#稳定币支付与基础设施 Recently, I came across an interesting perspective: the $37 trillion US debt crisis might actually be the real driving force behind the large-scale adoption of cryptocurrencies and stablecoins. At first glance, it sounds like a conspiracy theory, but upon closer reflection, this logic has played out through history—during World War II, the 1970s stagflation, and pandemic stimulus measures—each time, the US has repeated the same script.

What truly excites me is the **mechanism change** behind this. Traditional debt devaluation only causes domestic inflation, with the pain being immediate—people can see it in their bills and housing prices. But stablecoins are different—they peg their reserves to US Treasuries. When global users are using USDT, USDC, the cost of inflation is "exported invisibly" to holders worldwide. In simple terms, it disperses the cost of debt dilution across the globe.

But there is a critical flaw: trust. No matter how many audit reports Tether releases, other countries cannot fully verify these reserves independently. History has already taught us a lesson—the Nixon administration unilaterally severed the dollar's link to gold in 1971. Technology cannot prevent those in power from changing the rules.

This is also why central banks around the world are hoarding gold like crazy, and why assets like Bitcoin, which are truly decentralized, are becoming increasingly important. Stablecoins might be a transitional phase, but the ultimate direction of Web3 should be to prevent any country or individual from monopolizing the monetary system.

This game has just begun, and we are at the most critical moment.