Non-dollar stablecoins, while appearing to advance de-dollarization, often fail to alter the underlying monetary infrastructure. These stablecoins change the currency label but not the core systems of pricing, settlement, and control. The pricing layer, which is the most visible, often misleads observers into thinking a structural change has occurred, when in reality, the settlement and freeze layers remain under existing control. The situation in Argentina highlights these challenges. President Javier Milei's promotion of the $LIBRA token led to a brief surge in its value, followed by a crash and legal scrutiny. This incident underscores Argentina's reliance on external credit due to local currency instability, rather than a genuine embrace of crypto innovation. The real issue is the sovereignty gap, where external assets fill the void left by a weakened local currency, rather than a shift in monetary power. Ultimately, non-dollar stablecoins expand monetary expression but do not fundamentally alter monetary power. The true challenge lies in reclaiming control over the settlement and freeze layers, which are crucial for genuine monetary sovereignty.