Trump's Crazy Support for Stablecoins! What Lies Behind the Threefold Profit Scheme?

Trump is vigorously promoting stablecoins, which hide a threefold strategy of politics, business, and national strategy. On one hand, he sees dollar-pegged stablecoins as a tool to reinforce the dollar's hegemony—95% of the world's stablecoins are tied to the dollar, and 80% of reserves are invested in U.S. Treasury bonds, which helps the U.S. absorb national debt and relieve debt pressure, while allowing the dollar to penetrate global payments through the crypto market. At the same time, he has halted the Federal Reserve's digital currency initiative, instead supporting private stablecoins, aiming to use a 'decentralized' narrative to counter other countries' central bank digital currencies, maintaining U.S. control over the monetary system.

On the other hand, stablecoins are also the 'printing press' for the Trump family. The TRUMP coin he issued once had a market value of $4 billion, with the family holding 80% of the tokens, earning $320 million just from transaction fees; his wife and son's token projects have also become cash cows. Even more outrageous is that investors holding a lot of TRUMP coins can exchange them for dinner seats or even a trip to the White House; over $110 million of the $170 million investment flowed into his family’s businesses, raising accusations of using his power for personal gain. Moreover, he has garnered support from crypto voters by backing stablecoins, having raised $250 million in crypto donations for the 2024 election, and has promised to relax regulations to stimulate coin prices, creating a narrative of 'economic recovery' for himself. To shape the image of an 'innovative president,' he even made a 180-degree turn on his attitude toward Bitcoin, calling it 'digital gold,' and invoked the 'China threat' to elevate stablecoins to a national security level, hoping to safeguard America's lead in the crypto space.

However, this move carries significant risks: allowing tech giants to issue stablecoins could trigger financial risks, his family's deep ties to projects may be illegal, and the historical failures of algorithmic stablecoins raise concerns that stablecoins like USD1 could impact the dollar's credibility. Ultimately, Trump's push for stablecoins is aimed at using digital tools to consolidate dollar hegemony, reap political capital, and fill his own pockets, but mixing public and private interests will inevitably lead to clashes with regulation and market realities.

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