hormuz-1776505848",
        "date": "2026-04-18 16:30:00",
        "title": "From Petrodollar to Programmable Dollar: Lessons from the Strait of Hormuz",
        "author": "Ferril Dennys",
        "source": "KOMPAS",
        "tags": "",
        "topic": "Economy",
        "summary": "This column explores the historical and geopolitical significance of the petrodollar system, where global oil trade in US dollars has reinforced American financial dominance, with the Strait of Hormuz serving as a critical chokepoint. It highlights a transformative development as Iran introduces transit fees payable via digital assets like stablecoins, potentially evolving the strait into a monetary chokepoint and marking a shift towards programmable dollars. Drawing on hegemonic stability theory, the piece underscores how the US dollar's role in international trade, liquidity, and sanctions continues to shape global economic architecture amid emerging cryptocurrency influences.",
        "content": "<p>Throughout the history of the world economy, global power has almost\nalways rested on three main nodes: energy, trade routes, and the\ndominant currency. When these three converge, an international economic\narchitecture is born that can determine the direction of growth,\ninflation, and even political stability across countries. In the second\nhalf of the 20th century, the world knew it by one great name: the\npetrodollar. Since the 1970s, global oil trade has been settled almost\nentirely in US dollars. Every tanker ship moving from the Persian Gulf\nto Asia, Europe, or America ultimately strengthens the dollar\u2019s\ndominance as the world\u2019s reserve currency. The Strait of Hormuz, the\nnarrow waterway connecting the Persian Gulf to the Arabian Sea, has\nbecome the main artery of that system. About one-fifth of the world\u2019s\noil trade passes through this route, making it one of the most strategic\nchokepoints in global energy geopolitics. Recent reports indicate that\nIran has begun implementing transit levies for tanker ships crossing the\nStrait of Hormuz, with a payment scheme that can be made through digital\nassets, including stablecoins and certain crypto instruments. There is\neven a tariff scheme of around 1 US dollar per barrel, which turns the\nStrait of Hormuz not only into an energy chokepoint but also\nincreasingly into a new monetary chokepoint. It is at this point that\nthe world witnesses a historic shift: from the petrodollar to the\nprogrammable dollar. The hegemonic stability theory developed by Charles\nKindleberger explains that the international economic order requires a\ndominant power that provides the primary currency, liquidity, and global\npayment infrastructure. In the modern context, that role is played by\nthe United States through a combination of the dollar, Treasury markets,\ninternational banking networks, and the SWIFT system. The dollar is not\nmerely a medium of exchange but an instrument of power. Through dollar\ndominance, the United States is able to influence trade flows, global\nfunding costs, and the effectiveness of economic sanctions. It is in\nthis context that the petrodollar has become the foundation of\ngeopolitics for decades: oil is traded in dollars, foreign exchange\nreserves are held in dollars, and cross-border transactions pass through\ndollar infrastructure.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/from-petrodollar-to-programmable-dollar-lessons-from-the-strait-of-hormuz-1776505848",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}