Zhu Guangyao: The United States is trying to initiate the third phase of the Bretton Woods system with stablecoins

ChainCatcher news, regarding the impact of digital currencies, especially stablecoins, on the global monetary system, former Vice Minister of Finance Zhu Guangyao stated at the "World Order and China's Foreign Strategy in a Turbulent Transformation Period" forum held on June 26, 2025, that the United States is attempting to initiate the "third phase" of the Bretton Woods system through the promotion of stablecoins, in order to maintain and consolidate the global dominance of the dollar.

He analyzed that, against the backdrop of the existing Bretton Woods system (where the dollar is linked to oil) being unsustainable, the United States is facing immense pressure from high national debt. To address this, the U.S. has recently adopted a series of fiscal and financial strategies, including:

• Repurchasing government bonds: The Treasury has intervened to buy back government bonds to alleviate pressure.
• Adjusting bank regulations: The Federal Reserve has relaxed regulatory requirements on banks holding U.S. government bonds, releasing a large amount of liquidity.
• Reassessing gold reserves: Adjusting the accounting method for gold, potentially releasing huge "book value."
• Promoting stablecoin legislation: The U.S. Senate has passed stablecoin legislation, with officials like Trump clearly stating that dollar-pegged stablecoins will serve as a "multiplier" for dollar strength, expanding the use of the dollar globally while reducing government borrowing costs.

Zhu Guangyao emphasized that this dollar stablecoin will be a "strongly centralized" product linked 1:1 with dollar assets and subject to strict U.S. regulation, rather than a victory for decentralized finance. He urged countries to pay close attention to this strategic evolution and take strong measures to address its challenges to the global monetary landscape.