U.S. Treasury bonds have existed since the founding of the United States. They began circulating using currencies from countries like the UK as a substitute for the dollar. The Federal Reserve is composed of a group of capitalists. However, Congress has granted it the power to issue dollars, allowing it to lend money to the government. Thus, it has become an anomaly of a private organization with official empowerment. Its highest decision-making body consists of private representatives empowered by Congress, with decision-making authority determined by a council of dozens of similar representatives, which Congress cannot influence. Interest rate hikes and cuts come from this, leading to the ebb and flow of the dollar. It entirely depends on the interests represented by these representatives, rather than national interests. The primary victims of exploitation are the American people, followed by governments and individuals from around the world who purchase U.S. Treasury bonds, making them the 'U.S. Treasury bond backers' #U.S. hegemonic Treasury bonds#.
U.S. debt has now surpassed 36 trillion dollars, and the U.S. Congress has annual debt ceiling regulations, yet it is always breached. This is because the U.S. government is like a greedy bottomless pit. Other countries spend according to how much money they have, while the U.S. prints as much money as it wants (printed by the Federal Reserve). Otherwise, how could U.S. military spending reach 800 billion? This is equivalent to the total military expenditure of the top ten countries. Without military funding, how could U.S. military hegemony exist?
Now the U.S. debt ceiling has surpassed 40 trillion dollars, with interest on U.S. debt reaching 1 trillion dollars annually. As U.S. debt is about to collapse, stablecoins have emerged. They are like a lifeline caught by Trump. Stablecoins are equivalent to the dollar. The most basic condition for their issuance is to subscribe to nearly half the face value of U.S. debt, creating a new sales channel for U.S. debt. Another basic requirement is the use of blockchain, and the third condition is decentralization (confidentiality).
Its role is to find tokens for virtual currencies and to provide execution coins for black and gray income. Because it is non-centralized (fiat) and untraceable, it has created a space for survival compared to central bank-issued digital currencies. Central bank digital currencies are controlled by central banks, are traceable, and have slightly poorer confidentiality, preventing dirty money and gray money from entering. Therefore, stablecoins are a breeding ground for illegal currency.
To defend the dignity of fiat currency, it is essential to resolutely abolish stablecoins and virtual currencies. Only in this way can the proliferation of stablecoins and all virtual currencies be stopped.
This is a life-and-death battle between the United States and the world's fiat currencies. The stablecoin of the Hong Kong dollar lacks fiat currency backing, making it a branch of the U.S. Treasury stablecoin. Only when the RMB and Hong Kong dollar detach from the essence of the dollar voucher can they become true fiat stablecoins.