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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 News Regarding the impact of digital currencies, especially stablecoins, on the global monetary system, Zhu Guangyao, former vice minister of the Ministry of Finance, stated at the 2025 China International Issues Forum on World Order and Chinas 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 in order to maintain and consolidate the global dominance of the US dollar.
He analyzed that under the background that the existing Bretton Woods system (the dollar is linked to oil) is unsustainable, the United States is facing huge 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 Ministry of Finance repurchased Treasury bonds to ease pressure.
Adjusting bank regulation: The Federal Reserve relaxed regulatory requirements on banks holdings of U.S. Treasuries, releasing a large amount of liquidity.
Revaluing gold reserves: Adjusting the way gold is accounted for could potentially release huge amounts of “book value”.
Pushing for the Stablecoin Bill: The U.S. Senate has passed the Stablecoin Bill, and Trump and other officials have made it clear that dollar-pegged stablecoins will serve as a multiplier of the dollars strength, expanding the use of the dollar globally while reducing government borrowing costs.
Zhu Guangyao emphasized that this kind of dollar stablecoin will be a strongly centralized product that is pegged 1:1 to dollar assets and subject to strict U.S. 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.
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