Stablecoins, this tempting financial pie, are attracting more and more players. Recently, new faces like xUSD have emerged, claiming to be "compliant, secure, and transparent", as if they are the saviors of the digital finance world. But don’t be blinded by this layer of "compliance"; fundamentally, this is just a continuation of financial hegemony.

Compliance? Just new wine in old bottles!

From USDT to USDC to xUSD, the core logic of all stablecoins is the same: they claim to be pegged 1:1 to the US dollar, regulated by "trusted institutions", and have audits and reserve proof to ensure transparency and convertibility. But the question arises—who defines "trustworthy"? Who sets the rules of the game?

Taking xUSD as an example, it is issued by the Singapore licensed institution StraitsX, seemingly distant from US financial control, yet it is still pegged to the dollar, undergoes audits, and follows international financial rules—who sets these rules? They are merely the manipulators of the global financial order. Compliance is just dressing up old financial hegemony in new clothes to continue controlling global capital flows.

Dollar hegemony: changing outfits but continuing to dominate

The essence of stablecoins is to perpetuate the dominance of the dollar in the digital world. No matter how fiercely institutions compete, the ultimate victor remains the dollar system.

  • Dollar pegging = an indirect export of dollar hegemony

    Whether USDT, USDC, or xUSD, they all claim to have 100% reserve backing, but these reserves are predominantly in US dollars or dollar-denominated assets. This means that any country, institution, or individual using these stablecoins is essentially voting for the US dollar, reinforcing its status in international settlements.

  • Global payments? Seemingly free, yet actually controlled

    These stablecoins promote themselves as "borderless payment tools", but once they cross regulatory red lines, they can freeze accounts and restrict transactions at any time. USDT has frozen funds multiple times, and USDC can control specific wallet addresses through smart contract "blacklists". Will xUSD also follow the same path in the future? It’s probably just a matter of time.


New players continuously entering, financial hegemony accelerating its penetration

It seems fiercely competitive, but essentially, the stablecoin market is a land-grabbing game around the dollar. New players like xUSD superficially provide more choices to the market, but ultimately remain capital tools constrained by the dollar.

Global Central Bank Digital Currencies (CBDCs) are still in the exploratory phase, and decentralized cryptocurrencies (like BTC) face challenges of volatility and regulation for large-scale adoption, making stablecoins the most suitable transitional solution for now. In this process, whoever can dominate stablecoins will seize the initiative in future global financial competition.

So, don’t be fooled by marketing buzzwords like "compliance", "transparency", and "security". The stablecoin arena is not just a competition of technology and innovation but a contest of financial hegemony. The entry of new players has not changed the old rules of the game, but has made this battle even more intense. Ultimately, are we the beneficiaries or the victims? It's worth pondering.#XUSDT