Zhu Guangyao, former vice minister of the Ministry of Finance: The United States is trying to use stablecoins to start the third phase of the Bretton Woods system

Odaily Planet Daily News Regarding the impact of digital currencies, especially stablecoins, on the global monetary system, former Vice Minister of Finance Zhu Guangyao said at the 2025 China International Issues Forum "World Order and China's Foreign Strategy in a Period of Turbulence and Change" held on June 26 that the United States is trying to start the "third phase" of the Bretton Woods system by promoting stablecoins to maintain and consolidate the global dominance of the US dollar. He analyzed that in the context of the unsustainable situation of the existing Bretton Woods system (the US dollar is linked to oil), the United States faces tremendous pressure from high national debt. To this end, the United States has recently adopted a series of fiscal and financial strategies, including: Repurchase of Treasury bonds: The Treasury Department has taken action to repurchase Treasury bonds to ease pressure. Adjust bank supervision: The Federal Reserve has relaxed regulatory requirements for US Treasury bonds held by banks, releasing a large amount of liquidity. Revaluation of gold reserves: Adjusting the accounting method of gold, potentially releasing huge "book value". Pushing for the stablecoin bill: The US Senate has passed the stablecoin bill, and Trump and other officials have made it clear that the dollar-pegged stablecoin will serve as a "multiplier" of the US dollar's strength, expanding the use of the US dollar worldwide while reducing government borrowing costs. Zhu Guangyao emphasized that this kind of dollar stablecoin will be a "strongly centralized" product that is pegged to US dollar assets at a 1:1 ratio and subject to strict US supervision, rather than a victory for decentralized finance. He called on all countries to pay close attention to this strategic evolution and take strong measures to respond to its challenges to the global monetary landscape.