TechFlow, on July 11, according to Observer Network, Zhu Guangyao, former Vice Minister of Finance, stated at the 2025 China International Studies Forum "A World in Turmoil and Transformation: China's Foreign Strategy" held on June 26, that regarding the impact of digital currencies, especially stablecoins, on the global monetary system, the United States is attempting to launch a "third phase" of the Bretton Woods system by promoting stablecoins, aiming to maintain and strengthen the dollar's global dominance.
He analyzed that against the backdrop of the current Bretton Woods system (the dollar pegged to oil) becoming unsustainable, the U.S. faces immense pressure from high national debt. To address this, the U.S. has recently adopted a series of fiscal and financial strategies, including: Treasury buybacks: The Treasury Department buying back government bonds to ease pressure. Adjusting bank regulations: The Federal Reserve relaxing regulatory requirements on banks' holdings of U.S. Treasuries, releasing substantial liquidity. Revaluing gold reserves: Adjusting the accounting method for gold, potentially unlocking huge "book value." Pushing stablecoin legislation: The U.S. Senate has passed a stablecoin bill, with officials like Trump explicitly stating that dollar-pegged stablecoins will act as a "multiplier" of dollar power, expanding global dollar usage while reducing government borrowing costs.
Zhu Guangyao emphasized that such dollar stablecoins would be a "highly centralized" product strictly regulated by the U.S., fully backed 1:1 by dollar assets, not a victory for decentralized finance. He called on countries worldwide to closely monitor this strategic shift and take strong measures to respond to its challenges to the global monetary landscape.
