Have you ever wondered that the dollar hegemony hard-coded at the Bretton Woods Conference in 1944 has today been restarted in the form of 'stablecoins' on the blockchain? And all of this is not a spontaneous evolution of the market, but a carefully planned chess game by the White House.
Just 72 hours after Trump returned to the Oval Office, an executive order emerged: 'Promote and protect the sovereignty of the dollar, including through globally legitimate, dollar-backed stablecoins.'
Following closely, the (GENIUS Act) (Guiding and Establishing the U.S. Stablecoin National Innovation Act) was swiftly submitted to Congress, setting new rules for stablecoins and even mandating that issuers must invest reserves in short-term U.S. Treasury bonds. This is not ordinary legislation; it is a digital upgrade of monetary hegemony. The U.S. is using stablecoins to launch a financial war without gunpowder.
Why have dollar stablecoins become the new darling of Washington?
On the surface, it appears to be a technological trend, but in reality, it is driven by both geopolitical factors and the debt machine.
For decades, the U.S. has paid dollars for imported goods, then used these dollars to attract exporting countries to buy government bonds, completing a perfect cycle: exporting countries maintain low exchange rates, U.S. industries hollow out, but there are still buyers for the snowballing debt. But now, exporting countries are disinterested, demand for U.S. bonds is weakening, deficits are soaring, and ratings are being downgraded. Even 'stock god' Warren Buffett has warned that a dollar crisis is approaching.
So, who will take over the continuously expanding U.S. debt? The answer may be: the wallets of people around the world.
If dollar stablecoins are legalized and regulated, tied to government bonds, any designer in Berlin, coder in Tokyo, or vendor in Nairobi could hold dollar assets without going through the U.S. banking system, and still earn stable returns from government bonds. The stablecoins in their wallets are invisible investments in U.S. Treasury bonds, indirectly providing blood transfusions to the U.S. Treasury.
Moreover, through on-chain operations, the U.S. can monitor global dollar flows in real-time, accurately targeting unfriendly nations and illegal financial activities, making it a smart weapon on the financial battlefield.
In this game, stablecoins are merely a modern version of 'Eurodollars', just faster, more transparent, and more programmable. By 2024, the settlement amount of on-chain dollar tokens has exceeded $15 trillion, surpassing the Visa network. Globally, the circulating market value of stablecoins reached $245 billion, with over 90% being fully collateralized dollar stablecoins.
Washington has finally realized that on-chain financial infrastructure may be more capable of maintaining the status of a superpower than aircraft carriers.
Behind stablecoins is the wave of asset tokenization.
But stablecoins are just the beginning.
Deeper changes lie in the queuing of assets on-chain. Government bonds, corporate bonds, real estate, and even artworks and carbon credits are all accelerating tokenization. Asset tokenization brings 24/7 global settlement capabilities, automatic execution of smart contracts, and transparent and traceable financial activities.
For example, BlackRock's digital currency market fund (BUIDL) has already put short-term government bonds on-chain, managing over $2.5 billion; Paxos Gold and Tether Gold allow fragmented ownership of gold bars, making it possible for everyone to buy ownership of an ounce of gold; on the DeFi platform Aave, the lending scale has reached $17 billion, far surpassing traditional banks.
In the future, as the U.S. advances stablecoin legislation, every dollar on-chain could potentially be an invisible subscription to government bonds. The more on-chain assets there are, the faster the financial circulation, and the rules of the capital markets will be completely rewritten.
How should investors view this revolution?
What do stablecoins and asset tokenization mean for ordinary investors?
Global investment channels break through national borders, and the concept of 'business hours' in traditional financial markets disappears.
Real-time trading, real-time clearing, greatly enhancing asset liquidity;
Small investments can also participate in markets that originally had high thresholds, such as commercial real estate and corporate bonds;
Risks and returns are more transparent, but new risk management tools are also needed.
At such times, the importance of data and analysis is self-evident. AI research assistants like Mlion.ai can help you quickly identify opportunities and risks in the flood of complex information. Whether it's dynamic tracking of stablecoin policies or real-time insights into on-chain asset trends, Mlion.ai can interpret data deeply using AI, providing professional research support to help investors find certainty in a complex market.
In the wave of accelerating digitalization of the global financial system, the real competition is not just in asset allocation capabilities, but also in information processing and insight.
Grasping the trend is the future hard currency.
Disclaimer: The above content is for informational sharing only and does not constitute any investment advice!
