#加密货币监管框架 When I saw this news, my first reaction was: this is just an old trick that has been around for over half a century, now wrapped in a new technological shell.

The $37 trillion debt crisis is essentially nothing new. Since Nixon severed the link between the dollar and gold in 1971, the US has mastered the art of devaluing debt through currency dilution. This was the case after World War II, during the stagflation of the 1970s, after the 2008 financial crisis, and even during the pandemic liquidity injections. Each time, the US solves its debt crisis with the same logic—not truly repaying the debt, but increasing the money supply to silently erode its value.

But this time, the difference is that stablecoins provide a channel for this mechanism to be distributed globally. When USDT, USDC, and other stablecoins are widespread around the world and stored on everyone's phones, America's debt dilution is no longer just a burden borne by Americans but becomes an invisible tax shared by global users. The clever part is that these stablecoins appear politically neutral, issued by private companies, and technically seem impartial. But in essence, they embed the control of central bank digital currencies without bearing the associated sensitive label.

What I’ve been pondering is: will the US really do this? My judgment is that they won't do it in the blunt manner Michael Saylor publicly suggested—selling off gold outright and fully converting to Bitcoin. That’s too obvious. The more likely path is a more covert approach: allowing private enterprises to accumulate digital assets on a large scale first, and once a certain model proves effective and becomes too important to ignore, the government could then "absorb" it through investments or holdings. This way, they avoid political backlash and maintain enough "plausible deniability."

History shows us that those in power will always leverage any tool at their disposal. The current question is, how well are other countries defending against this? That’s why central banks around the world are frantically buying gold. They don’t trust promises because they remember 1971. In a system built on "trust us," trust itself becomes the greatest vulnerability.