For example we have crypto pairs which do not actually pass through U.S dollars say Eth per doge for example While technically there is no USD involved in the transaction (not accounted in USD!), in reality the value of the pair follows exactly the ratio of the USD value of each asset. How do you propose to have a stock market that doesn't function exactly the same way? if USD is still the most salable commodity and anytime it deviates from that ratio It's an arbitrage opportunity it will still be de facto USD denominated.