❌Hard logic collective collapse: market pricing shifts from 'data' to 'institutional risk'!

The triangular framework of 'US Treasuries - US Dollar - Gold' that has supported global markets for decades is undergoing structural disintegration.

This is not a short-term fluctuation, but a decoupling at the level of rules—Bank of America report reveals three anomalies:

Decoupling of gold from real interest rates, decoupling of the US dollar from interest rate differentials, and decoupling of emerging market local currency bonds from US Treasuries.

The failure of correlation has become the most dangerous systemic signal.

Why has it failed?

Data has given way to a 'peak populism not seen in 120 years'. The current proportion of populist governance has surpassed the peaks of the 1930s and 1970s.

Historical warnings are very clear:

This means that for the next decade or so, economic slowdown, upward shift of the inflation center, and intensified trade barriers will become the norm.

When distrust spreads from emerging markets to developed economies, the basis of pricing shifts from economic data to institutional risk.

The competition for on-chain US dollars is essentially about who ultimately receives the yield rights?

The US CLARITY Act superficially appears to regulate stablecoins, but in essence, it is about contesting the ownership of yields from on-chain US dollars.

The draft directs yields to a few banks and custodians, pushing DeFi's on-chain incentives into gray areas. The question is no longer about whether demand exists, but whether the US is willing to keep transparent, regulated US dollar yields on-chain—or force funds and innovation to flow out.

The distribution of yield rights will determine whether on-chain US dollars grow in open networks or are locked inside the high walls of financial institutions in the next decade.

Feel free to leave your observations in the comments: #链上金融 #全球宏观

What do you think will be the next anchor supporting global pricing after the collapse of the 'triangular framework'? Will the struggle for yield rights of on-chain US dollars ultimately lead to a more open or a more closed system?