Today's Trump speech at the Busan APEC summit resembles more of an "on-chain declaration of US dollar hegemony" in the crypto context - while binding allies with traditional trade chips, it subtly lays down "compliance shackles" for the crypto market, and even "soybean anxiety" can be interpreted as "the new battlefield for stablecoin anchoring assets".
1. "Soybeans = Stablecoin Anchor": On-chain penetration of traditional assets
When Trump shouted "Make Soybeans Great Again", the first reaction of KOLs in the crypto space was: "Is this finding a new anchor asset for the US dollar stablecoin?"
After all, current stablecoins like USDT and USDC mainly anchor to US dollar cash and government bonds, but the 30 million tons of soybeans backlogged in American agricultural states happen to be a potential target for "on-chain physical asset" - if the US includes soybeans in the stablecoin collateral pool, it can both digest inventory and add a layer of "physical endorsement" to the US dollar stablecoin, hedging the market's trust crisis regarding "pure fiat currency anchoring".
Moreover, Trump's mention of "subsidizing farmers with tariff revenues" seems more like a prototype of "on-chain fiscal transfers" in the eyes of the cryptocurrency market: tariff revenues (fiat currency) injected into on-chain funds, then directly subsidizing soybean farmers' wallets in USDT form—this closed loop of "fiat currency-cryptocurrency-physical industry" aligns perfectly with the direction of the recent "compliant stablecoin bill" promoted by the U.S. SEC.
2. The Asia-Pacific Supply Chain "Risk Mitigation" = The "Localization" of Cryptographic Assets
Trump's mention of the "U.S.-Japan-Korea Supply Chain Alliance" is interpreted in the cryptocurrency world as a "plan for the penetration of U.S. dollar cryptographic assets into the Asia-Pacific."
For example, the crucial mineral agreement just signed between the U.S. and Japan essentially involves using Japanese cryptographic currency investments (the yen stablecoin JPYC) to connect with U.S. on-chain financing for rare earth mining; meanwhile, South Korea's requirement to expand LNG imports from the U.S. may link to the trading of "natural gas futures NFT"—the U.S. is attempting to "on-chain dollarize" the core assets of its Asia-Pacific allies, settling regional trade with USDC and diluting the influence of the renminbi stablecoin (CNYSC) in Southeast Asia.
More notably, Trump's mention of "technology sharing" implies control over "cross-border payments in cryptocurrencies": the U.S. sauna test is based on Solana's "Alliance Coin", used for on-chain settlements in military procurement and semiconductor trade, bypassing SWIFT while binding "technology export restriction clauses" through smart contracts.
3. Negotiations with China = The "Regulatory Game" in the Cryptographic Market
What Trump refers to as "controlling the distribution of rare earths" actually corresponds in the cryptocurrency world to the competition over "Anti-Money Laundering (AML) for Cryptographic Currencies" and "On-Chain Asset Anchoring Rights".
China's recent push for a "digital renminbi cross-border settlement pilot" has already seized market share in ASEAN countries, while Trump's "contract demands" essentially force China to make concessions on "cryptocurrency regulation": for example, allowing limited circulation of USDC in China, opening cross-border subscriptions for Bitcoin ETFs, and simultaneously granting the U.S. side access to on-chain tracking of fentanyl transactions.
However, institutions in the cryptocurrency space are more concerned with the "linkage between tariffs and cryptographic taxes"—Trump hinted at "tariff adjustments" that may simultaneously promote the "regional unification of capital gains tax on cryptocurrencies", allowing Asia-Pacific allies to impose the same tax rates on USDT and BTC transactions as the U.S., avoiding capital flight to low-tax regions.
4. The "Inverse Interpretation" in the Cryptocurrency World: On-Chain Opportunities Under Unilateralism
Despite the "dollar hegemony" tone of Trump's speech, industry practitioners in the cryptocurrency space see opportunities for "decentralized breakthroughs":
The ASEAN countries' reluctance to "choose sides" has precisely provided a market for non-U.S. dollar public chains like BNB Chain and Avalanche—Thailand and Indonesia have begun to use their own stablecoins for cross-border trade, bypassing the shackles of U.S. dollar stablecoins.
The on-chainization of physical assets like soybeans and LNG has also provided new scenarios for DeFi protocols involving "physical collateral", for example, decentralized agricultural loan protocols (like AgriFi) have begun to layout on-chain financing for U.S. soybean farmers.
Trump's "tariffs + subsidies" model may actually accelerate the innovation of "on-chain tax avoidance tools"—some cryptocurrency funds have already launched arbitrage strategies of "soybean NFT collateral + offshore settlements" to hedge against U.S. trade policy risks.
This speech, in the eyes of the cryptocurrency world, is a signal of "traditional hegemony extending on-chain": Trump is attempting to bind physical assets with U.S. dollar stablecoins and lock down on-chain settlement rights through alliance agreements, but the logic of decentralized markets is creating a space for non-U.S. dollar cryptographic assets to survive in the "crevices".
