The Dollar Reset Runs Through Bitcoin | Matt Dines
June 11, 2026
On this episode of The Last Trade, a show from Onramp Media hosted by Jackson Mikalic, Michael Tanguma, and Brian Cubellis, guest Matt Dines of Build Asset Management lays out his analysis of the offshore dollar system's unwind, the LIBOR-to-SOFR transition, the GENIUS Act stablecoin, proposed bitcoin reserve legislation, and his read of MicroStrategy. The views are Dines's own and are not investment advice from Onramp.
Matt Dines, CIO of Build Asset Management, joins The Last Trade hosts Jackson Mikalic, Brian Cubellis, and Michael Tanguma to trace what he argues is an unwind of the post-Bretton-Woods offshore dollar system: the LIBOR-to-SOFR transition, the GENIUS Act stablecoin, proposed bitcoin reserve legislation, and his contrarian read of MicroStrategy as a dollar strategy rather than a bitcoin strategy. The Last Trade is editorial commentary from Onramp Media and is not investment advice.
Chapters
00:00 - Introduction and Context Setting 01:52 - Monetary Reshuffling and Global Dynamics 12:50 - The Shift from Liability to Asset-Based Dollar 20:51 - Implications for Investors and Capital Allocation 26:31 - The Future of Bitcoin in the New Monetary Order 35:12 - The Future of Currency: Asset-Backed Dollars 42:32 - Tether's Strategic Shift and Geopolitical Implications 46:07 - Fragmentation in the Bitcoin Space 52:30 - Corporate Strategies and Market Dynamics 01:01:29 - The Integration of Bitcoin into Traditional Finance
Frequently Asked Questions
What does Matt Dines say about the offshore dollar system?
Dines argues the post-Bretton-Woods offshore dollar (eurodollar) system has been unwinding since 2008, and frames that shift as the central macro story of the year (01:52, 12:50). This is the guest's analysis, not investment advice from Onramp.
What does the episode cover on the LIBOR to SOFR transition?
Dines describes the Federal Reserve's deprecation of LIBOR in favor of SOFR as having moved the dollar's command center from London to New York, part of what he calls a shift from a liability-based to an asset-based dollar (12:50, 35:12).
What does the episode say about the GENIUS Act and proposed bitcoin reserve legislation?
Per the episode, Dines walks through the GENIUS Act stablecoin as a bridge and a proposed bitcoin reserve targeting 1 million BTC, which he attributes to Congressman Begich's American Reserve Modernization Act, the successor to Senator Lummis' Bitcoin Act (26:31, 35:12). Legislative status is as described at the time of recording.
How does the episode discuss MicroStrategy?
Dines offers a contrarian read of MicroStrategy as a dollar strategy rather than a bitcoin strategy, borrowing onshore equity-market liquidity to hold bitcoin priced largely in the older offshore-dollar standard (52:30). That is the guest's framing, not investment advice from Onramp, and Onramp does not offer yield, interest, or a return on bitcoin balances.
This episode is editorial and educational content. Onramp does not provide tax, legal, or investment advice. Bitcoin is volatile and may lose value. Past performance does not guarantee future results.