Group 1 - The recent enactment of the stablecoin legislation in the U.S. is seen as a move to expand the global role of the dollar into the digital realm, marking the beginning of a new "currency war" driven by the digital currency revolution [1] - As of mid-July, $2.17 billion in cryptocurrency has been stolen from various platforms this year, surpassing the total theft of $1.87 billion for all of 2024, with projections indicating this could reach $4 billion by the end of 2025 [1] - The surge in cryptocurrency-related crimes coincides with the Trump administration's favorable stance towards cryptocurrencies, raising concerns about global financial security due to the lack of regulation in various cryptocurrency exchanges [1] Group 2 - Trump's shift in attitude towards cryptocurrencies is attributed to the upcoming 2024 U.S. elections and support from key figures in the crypto industry, such as Peter Thiel, co-founder of PayPal [4] - Nearly 70 officials appointed by the Trump administration have investments in cryptocurrencies or related companies, with investments ranging from small amounts to over $120 million [6] - The newly established "American Bitcoin Company," backed by the Trump family, has raised $220 million and is planning to go public [6] Group 3 - The global stablecoin market has surpassed $260 billion, with 95% being dollar-pegged stablecoins, which are increasingly investing in U.S. Treasury bonds [8] - The U.S. government has issued over $36 trillion in debt, and with declining credit ratings from major agencies, the expansion of the stablecoin market could see it grow to $3.7 trillion by 2030, making stablecoin issuers significant holders of U.S. debt [8] - This creates a new "on-chain U.S. debt cycle," where stablecoin companies purchase U.S. Treasury bonds, providing the government with cash while users receive stablecoins [8] Group 4 - The U.S. aims to "on-chain" the dollar to maintain its dominance, while criminals exploit new technologies to launder illegally obtained cryptocurrencies, complicating global financial governance [10] - The emergence of stablecoin legislation in the U.S. has sparked an invisible "currency war," raising questions about the future of the international monetary system amid increasing calls for de-dollarization and skepticism towards U.S. debt [10] - The challenge lies in establishing a fair and stable international financial order as various countries' local currencies seek to go "on-chain" in an era of decentralized and peer-to-peer payments [10]

Group 1 - The core viewpoint is that stablecoins are not a solution to the U.S. debt crisis or the potential collapse of the dollar's hegemony, but they are significant in initiating a monetary revolution in the digital realm [1][8] - Stablecoins are digital currencies pegged 1:1 to the U.S. dollar, with their underlying assets primarily consisting of U.S. short-term government bonds and short-term loans secured by these bonds, leading to lower volatility compared to cryptocurrencies like Bitcoin [1][3] - As of May this year, the total scale of global stablecoins reached nearly $240 billion, accounting for 7% of the entire cryptocurrency market, with projections estimating that it could grow to $2 trillion in the next three years [3] Group 2 - The U.S. government's recognition of stablecoins serves multiple purposes, including finding new buyers for U.S. debt to alleviate pressure on the bond market, allowing both compliant and non-compliant funds to flow into U.S. Treasury markets through stablecoins [3][5] - The introduction of stablecoin legislation allows the U.S. government to bypass the Federal Reserve, creating an indirect financing channel that could influence monetary policy and decision-making [5] - The U.S. aims to use stablecoins as a strategic tool to maintain dominance in future financial orders, attempting to integrate digital currencies into the existing financial system to preserve the dollar's status as a global settlement currency [6] Group 3 - Stablecoins present inherent risks, including the potential for loss of control if their scale continues to grow and their ties to traditional finance deepen, which could destabilize the U.S. financial system [6][8] - The private nature of stablecoin issuers raises concerns about their influence on the supply and control of digital dollars, potentially undermining the Federal Reserve's authority [6] - If the U.S. debt situation deteriorates, stablecoins backed by U.S. debt may struggle to maintain their value, leading to a potential collapse that could exacerbate the debt crisis [8]