#稳定币立法# A major trend that cannot be ignored: stablecoin -- the exploding "digital dollar hegemony"

Against the backdrop of rampant discussions on global de-dollarization, stablecoins may unexpectedly become a savior of the dollar hegemony. Dollar-denominated stablecoins are expanding their influence in cross-border payments, international trade, and personal finance at an astonishing rate, to the extent that a professor from the London School of Economics recently warned in a speech: dollar-denominated stablecoins are spreading in Europe, which could pose a serious threat to the economic sovereignty of the Eurozone.
According to news from the Chasing Wind Trading Platform, a recent research report by Deutsche Bank shows that stablecoins are entering mainstream payment systems at an astonishing speed, with transaction volume exceeding $28 trillion, surpassing Visa and Mastercard.
Traditional payment giants are also starting to embrace this trend - Visa recently announced a partnership with the stablecoin company Bridge to enable cross-border payments and connections with Latin America, and invested in the startup BVNK to further develop its stablecoin payment capabilities.
Stablecoins are not just financial tools; they are rapidly becoming strategic assets, with 83% pegged to the US dollar. Tether is one of the largest holders of US Treasury bonds. This series of trends not only represents the rise of a new asset class but also implies the consolidation and expansion of dollar hegemony through digital means.
Why can stablecoins strengthen the hegemony of the US dollar? There are several key factors:
Demand for reserve assets: According to research by Deutsche Bank, Tether (USDT)'s reserve holdings have grown from nearly $0 in 2020 to approximately $98 billion in U.S. Treasuries by 2025 (accounting for 81% of its reserve composition). Circle (USDC) currently holds about $24 billion in U.S. Treasuries, an increase from around $12 billion in December 2022. As of March 31, Ripple holds approximately $70 million in U.S. Treasuries.
Strengthened demand for the dollar: 83% of fiat currencies are pegged to stablecoins that are linked to the dollar, with stablecoins holding over $120 billion in dollar reserves.
Accelerating Informal Dollarization: USDT is widely used in emerging markets as a tool to hedge against inflation and capital controls, accelerating the process of informal dollarization.
Political Support: Trump and Republican lawmakers openly support stablecoins instead of central bank digital currencies ( CBDC ), positioning them as a private sector solution for digital currency.
According to the latest research report from Standard Chartered Bank, once the US Congress passes the GENIUS Act, the supply of stablecoins is expected to grow nearly tenfold over the next four years, expanding from the current $230 billion to approximately $2 trillion by the end of 2028, absorbing $400 billion in government bonds each year. At that time, stablecoin trading will account for 10% of the foreign exchange spot market trading volume, significantly higher than the current approximately 1%.
Federal Reserve's Waller once pointed out: "Most transactions in decentralized finance ( DeFi ) involve the use of stablecoins, which peg their value to the US dollar on a one-to-one basis. About 99% of stablecoin market value is tied to the US dollar, meaning that crypto assets are essentially traded in US dollars. Therefore, any expansion of trading in the DeFi world may only reinforce the dominance of the US dollar."