The IMF can literally conjure any amount of money out of thin air whenever they feel like it wtf how have I never heard about this
And before you ask, yes, almost all money created goes straight into the coffers of western countries instead of to the global south
In Capital vol1, money is described as the ultimate commodity, of which all commodities gravitate around, but still debt like you said. Also take a look at the CBDC China launched, you might find it interesting. It’s neither speculative nor unregulated, think of it as a form of money used for international financial settlement (that can’t be touched by the U.S).