On-chain Bretton Woods System: Stablecoins, U.S. Treasury Bonds, and the New 21st Century Dollar Framework
Author: Macro Hedging Fu Peng
In the new wave of digital finance, stablecoins are not a subversive of the old system, but more like a "digital relay station of the Bretton Woods system" - carrying US dollar credit, anchoring US bond assets, and reshaping the global settlement order.
1. Historical Review: The Three Structural Leaps of US Dollar Hegemony
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