签了！特朗普把美元拴上区块链，全球钱袋子悬了？

Core Viewpoint - The signing of the "Genius Act" by Trump is seen as a strategy to regulate stablecoins, which are essentially digital representations of the US dollar, while also addressing the US debt crisis. This move raises concerns about potential risks to the global financial system and the implications of increased reliance on stablecoins for international transactions [1][8][12]. Group 1: Understanding Stablecoins - Stablecoins are digital currencies pegged to the US dollar, designed for fast global transactions with minimal price volatility [3][5]. - The new legislation mandates that stablecoin issuers must hold US dollars or US Treasury bonds as reserves, effectively creating a new demand for US debt instruments [5][8]. Group 2: Implications for US Debt - The requirement for stablecoin issuers to back their coins with US Treasury bonds is expected to create a new source of demand for US debt, indirectly providing financial support to the US government [5][12]. - This strategy is viewed as a way for the US to maintain its financial credibility and continue its dollar dominance in the global market [8][12]. Group 3: Regulatory Concerns - The legislation has faced criticism from Democrats, who argue it lacks consumer protections and may benefit Trump's family financially [6][9]. - International institutions, such as the Bank for International Settlements, have warned that stablecoins could pose significant risks to monetary policy and financial stability [6][7]. Group 4: Risks of Stablecoins - Concerns have been raised about the lack of central bank backing for stablecoins, which could lead to significant financial losses if issuers fail or if the value of their reserves declines [6][10]. - The potential for illegal transactions and the challenges of effective regulation are highlighted, as the anonymity of cryptocurrencies complicates oversight [6][10]. Group 5: Global Financial Dynamics - The move towards stablecoins is seen as an attempt by the US to transition its dollar dominance from physical to digital, amidst rising trends of de-dollarization in global trade [8][12]. - The legislation may inadvertently create systemic risks, particularly for smaller nations that could see their currencies undermined by the adoption of stablecoins [10][12]. Group 6: Conclusion on the Legislation - The "Genius Act" is characterized as a gamble for the US, with potential long-term consequences for the global financial system if a major stablecoin fails [12][13]. - The legislation is perceived as a way for the US to shift its financial burdens onto the global community, raising questions about the sustainability of this approach [12][13].