Emerging technologies like stablecoins, asset tokenization, and decentralized finance (DeFi) are not only accelerating cross-border capital flows but also challenging traditional notions of currency dominance. Executive SummaryThe global financial system is in the midst of a profound transformation, driven by an accelerating convergence of technology, finance, and geopolitics. This is particularly evident in collaborative projects like mBridge, which aims to create a sanctions-resistant alternative to the U.S.-supervised financial system. The Transformation of Capital Flows: From Legacy to Digital RailsThe most immediate and tangible impact of technology on global finance is the dramatic improvement in the efficiency of cross-border capital flows. Simultaneously, the private sector is creating a new, borderless financial system that operates outside the direct control of states and traditional financial gatekeepers.