- It's created from nothing by the US Government in order to create a pool of "investors" who will fund the business of running the country.
- They regularly "buy back" USD in the form of issuing Treasuries
- It pays its employees in USD just like Meta pays its staff in stock.
- If USD becomes less valuable it makes its "stock buybacks" cheaper (borrowing is cheaper)
- It trades on public exchanges.
From the USG's perspective isn't it a security?