锐评｜美元“新币”，难续旧梦

Core Viewpoint - The signing of the "Guidance and Establishment of the U.S. Stablecoin National Innovation Act" (also known as the "Genius Act") by President Trump marks the formal inclusion of digital assets into the national strategic framework of the U.S., amidst global concerns regarding the uncertain future of stablecoins [1][3]. Group 1: U.S. Debt Crisis and Stablecoin Legislation - The imminent U.S. debt crisis is a primary motivation for the rapid introduction of the "Genius Act," which is seen as a reaction to the challenges faced by the dollar hegemony in the wake of technological revolutions [3]. - The legislation mandates that stablecoin issuers must peg their assets to the U.S. dollar at a 1:1 ratio, effectively creating a "digital dollar colonial system" that positions stablecoins as "shadow buyers" of U.S. Treasury bonds [3]. - Tether (USDT) reportedly held nearly $120 billion in U.S. Treasury bonds in the first quarter of this year, surpassing the holdings of countries like Germany, leading to concerns about systemic risks such as "stablecoin runs" that could trigger urgent sell-offs of U.S. debt [3]. Group 2: Global Payment System and Financial Sovereignty - The "Genius Act" aims to reshape the global payment system, asserting that stablecoins can be used for cross-border payments, payroll, and energy trade settlements, directly challenging systems like China's CIPS and the EU's INSTEX [4]. - The U.S. Treasury's requirement for stablecoins to utilize smart contracts approved by the Federal Reserve reflects a "technological new cold war" mindset, which has drawn significant opposition [4]. - The act's intention to "consolidate the dollar's dominance" is criticized as a misguided approach, as it may ultimately alienate global partners and exacerbate the risks of currency substitution [4]. Group 3: The Future of Dollar Hegemony - The so-called "digital dollar revolution" is viewed as a façade for a crumbling hegemony, with the belief that the end of dollar dominance is an inevitable outcome of global cooperation and consensus-building [5]. - The historical context of U.S. financial policies suggests that attempts to reinforce dollar supremacy through such measures may be counterproductive, as evidenced by the growing movements towards digital currencies in the EU and BRICS nations [5].