Cryptocurrency can strengthen the status of the US dollar

加密货币能够强化美元地位

作者：Dave Lee，阿布扎比 Aqua Labs 创始合伙人

自2009年比特币问世以来，关于数字资产对法定货币负面影响的争论便从未停止。长期以来，人们最核心的疑问始终是：数字资产是否会挑战全球最重要货币的统治地位？

我认为这是一个错误的问题设定。鉴于区块链技术已成为不可逆转的趋势，我们应当探讨的是如何利用它使美元更高效、更易于获取。若能实现这一目标，美元将更深地嵌入全球金融体系之中。

外汇市场的启示

夏季的外汇市场事件提供了一个有趣的切入点。当日元面临巨大贬值压力时，日本当局进行了大规模干预以支撑日元，美国也参与了此次市场操作。无论外界如何评价这些应对措施，这一事件都重申了国际金融体系的一个基本现实：当市场出现压力时，美元依然是全球资本的首要参照点。

与此同时，另一种形式的美元基础设施正在形成。稳定币正将以美元计值的价值引入区块链网络。

从传统银行到区块链架构

美元的这种演变不应孤立看待。以USD1为例，它可与美元一对一兑换，并由以美元计价的储备资产支持。与传统银行账户中的美元不同，USD1直接存在于区块链上。

This distinction is crucial. Traditional U.S. dollar transfers rely on a network of banks, payment processors and settlement systems. Cross-border transactions often involve multiple layers of reconciliations, multiple intermediaries, different jurisdictions and operating hours, and the risk of geopolitical and other external disruptions. Even small changes in the environment can create friction and hinder the flow of funds.

In contrast, USD1 transactions are subject to much fewer of the above constraints. Its underlying economic value is still in dollars, but the mechanism for value transfer has changed. Digital dollars can move between wallets on the blockchain at any time without relying on a series of intermediaries like many traditional cross-border payments.

Opportunities for restructuring financial infrastructure

I believe that this is the long-term opportunity. The next stage of financial innovation is not necessarily the invention of new forms of money, but the reconstruction of the underlying infrastructure for capital flows, which is what USD1 empowers.

The US dollar already has irreplaceable advantages that new forms of digital currency: liquidity, institutional trust, deep capital markets, global acceptance and a long historical heritage. These factors will continue to play an important role. The opportunities presented by stablecoins are not to ignore these advantages, but to unleash them through more efficient technological architecture.

Digital representation of the U.S. dollar can be integrated directly into financial software. It can be used as collateral, embedded in digital capital markets, and automatically transferred when preset conditions are met. A fundamental advantage of blockchain technology is that distributed networks can reduce reliance on multiple intermediaries.

Synergies between tokenization and digitalization

With the development of tokenization technology, this point becomes particularly important. Financial assets are increasingly migrating to blockchain infrastructure, including funds, securities, commodities and other real-world assets (RWAs). As a result, currencies used to trade digital assets will also increasingly exist in digital form.

As digital assets grow, so will the demand for digital dollars, driving the wider use of blockchain-based financial infrastructure. Greater practicality will also encourage more institutions to participate, thereby consolidating the dollar's role in the digital economy.

Regulatory framework and "digital dollarization"

Therefore, the increasingly sophisticated regulatory framework for stablecoins by the US government is significant. Policymakers no longer see stablecoins as merely a threat to the existing monetary system, but increasingly recognize their potential to further expand dollar liquidity while creating additional demand for Treasury assets. [TAG

One of the most interesting trends for blockchain is that it will become an additional layer of the financial system, with the dollar at its core. That's why I expect the financial industry to shift from talking about "de-dollarization" to talking about "digital dollarization."

Despite some opposition, there is no doubt about the importance of the US dollar in the traditional financial system, and the rise of stablecoins is pointing to its further increase in importance. If the United States leads innovation in stablecoins, tokenization, and blockchain-based financial markets, the biggest beneficiary of cryptocurrencies is likely to be its own currency.