Group 1: Core Views - The article discusses the structural flaws of the current international monetary system and the transformative potential of stablecoins, particularly in enhancing the efficiency of dollar transactions in cross-border payments [4][18][19] - It outlines the historical evolution of the international monetary system, highlighting three significant phases: the "golden dollar" era under the Bretton Woods system, the "debt dollar" phase driven by debt expansion, and the emergence of "dollar stablecoins" as a technological innovation [4][10][18] Group 2: Golden Dollar: Establishment and Termination of the Bretton Woods System - The Bretton Woods system established the dollar's peg to gold, allowing it to function as a global trade and reserve currency, but this system faced inherent contradictions leading to its collapse [5][9] - The "Triffin Dilemma" emerged as a critical issue, where the demand for dollars in international trade outpaced the growth of gold reserves, ultimately resulting in the suspension of dollar convertibility to gold in 1971 [9][12] Group 3: Debt Dollar: Modern Credit Currency Era and Its Flaws - The transition to a "debt dollar" system marked a shift where the dollar was no longer tied to gold, leading to a reliance on debt for currency creation, which has resulted in significant global financial implications [10][12] - The article identifies three phases of the debt dollar system, including the rise of global dollar loans, the debt explosion post-2008 financial crisis, and the surge in U.S. government debt during the COVID-19 pandemic [15][17] Group 4: Dollar Stablecoins: Technological Innovation and Future of the International Monetary System - Stablecoins are positioned as a solution to enhance the efficiency of dollar transactions, potentially restoring confidence in the dollar amidst concerns over its debt issues and geopolitical tensions [19][20] - The article emphasizes the rapid growth of stablecoin transactions, which reached $27.6 trillion in 2024, surpassing the combined transaction volumes of Visa and Mastercard, although most of this volume is still tied to crypto assets [21] - It discusses the theoretical and technical foundations of stablecoins, including their ability to separate the functions of currency, and the underlying technologies that support their operation [20][21]

Core Viewpoint - The article discusses the concept of "dollar hegemony" and how the United States has maintained its dominance in the global economy through strategic monetary policies and military power over the past 80 years [1][10]. Group 1: Historical Context - After World War II, the U.S. emerged as the largest economic power, establishing a system where the dollar was pegged to gold, making it the center of global currency [3][5]. - In 1971, President Nixon decoupled the dollar from gold, transforming it into a fiat currency, yet the demand for dollars continued to grow due to strategic agreements [3][5]. Group 2: Oil Dollar System - The U.S. established a secret agreement with Middle Eastern oil producers, particularly Saudi Arabia, to sell oil exclusively in dollars, creating the "petrodollar" system [5][10]. - This system ensured that countries needed to acquire dollars to purchase oil, thereby increasing global demand for the currency [5][10]. Group 3: Military and Financial Power - The U.S. maintains unparalleled military strength, with numerous military bases worldwide, which reinforces the use of the dollar in international transactions [7][10]. - The influence over the SWIFT financial system allows the U.S. to impose sanctions and restrict access to global trade for non-compliant countries, further solidifying the dollar's dominance [7][10]. Group 4: Path Dependency - The long-standing use of the dollar in international trade and finance has created a "path dependency," making it inconvenient for countries to switch to alternative currencies [7][10]. - Central banks and corporations hold significant dollar reserves, which perpetuates the dollar's status as the primary currency for global transactions [7][10]. Group 5: Economic Implications - The U.S. can print dollars to acquire goods and services globally, effectively using "paper" to obtain real wealth from other nations [10]. - However, the U.S. must balance the amount of money printed to avoid rapid devaluation and global inflation, maintaining its economic credibility [10].