2.
Within this framework, a controlled depreciation of the U.S. dollar can be seen as a policy tool designed to enhance the country’s competitiveness in manufacturing, re-industrialization, and infrastructure transformation. For this reason, the U.S. has no interest in triggering a collapse in global markets; instead, it seeks to manage the transition with minimal systemic risk.
In this power contest, the United States is putting forward a new strategic play. Through the “GENIUS Stablecoin Act,” it is constructing an indirect mechanism to increase global demand for U.S. Treasury bonds. The essence of this strategy can be summarized as follows:
“If you do not want to buy U.S. Treasuries, then use stablecoins when conducting trade with the United States. If you do not accept that either, then let’s settle transactions using a neutral asset — namely, Bitcoin.”