Some friends asked me to talk about stablecoins.
In fact, I wrote about this a long time ago. The core of stablecoins is not the anchoring mechanism, compliance framework, or technical details, but the decentralization of the power to issue currency.
Once the power to issue currency is decentralized, it means that currency begins to move towards complete commercialization, and a commercialized currency system inherently possesses strong expansion and aggression. This is not a moral judgment, but a result determined by efficiency and settlement radius.
Because of this, I do not recommend that the EU or ourselves adopt a simple exclusionary attitude towards stablecoins. Exclusion cannot stop its development; it will only hand over the power of settlement and rule-making to others. In contrast, actively participating and building a more efficient, safer, and self-controllable settlement system is far more effective and realistic than standing outside and resisting.
At that time, I almost wrote a book titled "The New Bretton Woods System: On-Chain Currency Wars and the Commercialization Reconstruction of Global Sovereign Currency." It was set aside for a long time. Since I wanted to write it, I knew that one day the EU and domestically would exclude USD stablecoins, but I can now completely tell everyone that exclusion is meaningless and will instead accelerate the influence of USD stablecoins on market share.
If you want to see it, I have time, and I will organize a complete book detailing the expansion measures and countermeasures of stablecoins. However, I believe that whether it's the Euro, RMB, or other currencies, every day of delay in the future will lead to exponentially increasing costs. This is a governance issue concerning the form of currency civilization, just like the transition from an agricultural society to an industrial society. Outdated concepts will lag for a long time, and future generations can only chase after them with indignation.~
