朱光耀：美国正试图用稳定币开启布雷顿森林体系第三阶段

Group 1 - The core viewpoint of the articles highlights the significance of the recently passed "GENIUS Act" in the U.S. Senate, which aims to establish a regulatory framework for stablecoins, potentially reshaping the global monetary system [1] - The U.S. government is positioning itself to maintain the dollar's dominance in the global economy through the introduction of stablecoins backed by U.S. Treasury securities [15][16] - The total global economic scale is projected to reach $110 trillion in 2024, with the U.S. and China being the largest economies, accounting for 25% and 16.6% of the global economy, respectively [5][6] Group 2 - In 2024, global trade is expected to total $65 trillion, with China and the U.S. having nearly equal trade volumes, each accounting for approximately 11% of global trade [6][7] - The global capital flow is projected to reach $250 trillion in 2024, with stablecoin transactions surpassing $27.6 trillion, indicating a significant role in the financial ecosystem [6][9] - The U.S. national debt has exceeded $36 trillion, with interest payments projected to surpass $1 trillion, raising concerns about fiscal sustainability [9][10] Group 3 - The U.S. Treasury's recent actions, including the repurchase of $10 billion in U.S. debt, reflect the urgency to manage national debt pressures [10][11] - The Federal Reserve's adjustments to regulatory policies, including changes to leverage ratios for banks, aim to enhance liquidity and support the financial system [11][12] - The proposed stablecoin regulations will require all issued stablecoins to be directly pegged to U.S. dollars or short-term Treasury securities, ensuring high liquidity and regulatory oversight [15][16] Group 4 - The emergence of stablecoins is seen as a response to technological advancements, particularly in blockchain, which allows for the tokenization of real-world assets [18][19] - The U.S. strategy emphasizes a centralized approach to stablecoin issuance, contrasting with the decentralized nature often associated with cryptocurrencies [19] - The regulatory framework for stablecoins is expected to challenge other nations, necessitating coordinated international policy responses [19]