Regarding stablecoins, we habitually equate them with the US dollar. Imagine when a Ghanaian merchant transfers USDC to a supplier in Argentina, or ordinary users complete daily payments with stablecoins—what this reflects might be more intriguing than the technology itself—USD is permeating global finance through encrypted forms.

From another perspective, if we turn back the clock to over a hundred years ago, during the heyday of the British Empire. If blockchain technology had existed then, the narrative of stablecoins would be entirely different. At that time, London was the global financial center, and the British pound was the hard currency. The current dollarization of stablecoins is essentially a cryptographic mapping of the existing international financial system.

What does this imply? The monetary attribute of stablecoins is ultimately determined by real-world economic forces. Technology is neutral, but application scenarios often are not.