Author: Fu Peng
In the new wave of digital finance, stablecoins are not disruptors of the old system, but more like a "digital relay station of the Bretton Woods system" - carrying U.S. dollar credit, anchoring U.S. Treasury assets, and reshaping the global settlement order.
I. Historical Perspective: Three Structural Leaps of U.S. Dollar Hegemony
The new phase after 2020 is a process of reconstructing the digital, programmable, and fragmented basis of U.S. dollar credit, with stablecoins being the key connecting body of this reconstruction.
II. The Essence of Stablecoins
On-chain "U.S. dollar-U.S. Treasury" anchoring mechanism stablecoins, especially those pegged to the U.S. dollar like USDC, FDUSD, PYUSD, have an issuance mechanism of "on-chain U.S. dollar certificates + U.S. Treasury or cash reserves", forming a simplified "Bretton mechanism":
This indicates: The stablecoin system actually rebuilds a "digital version of the Bretton Woods framework", with the anchor shifting from gold to U.S. Treasuries, and from national clearing to on-chain consensus.
III. The Role of U.S. Treasuries
The "new type of reserve gold" behind stablecoins currently has U.S. Treasuries, especially short-term T-Bills (1-3 month Treasury bills), as the highest proportion in reserve structures:
This means: The future Bretton Woods system will no longer occur at the Bretton Woods conference table, but will be negotiated and consensualized between smart contract codes, on-chain asset pools, and API interfaces.
VI. Risks and Uncertainties: How Far Can This System Go?
VII. Conclusion
Stablecoins are not the endpoint, but a "mid-journey supply station" for U.S. global governance. Stablecoins appear to be private sector innovation, but are actually becoming a "disguised bridge" for the U.S. government's digital currency strategy:
Just as the Bretton Woods system established U.S. dollar credit through gold anchoring, today's stablecoins are attempting to rewrite monetary governance structures through "on-chain T-Bills + U.S. dollar settlement consensus".
Stablecoins are not a revolution, but a reconstruction of U.S. Treasuries, a reshaping of the U.S. dollar, and an extension of sovereignty.
In the new wave of digital finance, stablecoins are not disruptors of the old system, but more like a "digital relay station of the Bretton Woods system" - carrying U.S. dollar credit, anchoring U.S. Treasury assets, and reshaping the global settlement order.
I. Historical Perspective: Three Structural Leaps of U.S. Dollar Hegemony
The new phase after 2020 is a process of reconstructing the digital, programmable, and fragmented basis of U.S. dollar credit, with stablecoins being the key connecting body of this reconstruction.
II. The Essence of Stablecoins
On-chain "U.S. dollar-U.S. Treasury" anchoring mechanism stablecoins, especially those pegged to the U.S. dollar like USDC, FDUSD, PYUSD, have an issuance mechanism of "on-chain U.S. dollar certificates + U.S. Treasury or cash reserves", forming a simplified "Bretton mechanism":
This indicates: The stablecoin system actually rebuilds a "digital version of the Bretton Woods framework", with the anchor shifting from gold to U.S. Treasuries, and from national clearing to on-chain consensus.
III. The Role of U.S. Treasuries
The "new type of reserve gold" behind stablecoins currently has U.S. Treasuries, especially short-term T-Bills (1-3 month Treasury bills), as the highest proportion in reserve structures:
- USDC: Over 90% of reserves allocated to short-term U.S. Treasuries + cash;
- FDUSD: 100% cash + T-Bills;
- Tether is also gradually increasing U.S. Treasury weight and reducing commercial paper.
▶ Why have U.S. Treasuries become the "hard currency" of on-chain finance? Extremely high liquidity, suitable for handling large on-chain redemptions; stable returns can provide interest margin for issuers; backed by U.S. dollar sovereign credit, enhancing market confidence; compliance-friendly, can serve as a compliant reserve asset. From this perspective, stablecoins are "new Bretton tokens with T-Bills as gold", embedding the U.S. fiscal credit system.
This means the U.S. no longer needs SWIFT or military projection to "airdrop" dollars into global wallets, representing a new paradigm of monetary sovereignty outsourcing. Therefore, we say: Stablecoins are the "unofficial contractors" of U.S. monetary hegemony - they do not replace the U.S. dollar, but push it onto the chain, to the global stage, and into the "bankless zone".
V. Bretton 3.0 System Prototype Emerges: Digital Dollar + On-chain U.S. Treasuries + Programmable Finance
In this architecture, the global financial system will evolve into the following model:
IV. Stablecoins = Extension of U.S. Dollar Sovereignty, Not Weakening
Although on the surface, stablecoins are issued by private institutions, seemingly weakening central bank control over the U.S. dollar. But in essence:
Although on the surface, stablecoins are issued by private institutions, seemingly weakening central bank control over the U.S. dollar. But in essence:
- Each USDC issued must correspond to 1 U.S. dollar in U.S. Treasuries/cash;
- Each on-chain transaction is priced in "U.S. dollar units";
- Each stablecoin circulating globally expands the U.S. dollar usage radius.
This means the U.S. no longer needs SWIFT or military projection to "airdrop" dollars into global wallets, representing a new paradigm of monetary sovereignty outsourcing. Therefore, we say: Stablecoins are the "unofficial contractors" of U.S. monetary hegemony - they do not replace the U.S. dollar, but push it onto the chain, to the global stage, and into the "bankless zone".
V. Bretton 3.0 System Prototype Emerges: Digital Dollar + On-chain U.S. Treasuries + Programmable Finance
In this architecture, the global financial system will evolve into the following model:
This means: The future Bretton Woods system will no longer occur at the Bretton Woods conference table, but will be negotiated and consensualized between smart contract codes, on-chain asset pools, and API interfaces.
VI. Risks and Uncertainties: How Far Can This System Go?
VII. Conclusion
Stablecoins are not the endpoint, but a "mid-journey supply station" for U.S. global governance. Stablecoins appear to be private sector innovation, but are actually becoming a "disguised bridge" for the U.S. government's digital currency strategy:
- It connects old finance (U.S. Treasuries) with new finance (DeFi);
- It extends U.S. financial sovereignty to the smart contract layer;
- It ensures the U.S. dollar does not lose its dominant position in digital transformation.
Just as the Bretton Woods system established U.S. dollar credit through gold anchoring, today's stablecoins are attempting to rewrite monetary governance structures through "on-chain T-Bills + U.S. dollar settlement consensus".
Stablecoins are not a revolution, but a reconstruction of U.S. Treasuries, a reshaping of the U.S. dollar, and an extension of sovereignty.
