#稳定币市场竞争 When I see the topic of this 37 trillion debt, I have to be honest. This is nothing new—America has always played this way throughout history. After World War II, the 1970s stagflation, and pandemic liquidity injections, each time it’s about diluting the currency to covertly devalue the debt. The problem is, stablecoins are globalizing this old trick.

USDT and USDC seem neutral, but behind them are digital IOUs backed by US debt. When inflation occurs in the US, the losses are not only borne by Americans but are "exported" to global holders. Simply put, it’s making the whole world pay for US debt. More cunningly, stablecoins don’t carry the political baggage of the Federal Reserve, making them easier to accept—this is their deadly weapon.

But there is a fatal flaw: trust cannot be fully verified. No matter how many reserve reports Tether releases, it’s useless because you have to trust the issuer itself. The lessons from history are profound—1971, when the US unilaterally cut off the dollar’s gold convertibility. Back then, it was a breach of promise; today, the stablecoin system cannot escape the same risk.

What do I think the US will ultimately do? They won’t openly gamble with gold and Bitcoin as bluntly as that, but will let private companies test the waters first—companies like MicroStrategy hoarding hundreds of thousands of bitcoins. Once the model proves effective, the state can then legitimize and institutionalize it. This approach is more covert and has more "plausible deniability."

The core logic is simple and brutal: controlling the issuance of currency means controlling the power to rewrite the rules of the game. Whether it’s the dollar or stablecoins, the essence remains unchanged—if your trust is insufficient, the risk is high. That’s also why central banks worldwide are frantically buying gold.