The Prelude to the Third Stage of the Bretton Woods System... America's Ambitious Strategy to Strengthen Digital Dollar Hegemony
);)
Zhu Guangyao, former Vice Minister of Finance of China, issued this warning at the '2025 China International Issues Forum' held in Beijing on the 26th. He analyzed that the recently passed stablecoin bill goes beyond simple digital asset regulation and is a strategic move to reshape the global financial order.
);)
According to the former Vice Minister, as the current Bretton Woods system (dollar-oil linkage) becomes difficult to sustain and national debt pressure increases, the United States is pursuing four key strategies to overcome this: ▲Treasury-led national debt repurchase ▲Federal Reserve's relaxation of bank bond holdings ▲Adjustment of gold reserve accounting methods ▲Stablecoin legislation.
He emphasized the need to pay attention to the 'US Stablecoin National Innovation Act (GENIUS Act)' passed by the US Senate on June 17th. The bill aims to create a 'multiplier effect' on dollar influence by institutionalizing the issuance of stablecoins linked to the dollar.
The former Vice Minister pointed out, "The US stablecoin strategy is a 'highly centralized' product linked 1:1 with dollar assets and subject to strict US regulation" and "This is not a victory for decentralized finance, but a strategic move to strengthen dollar hegemony."
The current global stablecoin market size is approximately $247 billion (about 340 trillion won), with over 99% based on the dollar. The White House Digital Asset Policy Advisory Office forecasts that the passage of this bill will enable the digital asset industry to grow to $15-20 trillion (about 2.4495-2.7266 quadrillion won).
The former Vice Minister emphasized, "It is time for each country to pay attention to this strategic change by the United States and take strong measures to effectively respond to challenges to the global monetary order."
Choi Joo-hoon joohoon@blockstreet.co.kr
