There's actually a ton of trust in fiat, but that system of trust is also backed by the enforcement of the banking cartel. Have you heard of the Eurodollar System? Popularized by Jeff Snider in discourse, it's a system by which banks create and transfer US dollars outside of the US regulated banking system. It's estimated to be larger than the US regulated banking system and it has little to no outside visibility into it by the public or gov. When they switched LIBOR for SOFR it killed a lot of the valuable information about the Eurodollar market contained within LIBOR.
There's actually a ton of trust in fiat, but that system of trust is also backed by the enforcement of the banking cartel. Have you heard of the Eurodollar System? Popularized by Jeff Snider in discourse, it's a system by which banks create and transfer US dollars outside of the US regulated banking system. It's estimated to be larger than the US regulated banking system and it has little to no outside visibility into it by the public or gov. When they switched LIBOR for SOFR it killed a lot of the valuable information about the Eurodollar market contained within LIBOR.