《 The Crypto Market Is Going Crazy!》

Family, the thing I was worried about has finally happened! The crypto market is going crazy, the U.S. Senate voted 66 to 32 to push that 'Genius Bill' to the legislative forefront. Trump is at it again, abstracting rules for stablecoins like USDT and USDC, requiring real cash or short-term U.S. Treasury bonds as reserves, monthly public ledgers under supervision, and large holders with a market cap over 10 billion being closely monitored.

This news has caused an uproar in the financial and economic circles, as the stakes are too high. Some say this is the dollar's lifeline; U.S. debt has reached 36 trillion dollars, with a massive amount maturing in 2025 and 2026, and Trump is anxious. Stablecoins have become the 'buyers' of U.S. debt, with Tether alone holding 120 billion in U.S. bonds. If the bill passes, more stablecoin companies will have to buy U.S. bonds as reserves, isn't this just feeding the U.S. bond market 'life-saving medicine'?

What's even harsher is that the bill bans non-dollar stablecoins, forcing global players to settle on the dollar blockchain, trying to upgrade dollar hegemony to 'Blockchain 3.0', and strongly promoting $USD1, which is quite terrifying to think about!

But can this bill really manage the risks of U.S. debt? The total scale of stablecoins is only 232 billion dollars; filling the U.S. debt hole is like a mosquito carrying a cannon. U.S. debt interest rates are already a chokehold, and there are hidden dangers. If users rush to redeem USDT, it will have to sell U.S bonds for cash, and the U.S bond market will collapse immediately; if U.S bonds collapse first, the value of stablecoin reserves will depreciate, which could trigger a run, with consequences comparable to the Luna crash.

In my view, this bill is a gamble of dollar hegemony in the blockchain era using the left hand to support stablecoins with blood transfusions to U.S bonds, while the right hand cuts off other countries' digital currencies. If Trump pulls it off, it's a masterstroke; if he messes it up, it's digging his own grave.