Too many people underestimate the power of the stablecoin bill. In my opinion, this is simply the genius version of the US dollar hegemony 3.0—— $6.6 trillion in deposits are facing the risk of transferring to stablecoins, and for every $1 flowing from banks to stablecoins, it is expected to generate an incremental demand of $0.9 in US Treasury bonds. This bill has inevitability from conception to introduction, and you can find the answer from history—— one ⃣ USD 1.0: The Hegemony of the US Dollar Anchored by Gold The United States established its 1.0 hegemonic position with its gold reserves and post World War II reconstruction funds. Subsequently, in the 1960s, due to the Vietnam War fiscal deficit and the hollowing out of American industries, the US dollar was continuously sold off, and France's Charles de Gaulle directly transported gold back by warship. Until 1971, Nixon closed the gold standard, the Bretton Woods system collapsed, and the era of 1.0 came to an end. two ⃣ Dollar 2.0: Oil Dollar Hegemony After decoupling from gold, the US dollar began to enter the era of credit currency. The symbol is the signing of the US Saudi Arabia Agreement in the late 1970s, which required global oil trade to be settled in US dollars, laying the foundation for the petrodollar system. At this stage, the hegemony of the US dollar is not based on gold, but on the dominance of global energy circulation, US bond credit (the world's largest, deepest, and most liquid bond market), and the geopolitical security guarantee of the US military and NATO. Until the 2008 financial crisis, the US dollar began to oversold wildly, and the world became increasingly dependent on the liquidity printed by the United States. The US's own debt spiraled out of control, and the world did not find a second alternative reserve asset. three ⃣ US Dollar 3.0: On Chain US Dollar Hegemony During this period, the stablecoin bill was directly passed through, becoming a new transmission mechanism for the US dollar, allowing the dollar to be put on the chain without going through banks SWIFT、 Clearing house. Even if a country implements capital controls and financial de dollarization on the US dollar, ordinary people can still bypass these restrictions and directly store and transfer value in USDT and USDC. To summarize—— USD 1.0 → Physical Gold Anchoring USD 2.0 → Geopolitical Energy Anchoring USD 3.0 → On chain liquidity anchoring, essentially USD digitization+disintermediation expansion This kind of energy game is very interesting. Web3 believes that we need to protect wealth sovereignty in super currency issuance, and hegemonic governments want to use Web3 to stabilize their hegemony. There are no common enemies now, we only have common interests. We need to bring more people into this system, and then the rise is a common goal that will inevitably happen!