Recently, a monumental event occurred in the crypto world, making countless investors and practitioners uneasy! The U.S. Senate overwhelmingly passed the influential (National Innovation Act guiding and establishing dollar stablecoins) with 66 votes to 32, moving it to an important legislative position.
This is like throwing a powerful 'shock bomb' into the entire crypto space, instantly stirring up a great uproar! The Trump administration's operation feels like it has opened an extremely stringent 'regulatory model', setting very strict new rules for familiar stablecoins like USDT and USDC.
From now on, these stablecoins must use sufficient hard cash or short-term U.S. Treasury bonds as solid reserve support, and they must publicly disclose their 'financial books' without reservation every month, fully accepting the 'scrutiny' of bank regulation. Especially for those 'big players' with a market value exceeding 10 billion, they are under close watch, and any slight 'movements' cannot escape scrutiny.
Once this news broke, the global financial and economic circles instantly 'boiled,' as if a huge 'scorching stone' had been thrown into a calm lake, stirring up waves! The interests involved here are simply too great, reaching astronomical figures.
Some analysts believe that this bill may be a 'lifeline' for the dollar. Currently, the scale of U.S. Treasury bonds has become an unbearable 'mountain', reaching 36 trillion dollars, and by 2025 and 2026, an enormous amount of Treasury bonds will expire. The Trump administration, in response to this severe situation, can be said to be racking its brains.
Stablecoins, this 'new role' gradually emerging in the financial field, have unknowingly become the 'buyers' of U.S. Treasury bonds. Take the company Tether for example; it actually holds 120 billion in Treasury bonds, a figure that surpasses Germany’s holdings and ranks 19th globally, which is astonishing!
Once the bill is officially passed, more stablecoin companies will have no choice but to obediently buy U.S. Treasury bonds as reserves. This is like forcibly inserting a 'lifesaving pill' into the Treasury market, injecting new vitality into it.
But what’s even more shocking is that the bill directly 'strangles' the survival space of non-dollar stablecoins, forcing global players to continue settling in the dollar chain. This is clearly an attempt by the U.S. to elevate dollar hegemony to a whole new level—'Blockchain Version 3.0'—and vigorously promote USD1. What kind of 'ambition' lies behind this?
But let’s calm down and think carefully: can this bill, which some people call 'genius,' really hold up against the 'collapse' crisis that U.S. Treasury bonds might face? Currently, the total scale of stablecoins is only 232 billion dollars, which is like asking a tiny mosquito to bear a heavy cannon compared to the massive hole of U.S. Treasury bonds; it’s simply a drop in the bucket. Moreover, the interest generated by U.S. Treasury bonds each year is already enough to give people headaches.
What’s even more dangerous is that there are enormous risks lurking within. For instance, if users rush to redeem USDT, it would have to sell off U.S. Treasury bonds frantically to exchange for cash, causing the Treasury market to collapse instantly; or if the Treasury bonds collapse first, the reserves of stablecoins would depreciate sharply, triggering a 'stampede' in the market. This would create a terrifying chain reaction, with destructive power comparable to the collapse of Luna coin back in the day.
Therefore, we have to admit that this bill is like a gamble of dollar hegemony in the blockchain era. On one hand, it provides 'blood transfusions' to U.S. Treasury bonds through stablecoins to maintain the stability of the Treasury market; on the other hand, it chokes other countries' digital currencies under the guise of compliance, restraining their development.
If this operation by the Trump administration can succeed, it would undoubtedly be a 'stroke of genius'; but if it fails, it would be like nailing a coffin board for oneself, accelerating their own collapse. However, who doesn’t know that Trump's 'style of action' has always been controversial? Perhaps one day he will be the first to step into 'dangerous waters'! In this unpredictable financial market, we can only wait and see how this 'financial drama' will unfold.
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