From a historical perspective, the global monetary system has undergone several significant transformations. From 1944 to 1971, the US dollar was pegged to gold, resulting in the concentration of gold reserves from multiple countries in the United States, a situation that still exists today.

Entering the 1970s, the strategy changed, and the US dollar established a link with oil, becoming the main currency unit for global settlements. This mechanism established the dominance of the dollar, enabling the Federal Reserve to make the whole world bear the consequences by printing money.

This year's stablecoin legislation can essentially be seen as a redefinition of monetary sovereignty for the third time. Through the issuance of digital stablecoins, certain countries are attempting to attract the global reserve growth of crypto assets such as Bitcoin and Ethereum.

The key to this transformation lies in: whoever controls more Bitcoin and Ethereum will have greater influence in the future financial system. The uniqueness of stablecoins is that they can bypass traditional fiat currencies and establish independent trading systems directly, which is precisely where their potential impact lies.

From this perspective, it is not difficult to explain BlackRock's recent large-scale purchases of Ethereum. The ETF mainly includes Bitcoin and Ethereum, and entities that hold these two cryptocurrencies in the future will occupy an important position in the international financial order.

This can be seen as an attempt by the United States to establish a third-generation currency hegemony, reflecting profound changes in the global financial landscape in the digital age.