Stablecoins are pivotal products in the crypto space and an extension of dollar hegemony. As USDC becomes collateral in the futures market and may even serve as a medium for US stock trading, stablecoins have leapfrogged from infrastructure to bridges for global capital flow. With Trump vigorously promoting USD1 and the stablecoin bill, is the US reenacting a crypto version of the Bretton Woods system?
USDC deepens its ties with traditional finance: to become collateral for US futures.
The Coinbase Derivatives announcement stated that it is collaborating with the derivatives clearinghouse Nodal Clear, and USDC will officially become compliant collateral in the US futures trading market after receiving approval from the CFTC. It is expected to go live in 2026 and will be custodied through Coinbase Custody.
This will be the first time USDC enters the federally regulated derivatives system, symbolizing that the product is gradually being seen by TradFi as a true cash equivalent, applicable for leveraged trading, risk hedging, and capital allocation. This is not just a small breakthrough in the crypto space, but a significant step for stablecoins to become the backbone of traditional finance.
(From DeFi to traditional finance, is the listing of stablecoin issuer Circle a type of crypto deadbeat?)
US stock trading medium? The deep alliance between Coinbase and Circle
The rise of USDC is not just due to the product itself, but reflects the 'distribution cooperation strategy' between Circle and Coinbase. Market observer AB Kuai.Dong stated that Coinbase currently holds about 3.5% of Circle's shares and may receive 50% of the interest on USDC reserves, with a significant portion of USDC in circulation now stored on the Coinbase platform.
See Circle and Coinbase skyrocketing all at once; from the news perspective, these two North American companies seem to be starting a strong alliance.
Currently, Coinbase holds 3.5% of Circle's shares and may also receive 50% of the income from USDC reserve interests, with a significant portion of the circulating USDC stored on Coinbase.
Market rumors suggest that Coinbase's subsequent coin-stock trading may also use USDC as a medium. pic.twitter.com/0iPeLioLki
— AB Kuai.Dong (@_FORAB) June 18, 2025
He cited rumors indicating that Coinbase is also exploring using USDC as a stock trading medium, achieving scenarios similar to 'on-chain US stock trading': buying tokenized stocks with USDC, real-time settlement, and even cross-border trading.
If realized, this will completely reshape the settlement methods of global financial markets and make USDC a sovereign extension of the dollar on-chain.
(Concerns over dollar depreciation! The crypto market calls for stablecoin diversification: non-dollar options become a new hotspot in DeFi)
Trump embraces crypto: the dual strategy of the stablecoin bill and USD1.
Former President Trump embraced cryptocurrency and NFTs during his campaign and presidency, and promoted DeFi project WLFI and stablecoin USD1 through his family. Behind this is not just personal profit-making operations, but possibly the United States attempting to create a 'Digital Dollar Hegemony 2.0' strategy through stablecoins.
Stablecoins like USDC and USD1 possess both fiat currency stability and on-chain circulation efficiency, playing a key role in global trade, cross-border payments, and international capital movement. Once they become mainstream, the United States can obtain potential demand for US bonds and US stocks from more channels, solidifying its financial hegemony.
(Stablecoin settlement network Ubyx raises $10 million, with Galaxy, Coinbase, and VanEck participating in the investment)
Trojan Horse: Will the development of stablecoins marginalize Bitcoin?
However, some voices point out that this stablecoin frenzy may be a carefully designed 'crypto version of the Trojan Horse.' Crypto KOL @yuyue_chris believes that the current stablecoin narrative, while bringing funding efficiency and regulatory compliance, indirectly undermines Bitcoin's role as a 'store of value.'
The essence of Bitcoin is to counter inflation and the fiat currency system. If a large amount of crypto funds shifts towards stablecoin investments, $WLFI, and $XPL, highlighting the pursuit of yield and safety, this contradicts the concepts of Bitcoin as an anti-inflation and value storage tool, leading people back into the dollar system.
The choice between Alpha and Beta, the spirit of crypto has gradually faded.
Yuyue finally emphasized that when the crypto community always focuses on meme coins or DeFi arbitrage as alpha, they may miss opportunities like CRCL and USDC that can support an entire financial narrative (beta). The stablecoin bill, USDC's leading position, WLFI, and USD1 will all influence the direction of mainstream capital and the future market's grand narrative.
As the crypto community cheers for the passage of multiple crypto bills, this apparent expansion of adoption may actually make the crypto market more dependent on the traditional financial system.
This article, from collateral to US stock trading: USDC invades traditional finance, will the stablecoin narrative lead Bitcoin downhill? Originally appeared in Chain News ABMedia.
