Former Vice Minister of Finance Zhu Guangyao: The United States is trying to start the third phase of the Bretton Woods system with stablecoins

In response to the impact of digital currencies, especially stablecoins, on the global monetary system, Zhu Guangyao, former vice-minister of finance, said at the 2025 China Forum on International Issues on June 26, "World Order in a Time of Turbulent Change and China's Foreign Strategy", that the United States is trying to launch the "third phase" of the Bretton Woods system through the implementation of stablecoins to maintain and consolidate the global dominance of the US dollar.
He analyzed that in the context of the unsustainable existing Bretton Woods system (the dollar is pegged to oil), the United States is facing tremendous pressure from high national debt. To this end, the United States has recently adopted a series of fiscal and financial strategies, including:
Repurchase of government bonds: The Ministry of Finance took action to buy back government bonds to relieve pressure.
Modify bank regulation: The Federal Reserve has relaxed its regulatory requirements for banks' holdings of U.S. Treasuries, freeing up a flood of liquidity.
Revaluation of gold reserves: Adjust the way gold is accounted for, potentially releasing a huge amount of "carrying value".
Pushing for a stablecoin bill: The US Senate has passed a stablecoin bill, and Trump and other officials have made it clear that dollar-pegged stablecoins will serve as a "multiplier" of the dollar's strength, expanding its use globally while lowering government borrowing costs.
Zhu Guangyao stressed that this dollar stablecoin will be a product of "strong centralization" pegged 1:1 to dollar assets and subject to strict US regulation, rather than a victory for decentralized finance. He called on countries to pay close attention to this strategic evolution and take strong measures to deal with its challenge to the global monetary landscape.