来源：铁血_青衫老祖 美国这么干，显然是为了加速推进美元数字化，巩固美国在全球支付结算体系中的主导地位。 与中国路径不同的是： 中国以人民币及支付体系、数字人民币及支付体系为主导，核准若干拥有全球贸易和支付需求的头部数 字公司发行稳定币，角逐全球稳定币体系构建。本质上是政府-央行-法币-稳定币一体化。 美联储在美国的治理架构中拥有相对独立性，可以通过金融工具独立调控利率和市场。这与特朗普的独 裁品性与操作不合拍，因此也被特朗普视为眼中钉肉中刺。在多次逼迫鲍威尔辞去美联储主席职务、多 次呼吁美联储降息未果之后，迅速抛出美国稳定币监管法案——《天才法案》，对美联储实施釜底抽 薪，从货币发行权上与美联储分庭抗礼，彻底废掉美联储。 《天才法案》将稳定币定义为"支付稳定币"： 一是与固定货币价值挂钩。即为与固定货币价值挂钩的数字资产。要求发行人必须持有与稳定币挂钩的 流动资产（如美国国债或现金等）作为储备，即每飞行一美元稳定币，需持有至少1美元的合规储备。 二是主要用于支付或结算。即不同于比特币这类数字赌局。必须接受监管。 三是发行人有义务以固定金额赎回或回购。即发行人必须履行最终代偿责任。这确保稳定币具备法定货 币的 ...

Core Viewpoint - The article discusses the U.S. government's push for stablecoins as a strategic move to enhance innovation in digital finance, increase demand for U.S. Treasury bonds, and maintain the dollar's dominance in the global economy, particularly in the context of rising geopolitical risks and competition from other countries' digital currencies [1][6][12]. Group 1: Encouraging Innovation - The U.S. aims to solidify its leadership in technology and finance by establishing regulatory frameworks for stablecoins, which are seen as essential for the development of a new financial ecosystem [4][5]. - The introduction of stablecoin legislation is intended to foster innovation while protecting consumers and ensuring the U.S. remains competitive in the Web3 space [4][5]. Group 2: Increasing Demand for U.S. Treasury Bonds - There has been a significant decline in foreign ownership of U.S. Treasury bonds, dropping from 14.6% in 2011 to 4.9% by the end of 2024, raising concerns about "de-dollarization" [8][9]. - The U.S. government plans to link stablecoins with Treasury bonds to boost demand, with stablecoin issuers like Tether and Circle already holding substantial amounts of U.S. debt [10][11]. Group 3: Rebuilding Dollar Dominance - Emerging economies are seeking alternatives to the dollar, prompting U.S. officials to advocate for stablecoins as a means to counteract "de-dollarization" and promote "re-dollarization" [12][13]. - Stablecoins are viewed as a way to maintain the dollar's status as the global reserve currency, especially in high-inflation countries where residents are increasingly turning to dollar-pegged stablecoins for savings [13][14]. Group 4: Trump Family Interests and the Crypto Industry - The Trump family has significant financial ties to the crypto industry, with investments leading to substantial wealth increases, which influences the push for favorable policies towards stablecoins [15][16]. Group 5: Legislative Pathways - The U.S. Congress is advancing several key pieces of legislation aimed at establishing a regulatory framework for stablecoins, including the GENIUS Act, CLARITY Act, and Anti-CBDC Monitoring Act [18][20][21]. - These laws are designed to create a transparent and compliant environment for stablecoin issuance, ensuring that they are fully backed by high-quality liquid assets [19][22]. Group 6: Challenges and Global Implications - The article highlights the potential for stablecoins to become a "new offshore dollar," but also notes the risks associated with their cross-border use and the regulatory challenges posed by different jurisdictions [26][30]. - Concerns are raised about the financial vulnerabilities of stablecoins, particularly in the context of their connections to traditional banking systems and the potential for systemic risks during market downturns [31][32].