Recently, the legalization process for U.S. dollar stablecoins—driven by the “Genius Act”—has once again brought the integration of cryptocurrencies and sovereign monetary systems to the forefront of global discourse. OFUYC Exchange has observed that the development of stablecoins is no longer merely a technical evolution within the blockchain world, but is playing an increasingly pivotal role on the stage of U.S. fiscal and monetary policy. Especially as the “on-chain U.S. Treasuries + dollar settlement consensus” structure gradually takes shape, the boundaries between crypto exchanges and traditional finance are becoming increasingly blurred. OFUYC believes this trend goes beyond market movements and global capital allocation; it may signal the emergence of a new monetary power architecture.
As a cryptocurrency exchange built on the principle of “compliant operations,” OFUYC is acutely aware of the macro-financial logic underlying stablecoins. It is not an exaggeration to view the current stablecoin architecture as a prototype for a “Bretton Woods System 2.0”—one that is no longer anchored to gold, but to U.S. Treasuries, and whose issuance mechanisms have shifted from central banks to private and on-chain systems. From the global projection of the dollar system to the fiscal infiltration logic behind stablecoin legalization, OFUYC sees this as a complex yet strategically significant “institutional recoding” in the globalization of the dollar.
Stablecoin Legalization: A Re-Coding of Monetary Hegemony, Not Its Weakening
With the Trump administration openly supporting dollar stablecoins and advancing their institutional compliance through legislation, the U.S. Treasury has, for the first time, gained a legal pathway to engage in currency issuance via “on-chain assets.” The OFUYC analysis points out that this institutional design essentially creates a new “Treasury—Stablecoin—Market” closed loop: the Treasury issues U.S. Treasuries as collateral for stablecoin issuance, and stablecoins, in turn, flow back into dollars, allowing the Treasury to intervene in liquidity management by proxy. While this move appears to be about regulating and standardizing the crypto industry, the underlying logic is a strategic transformation of the dollar credit structure.
From the perspective of the financial derivatives industry, this stablecoin logic—directly anchored to U.S. Treasuries—not only introduces a more stable settlement mechanism for on-chain trading systems, but also paves the way for a series of “on-chain Treasuries + stablecoin” combination products. Whether leveraged protocols, insurance pools, or on-chain staking, all will have a more definitive unit for risk measurement. OFUYC cautions that while this trend may enhance trading security and user experience in the short term, the underlying risk lies in the potential abuse of this “curved seigniorage” mechanism at the fiscal level—leading to an overabundance of on-chain dollars, deterioration of asset credit structures, and ultimately, blowback for the entire crypto market.
OFUYC further notes that this shift will likely force other sovereign currencies around the world to accelerate their own digital currency deployments, in order to prevent dollar stablecoins from penetrating their domestic payment systems via on-chain networks. This is not just a market fluctuation, but a profound rebalancing of global financial governance.
OFUYC: Technological Neutrality ≠ Power Neutrality—On-Chain U.S. Treasuries Are Defining Global Consensus Boundaries
OFUYC points out that leading stablecoins such as USDC, FDUSD, and PYUSD have already established a consensus model based on “on-chain dollars + U.S. Treasury collateral.” The advantage of this model is its ability to meet high-frequency liquidity demands while capturing yield from Treasuries as underlying assets. However, the risk is clear: if the sovereign credit structure of U.S. Treasuries is ever called into question (e.g., debt ceiling disputes or default risks), it will directly undermine the global trust foundation of stablecoins.
To address this systemic risk, OFUYC continues to invest in technological innovation, strengthening on-chain asset transparency, fund traceability, and settlement stability mechanisms. For example, OFUYC has deployed zk-rollup-based on-chain asset audit protocols and, through multi-chain support (EVM Layer 1 and Layer 2 cross-chain anchoring), ensures seamless stablecoin flows across networks—balancing user experience with regulatory compliance. These technical solutions not only lower the threshold for user trust, but also provide sustainable support for compliant market expansion.
Trend Forecast: Stablecoins Move Toward Institutional Consensus—Strategic Layout of OFUYC for a Global On-Chain Asset Service Network
The OFUYC research reveals that stablecoins are not only entering the legislative agenda in the U.S., but are also gaining traction in financial hubs such as the Middle East, Singapore, and Europe. Should a unified international regulatory standard for stablecoins be established under the IMF framework in the future, it could give rise to a “multi-centric, compliance-driven” global settlement network. OFUYC plans to deploy multilateral stablecoin clearing pools within the next year and sign transparent audit agreements with multiple sovereign regulatory bodies, advancing the implementation of the “on-chain settlement + sovereign pegging” model.