How Stablecoins Became the Digital Gold Standard
People often refer to stablecoins as a “digital gold standard.” On the surface, this seems inaccurate, but when you understand the nature of this expression, things change. In the past, the gold standard was a system where the asset called gold set the limit on dollar issuance. Today, stablecoins are private companies issuing digital assets backed by dollars, essentially forming a similar limited currency issuance structure. But why is the U.S. government trying to cut into this structure now? Shadow Dollar, a privately-led dollar issuance system The biggest problem with stablecoins is that they make it impossible for the US Federal Reserve and the Treasury to control the circulation and supply of dollars. Stablecoins such as USDT and USDC are rapidly spreading around the world in areas beyond the reach of US financial authorities, and their scale has already reached a level that cannot be ignored. In fact, by 2024, the annual transaction volume of stablecoins will exceed the combined transaction volume of Visa and Mastercard, establishing them as a core part of the global payment system. This means that the supply and distribution of dollars, which were traditionally monopolized by the United States, are being replaced by private companies and decentralized systems. This phenomenon posed a fundamental threat to U.S. financial authorities, as the United States would never allow private companies to share the power of issuing currency. From Conspiracy Theory to Policy Scenario: The Hidden Purpose of the GENIUS Act In fact, the GENIUS Act’s ostensible purpose is to “ensure stability and transparency in the stablecoin market.” However, a closer look at the actual provisions of the bill reveals a hidden agenda: Strict issuer restrictions : No issuance except by government-approved institutions Emergency intervention powers : securing the power to freeze funds and suspend issuance Sanctions on overseas-issued stablecoins : Clarification of technical freeze and burn authority Through this, the United States is effectively taking back the private currency issuance authority and trying to centrally control the supply and circulation of dollars again. This is a strategic move similar to the effect that President Nixon achieved in 1971 by suspending the gold standard, which allowed the US government to remove the limit on the supply of dollars and completely control the money supply. Hidden Card to Maintain Dollar Hegemony: Digital Nixon Shock? A more worrisome scenario is that the GENIUS Act will not simply regulate stablecoins, but could be used as a tool for a “digital Nixon shock” by completely suspending or burning stablecoins as needed, thereby sucking out all dollar liquidity in the digital world. Technically, this is quite possible. Major stablecoins have the ability to freeze or burn already issued coins through a centralized issuance system. If this happens, it will cause a sharp decline in the entire cryptocurrency market and greatly shake the global financial order. But from the U.S. perspective, this chaos can be used to effectively manage global dollar liquidity and maintain financial hegemony in the long term. Conclusion: Digital Stablecoins, the New Battleground for Monetary Sovereignty The GENIUS Act is by no means a simple financial stabilization bill. Rather, it is a thoroughly strategic and political choice to re-centralize global dollar circulation and prevent private sector involvement in the new financial order. When a crypto insider said in 2018 that the US was trying to control dollar liquidity through stablecoins, many people dismissed it as a conspiracy theory. But today, the reality is that a bill that perfectly embodies this conspiracy theory has passed the Senate. This issue is no longer in the realm of conspiracy theories. It has become a real question: “When and how will the US government take control and eliminate the stablecoin system?” Is history repeating itself, or has a new currency war begun in the digital age? Now is the time for us to face this question seriously.
- Haebom
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