【The policy of "linking virtual currencies to U.S. Treasury bonds" promoted by the Trump administration is placed within the framework of political and economic games, integrating the analytical logic of gold stability and Bitcoin stability, systematically deducing its strategic intentions, implementation paths, risk contradictions, and global impacts -】

 1. Policy Logic and Strategic Framework: "Crypto Breakthrough" under Debt Crisis

1. The coercive mechanism of the U.S. debt predicament

Out-of-control debt scale: The U.S. debt scale has surpassed $36 trillion, with $6.5 trillion maturing by June 2025. The reduction of holdings by foreign central banks (China's holdings fell to $765.4 billion, Japan has consecutively reduced its holdings) has led to an expanded demand gap.

Ineffectiveness of traditional financing: The Trump tax cut law (OBBB) has led to a surge in front-loading deficits, combined with tariff policies that have pushed inflation expectations to 5%, exacerbating the sell-off of U.S. Treasury bonds (the 10-year yield soared by 50 basis points in a week).

→ The essence of linking virtual currencies is a new path for debt monetization: introducing cryptocurrency liquidity into the U.S. Treasury market, replacing the traditional buyer role.

2. Triple Strategic Objectives

Short-term demand creation: By mandating stablecoins to be backed by U.S. Treasury bonds (e.g., the "GENIUS Act" requires 100% pegging to the dollar/short-term bonds), the scale of stablecoins (currently $270 billion) can be transformed into purchasing power for U.S. Treasury bonds. If it reaches a scale of $2 trillion, it could absorb about 5% of short-term government bonds.

Long-term dollar hegemony 3.0: U.S. dollar stablecoins account for 99% globally, becoming "digital dollar agents" in cross-border payments (e.g., Yiwu foreign trade in China) and inflationary countries (Latin America, Africa), undermining the monetary sovereignty of other countries.

Fiscal cost shifting: The concept of BitBonds envisions binding government bond interest to Bitcoin appreciation; if Bitcoin rises to $200,000, government reserve sales could cover hundreds of billions in debt interest.