Trump plans to shape the United States into the "global cryptocurrency capital" and "Bitcoin superpower". There are signs that the Trump administration intends to learn from the development experience of the European dollar during the Cold War, intending to further consolidate the global dominance of the US dollar through the circulation of Bitcoin and stablecoins in the digital age.

On July 27, 2024, Trump delivered a speech at the Bitcoin 2024 Conference in Nashville, Tennessee. Image source: Associated Press.

Previously, the Brookings Institution released a report written by former U.S. Commodity Futures Trading Commission Chairman Timothy G. Massad in April 2024, "Stablecoins and National Security: Lessons from the Eurodollar". The report analyzes the historical rise of the Eurodollar and highlights the regulatory risks and opportunities that may arise from the rapid development of stablecoins.

Two months later, former House Speaker Paul Ryan mentioned the Eurodollar in an article. He believed that stablecoins could not only create new demand for U.S. Treasury bonds, but also resist the impact of the digital RMB in global currency competition.

In October of the same year, the Treasury Department released a report detailing the impact of cryptocurrencies on the U.S. Treasury market. The report pointed out that although the digital asset market is still small, it has had a marginal impact on the demand for short-term treasury bonds, showing potential strategic value.

After Trump was elected, he appointed several people with close ties to cryptocurrencies to join the team, such as the incoming Secretary of Commerce, Lutnick, who is a major shareholder of Tether, the issuer of the major stablecoin Tether (USDT).

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