> “Stablecoins are not the end of the crypto industry, but the starting point for the dollar's colonization of the digital frontier”
> —— When $247 billion of black box assets are forced to be “bleached”, Washington is turning blockchain into a new vessel for U.S. Treasuries.
💣 One, the nuclear explosion point of the bill: A trillion-dollar cake under the shackles of transparency
1. “Black box” becomes “white box”
- Over the past decade, stablecoins like USDT have faced criticism due to opaque reserves, encountering “blow-up panic” every few months. Now the bill mandates:
- 100% cash + short-term U.S. Treasury reserves (prohibiting stocks, corporate bonds, and algorithmic tricks);
- Monthly audit + CEO signature accountability (Annual audit required for market value over $50 billion);
- Fund custody is subject to U.S. compliant institutions (Tether can no longer hide its books).
- The end of industry unspoken rules: The stablecoin giants that “make money while standing” (like Tether earning billions in interest annually) can finally tear off their “black box” label.
2. License is a matter of life and death
- Federal incorporation order: Stablecoins with a market value over $10 billion (like USDT, USDC) must transition into the federal regulatory system and accept bank-level risk control;
- 18 months of life and death: Current players are given a deadline to comply, or exit the U.S. market — If USDT refuses to adjust, it may be abandoned by allies like Coinbase.
3. Qualitative assessment of payment tools
- The bill clearly defines stablecoins as “new payment mediums”, regulated by the banking system rather than the SEC securities framework — **completely avoiding the 'securities designation' death penalty**.
🌍 Two, who wins and who loses: Power reshuffling in the crypto world
- The biggest catfish effect: Traditional brokerages enter the game!
- JPMorgan, Goldman Sachs, etc., can issue stablecoins through subsidiaries, user stock account funds “instantly convert to stablecoins for deposit on Coinbase”;
- Giants like PayPal (PYUSD), Ripple (RLUSD), etc., have already positioned themselves in advance.
- The ultimate choice for USDT:
> Either bow to Washington and register, cooperating to freeze terror-related accounts; or abandon the U.S. market — The $150 billion empire stands at a crossroads.
♟️ Three, dollar hegemony 2.0: The “digital antidote” to the U.S. Treasury crisis?
- The new blood package for U.S. Treasuries:
- Current stablecoins hold about $195.4 billion in U.S. Treasuries (equivalent to the Fed's holdings), if it expands to $2 trillion as predicted by Standard Chartered, it will become the “largest retail investor in U.S. Treasuries”;
- In the predicament of 36.8 trillion national debt, the bill cleverly transforms crypto players into “U.S. Treasury underwriters.”
- Sniping the multi-polar currency revolution:
- When the digital renminbi covers 186 countries and the EU promotes the digital euro, the U.S. uses stablecoins for “on-chain colonization”:
- Mandatory anchoring to the dollar + U.S. Treasuries, dismantling de-dollarization efforts;
- Regulating DeFi through FinCEN, embedding dollar hegemony into the code layer.
> “This is not innovation, it is the Bretton Woods system 2.0 of the digital age” — The dollar rebuilds the global payment cage with stablecoins.
🚀 Four, the future war: Hong Kong's participation and China's breakout
- Hong Kong strikes in sync:
- (Stablecoin regulation) effective August 1, opens trials for non-Hong Kong dollar stablecoins — **The battle for the Asia-Pacific compliance hub begins**;
- Providing a 'regulatory sandbox' for Chinese enterprises: testing supply chain accounts receivable collateralized stablecoins.
- The materialization counterattack of the digital renminbi:
- Avoiding financial churn in stablecoins, deeply cultivating “real economic scenarios”:
- Cross-border trade (mBridge multi-country central bank digital currency bridge);
- Commodity settlement (like oil, iron ore priced in renminbi);
- Core logic: “The more the on-chain dollar expands, the more precious the physical renminbi becomes”.
💎 Conclusion: A gamble between a new era and the old empire
> The “peer-to-peer payment” that Satoshi dreamed of is ultimately hijacked by the dollar stablecoin — but that is reality.
Countdown to the passage of the bill (by June 17, 2025):
- ✅ Passed: Senate procedural vote (66:32);
- ⏳ Final sprint: This week the Senate will have a final vote → House of Representatives (Republicans in the majority) → Trump signs.
If it becomes law, a chain reaction will be triggered:
1. Compliant stablecoins will consume 90% of the market, gray coins will vanish;
2. RWA (Real Asset Tokenization) explosion, on-chain U.S. Treasuries become a new track;
3. Global payment costs halved, but dollar control doubles.
Is the winner always the old hegemon? Not necessarily — When Hong Kong absorbs innovation through an open ecosystem and China builds a moat with real-world scenarios, the true value battle of blockchain is just beginning.