According to the external media review, the old issue surrounding the position of the United States dollar as a global reserve currency is getting warmer with stable currency expansion and bitcoin discussions. The article, based on an earlier statement by the Vice-President of the United States, JD Vance, pointed out that the dominance of the United States dollar had brought financing facilities to the United States and could continue to stifle the competitiveness of indigenous manufacturing industries.

The debate goes back to Triffin's dilemma.

According to the commentary published in Forbes, the heart of the problem is the “Tréphin dilemma”. When a currency assumes the role of both domestic and global reserve currencies, there is often a conflict between domestic economic objectives and global liquidity supply.

The article quoted Vance as saying that global demand for the United States dollar had made it easier for United States consumers to enjoy cheaper imports and to borrow, but that a strong dollar would raise the prices of United States goods in overseas markets and weaken exports and manufacturing performance.

Stable currency continues to expand dollar demand

According to the article, the stable currency did not weaken the dollar system, but instead brought the dollar demand further into the digital market. According to the data quoted, about 97 per cent of the current stable currency market is denominated in United States dollars, and users continue to use it even if they bypass the traditional system of correspondent banking.

Following the establishment of the federal framework for payment-type stable currency in the United States of America ' s GENIUS Act, compliance issuers were required to hold high liquidity reserves, such as cash and short-term United States debt. According to this article, the increase in the size of the stable currency means that there may also be a parallel rise in the new demand for United States Treasury debt.

  • USDC reserves are mainly allocated to short-term United States debt and cash equivalents
  • BNY Mellon is responsible for hosting related reserve assets
  • Belle Reserve Fund

It is also mentioned that Fidelity and State Street have launched products for a stable currency reserve in June this year, showing that large-scale management agencies are setting up around this demand.

Bitcoin was proposed as neutral.

According to the article, if a stable currency merely extended the influence of the dollar, the contradiction of the reserve monetary system itself would not be resolved. The author therefore suggests that bitcoin may be considered a more neutral reserve asset, as its supply is not dependent on a single country ' s debt, fiscal policy or trade balance.

According to this view, the issuance of Bitcoin is determined by the rules of the agreement, and cross-border transfers do not require support from the central bank or the sovereign issuer for the base liability. This makes it theoretically different from the dollar and from the dollar-stable currency, which is supported by United States debt.

At the same time, however, the article acknowledges that this scenario still leaves a clear distance from what the central bank actually does. Bitcoin price fluctuations, trust claims and the extent of sovereignty use are real obstacles. In contrast, gold remains a more mature neutral reserve asset.