US-dollar-denominated deposits held at banks outside the United States — historically in London, now across many jurisdictions. Some policymakers and fintech types argue for leaning into Eurodollar infrastructure as a workaround for various frictions in the onshore dollar system. William Hockey is firmly against moving dollar plumbing offshore: it would erode Dollar Hegemony and weaken the Sanctions toolkit that depends on US-based Correspondent Banking being the chokepoint.