The Road of Dollar Reformation: How Stablecoins Reshape the God of Global Finance in the Digital Age?

This article explores the "Reformation" of the US dollar in the digital age, focusing on how stablecoins are redefining the form and function of the US dollar. This article is based on an article written by MarsBit News and compiled and contributed by Foresight News. (Summary: Circle shares rushed to $230 to continue all-time highs!) THE GENIUS STABLECOIN BILL AND FUNDAMENTALS HELPED CRCL SOAR 530% IN TWO WEEKS) (BACKGROUND SUPPLEMENT: STABLECOIN "US-CHINA ROUTE DISPUTE": HONG KONG'S B-SIDE BREAKTHROUGH AND THE MAINSTREAM YANG CONSPIRACY IN THE UNITED STATES) This article explores the "Reformation" of the US dollar in the digital age, focusing on how stablecoins can redefine the form and function of the US dollar. Prologue: Twilight of the Gods For a century, The Dollar ruled the global financial landscape like an all-knowing and all-powerful ancient god. Its strength stems from its universality, stability, and hierarchical "churches" of the traditional financial system—banks, clearing houses, and central banks. However, in the third decade of the 21st century, the old god is facing an unprecedented "Reformation". The wave of digitization is not about overthrowing the gods themselves, but about redefining their forms, teachings, and ways of transmitting them. At the heart of this reform is stablecoins. It is not an entirely new currency, but the "icon" of the dollar in the digital world. Every stablecoin project is trying to create a superior and more popular icon of the dollar. The intensity of this battle far exceeds that of commercial competition. It is a civil war for the digital soul of the dollar, a deep ideological conflict that is raging between the "three cities" of power in Washington, the financial temple of Wall Street, and the digital frontier of code. The trigger for this reform was a fictional code called the GENIUS Act. It is like the "Ninety-Five Theses" on the same paper, completely exposing the contradictions that have been hidden underwater for a long time. The bill seeks to establish an official doctrine for the digitization of the dollar, dictating who is eligible to cast new "icons" and what precepts those icons must follow. But instead of bringing unity, this has exacerbated divisions and spawned multiple fiercely rival "sects," each claiming to be the rightful successor to the dollar spirit. It's no longer just a story about money, it's a gamble about faith, power, and the future form of money. Part I: The Promulgation of the New Testament – Washington's "Official Doctrine" In any Reformation, those in power always took the lead in trying to define "orthodoxy." In the war on stablecoins, Washington has played this role. It is not to stifle innovation, but to steer this change on a manageable trajectory that serves its national interest. Through a series of regulatory initiatives, such as the GENIUS Act, Washington is writing a "New Testament" about the digital dollar, with core doctrines revolving around three key words: control, compliance, and consolidation. The first tenet of this official doctrine is "jus sanguinis." The design of the bill deliberately tilts the issuance of stablecoins towards the traditional financial system. It provides a clear path for banks to issue stablecoins, while setting an extremely high bar for non-banks, especially tech giants. Behind this is a profound strategic consideration: instead of letting a group of unpredictable "tech upstarts" define the future of the dollar, it is better to empower the "priesthood" that has long been included in the regulatory system and deeply tied to its interests: the Wall Street banking union. The move by giants such as JPMorgan Chase and Citi to explore the joint issuance of stablecoins is the most direct response to this official doctrine. What they are trying to create is an "aristocratic version" of the digital dollar that is pure-blooded, well-known and seamlessly integrated into the existing financial infrastructure. Secondly, the modernization of "tithes". The bill mandates that stablecoin reserves consist primarily of cash and short-term U.S. Treasuries. This is ostensibly to protect financial stability, but its more far-reaching significance is that it transforms the huge stablecoin market into a structural "captive buyer" of US Treasuries. Against the backdrop of waning enthusiasm for U.S. bonds among central banks around the world, this opens up a whole new source of private-sector-driven "taxation." Every compliant digital dollar circulating overseas implies direct support for U.S. sovereign credit. This is a clever "cryptomercantilism": using the cloak of decentralized technology to strengthen the most centralized state power. Finally, there is the "right of trial of heresy." The bill grants the U.S. Treasury Department the power to blacklist non-compliant foreign stablecoin issuers, which is essentially a global financial "expulsion." The real power of this mechanism is that it turns "compliance" itself into a weapon. USDC, issued by Circle, is the perfect executor of this strategy. With near-stringent transparency and auditing standards, it has established itself as a model of "compliance". Its victory will no longer be just a commercial victory, but a victory for Washington's "official doctrine." By embracing regulation, USDC has gained a strong legitimacy that allows it to squeeze "offshore heretics" like Tether out of mainstream markets on a global scale. Therefore, the essence of the reform, as defined by Washington, is not an open revolution, but a "led change." Its goal is not to create a decentralized utopia, but to create a "nationally certified" digital dollar that is more efficient, more globally penetrating, and ultimately serves the national interest of the United States. Part II: The Business Gospel – The "Pragmatist Sect" of Silicon Valley and Wall Street Unlike the top-down giant narrative in Washington, in Silicon Valley and Wall Street, the gospel of stablecoins is written in code and balance sheets. The believers here are not interested in ideology, they are pragmatists through and through, espousing the only truths: utility, scenes, and network effects. At the heart of the stablecoins they issue is not political legitimacy, but whether they can become an indispensable – indispensable "communion" in the business world. The "pipe fixers" of the payment world are the most representative of this sect. Payment giants, led by Stripe, look at stablecoins differently. Instead of seeing stablecoins as a tradable asset (such as USDT or USDC), they see them as a revolutionary tool for repairing the old and dilapidated "pipe system" of global payments. Stripe's strategic intention in acquiring Bridge and launching USDB is not to create a vast stablecoin empire, but to seamlessly integrate stablecoins into its existing payment infrastructure. Stripe's strategy is extremely precise, bypassing the most heavily regulated United States and the European Union, and focusing its firepower on emerging markets with relatively poor financial infrastructure. Here, the pain points (high cost, low efficiency) of B2B cross-border payments are the most prominent, and stablecoins happen to be the perfect antidote. USDB is designed to be a "work token" that circulates within its ecosystem, and its value lies not in how high its market cap is, but in how much efficiency and customer stickiness it can bring to Stripe's core business: payment processing. It's a "for me" philosophy, where stablecoins are a means to a business goal, not an end in itself. The "mobile missionaries" of the consumer scene are another important force. PayPal The logic of issuing PYUSD is to try to use its huge existing user base to bring stablecoins into the field of daily consumption. It's like a missionary who goes deep into the city, hoping to make it easy for ordinary people to experience...