Bitcoin Emerges as Global Asset Benchmark as Institutions Shift Focus

Stablecoins have become the dominant payment mechanism in the cryptocurrency world, but a more subtle shift is occurring: Bitcoin is emerging not just as a store of value, but as a reference benchmark and unit of account for global assets and financial flows. This idea, while speculative, is already being signaled by some of the world's most prominent institutions.

In March, BlackRock’s tokenized fund BUIDL added Bitcoin to its balance sheet, allocating to Sablier’s Bitcoin streaming vault via an on-chain money market. Shortly after, Franklin Templeton’s CEO publicly endorsed BTC as a “monetary anchor,” stating that it is not just a hedge but part of a long-term capital structure. This endorsement highlights the growing acceptance of Bitcoin as a stable and reliable asset.

Dollar-backed stablecoins have become the de facto infrastructure layer for digital payments, with over 140 million daily transactions and settlement volumes rivaling major card networks. However, the reliance on USD pegs comes with regulatory frictions and geopolitical exposure. The question arises: what if the future of trade isn’t denominated in fiat, but in Bitcoin, while still settled in stablecoins?

Historically, Bitcoin has been seen as “digital gold,” a scarce store of value held by long-term investors and protocol treasuries. However, this framing may be expanding. Institutions are increasingly pricing assets in Bitcoin terms, not just holding it as treasury collateral. For example, mining equipment is now priced in BTC, tokenized assets are benchmarking against Bitcoin baskets, and emerging DeFi derivatives are denominated in sats rather than cents. Earlier this year, MicroStrategy began referencing its own valuation in BTC terms, highlighting the symbolic and functional importance of Bitcoin as a monetary measuring stick.

If Bitcoin becomes the reference unit, what happens to stablecoins? People assume all stablecoins must be pegged to fiat, but this is just the first chapter. There is growing interest in stable-value instruments that are BTC-denominated, such as synthetic sat-backed units, baskets that adjust for volatility, or vaults that rebalance into BTC indexes. These are no longer theoretical; they are being built. On-chain experiments like Ethena’s USDe (backed by ETH and delta-hedged positions) or Inverse Finance’s DOLA are already pointing to hybrid stabilization models. Builders are exploring whether similar constructions can track BTC reference prices while maintaining predictable purchasing power for everyday transactions, particularly in emerging markets where dollar access remains constrained.

This trend is part of a broader economic pattern unfolding globally. In a fragmented monetary world, the allure of a politically neutral reserve benchmark and programmable settlement rails is growing stronger. Bitcoin may not replace the dollar in daily use, but it could offer a consistent value layer across systems, enabling settlement in whichever stablecoin makes sense locally. This modular approach—Bitcoin sets the standard, stablecoins do the plumbing—is gaining traction.

The dual-stack thesis—BTC as the unit of account, stablecoins as the medium of exchange—is still nascent, but momentum is building. The Lightning ecosystem is exploring “synthetic stablecoins” denominated in sats. Firms like Galoy and Fedi are developing Bitcoin-native community banking models that enable USD or fiat-pegged balances underpinned by BTC reserves. In parallel, sovereign miners, export firms, and even DeFi protocols are beginning to report in BTC, not dollars. This isn’t a return to the gold standard; it’s the emergence of a programmable, post-sovereign ledger standard.

As institutions lean into tokenized real-world assets and programmable finance, the logic of separating the benchmark from settlement may prove not just efficient but inevitable. However, global regulators have thus far mandated that stablecoins maintain a 1:1 backing with fiat currency, emphasizing stability and investor protection. They have expressed reluctance to allow reserves in alternative assets like cryptocurrencies or commodities due to their volatility. Historically, the U.S. dollar was backed by gold, a tangible asset that provided intrinsic value, until the abandonment of the gold standard in 1971. As Bitcoin gains traction as a decentralized store of value, often likened to "digital gold," could regulators eventually allow it to evolve into a reserve asset for stablecoins? While this shift is unlikely in the near term, figure adoption trends could prompt a reevaluation.