何山海：美欲将稳定币变为金融霸权蓄水池

Group 1 - The core idea of the "Genius Act" is to establish a regulatory framework for digital stablecoins, aiming to reduce the U.S. dependence on foreign sovereign debt holders and enhance fiscal independence [1][2][5] - The act seeks to create a non-sovereign, compliant buyer system for U.S. Treasury bonds, allowing stablecoin issuers to purchase these bonds, thereby reclaiming "debt sovereignty" from foreign nations [2][3] - Stablecoins, being less politically influenced and driven by market demand, provide a mechanism to mitigate risks associated with foreign creditors potentially weaponizing their debt holdings against U.S. policies [2][4] Group 2 - The "Genius Act" is part of a broader strategy to extend U.S. dollar dominance into the digital finance era, addressing challenges posed by cryptocurrencies and enhancing the dollar's utility in cross-border payments [3][4] - By institutionalizing the stablecoin market, the U.S. government aims to create a self-sustaining pool of capital that continuously supports U.S. Treasury bonds, thus reinforcing financial sovereignty [3][5] - The act is seen as a critical tool in the U.S. "de-risking" strategy, allowing the country to maintain influence in a rapidly evolving global financial landscape while addressing the limitations of traditional financial systems [4][6]