Too many people underestimate the power of the stablecoin bill; in my view, this is simply the genius version 3.0 of dollar hegemony;

This bill has an inevitability from conception to launch, and you can find the answers in history —

1) Dollar 1.0: Dollar hegemony under gold peg

The United States established its 1.0 hegemonic position with gold reserves + post-World War II reconstruction funds. Soon after, in the 1960s, the Vietnam War fiscal deficit and the hollowing out of American industry led to continuous selling of the dollar, and France's De Gaulle directly used warships to bring back gold.

Until 1971, Nixon closed the gold standard, the Bretton Woods system collapsed, marking the end of the 1.0 era.

2) Dollar 2.0: Petro-dollar hegemony

After decoupling from gold, the dollar began to enter the era of fiat currency.

The hallmark was the signing of the US-Saudi agreement in the late 1970s, which mandated that global oil trade must be settled in dollars, establishing the petrodollar system.

During this phase, the dollar's hegemony was not based on gold but on the dominance of global energy circulation, the credit of US debt (the largest, deepest, and most liquid bond market in the world), and the geopolitical security provided by the US military + NATO.

Until after the 2008 financial crisis, the dollar began to be wildly over-issued, and the world increasingly relied on the liquidity printed by the United States, leading to uncontrolled US debt and no second alternative reserve asset found globally.

3) Dollar 3.0: On-chain dollar hegemony

During this period, the stablecoin bill passed directly, becoming the new transmission mechanism for the dollar. The dollar is placed on-chain, without needing to go through banks, SWIFT, or clearinghouses.

Even if a certain country implements capital controls or financial de-dollarization, the common people can still bypass these restrictions, directly using USDT or USDC to store and transfer value.

To summarize —

Dollar 1.0 → Physical gold peg

Dollar 2.0 → Geopolitical energy peg

Dollar 3.0 → On-chain liquidity peg, essentially the digitization of the dollar + expansion of disintermediation

This energy game is very interesting; web3 believes we need to protect wealth sovereignty amidst over-issued currency, while hegemonic governments want to use web3 to solidify their hegemony.

Now there is no common enemy; we only have common interests. By bringing more people into this system, the rise becomes a common goal, which is bound to happen!