Speaking of the role of crypto assets in the global financial system, there's an interesting observation: Bitcoin is becoming a market counterbalance to the US dollar, while stablecoins are like virtual embodiments of the dollar permeating worldwide.

**Bitcoin's "Code-Based Checks and Balances"**

What happens when inflation continues to outpace growth? Simply put, funds start to vote with their feet. For example, when economic growth is 2-3% but inflation skyrockets to 4-5%, or when US debt has ballooned to $37.65 trillion (increasing by about $4.25 million every minute), the traditional safe-haven role becomes limited. At this point, Bitcoin with its 21 million cap and hard-coded constraints becomes an alternative—like an "immutable energy-backed asset," sharply contrasting with fiat currencies that can be printed infinitely.

Bitcoin isn't aiming to replace the dollar but is instead pushing fiscal policy to be more disciplined, acting as an "external auditor" of US dollar credit. Short-term volatility is indeed high, making it difficult for everyday payments; but in high-inflation regions like Latin America and Africa, it has already become a "digital gold" hedge against local currency devaluation.

**Stablecoins: The Invisible Expansion of the US Dollar**

More importantly, the emergence of stablecoins. Assets like USDT and USDC virtualize and decentralize the dollar, penetrating into areas unreachable by traditional finance—individuals and businesses. By anchoring 1:1 to the dollar and holding US Treasuries in reserve, each stablecoin issued effectively extends the influence of the dollar on-chain—redefining the US dollar economy map from Latin America to Africa in the digital age.