Central banks around the world are deploying massive funds to different bets within the fiat currency system. The reality that US Treasuries have surpassed 38 trillion dollars with an annual interest payment of 1.2 trillion dollars has begun to loosen the once "risk-free asset" label.

When the credit foundation of the mainstream fiat currency system shows cracks, capital will seek new outlets. History has given us an answer—gold. But in the digital age, crypto assets are offering a completely new perspective.

The core appeal of Bitcoin lies in three points. First is the algorithmic scarcity, which hedges against the continuous dilution of traditional fiat currencies. Second is its independence from any sovereign nation’s balance sheet; in the current climate of rising global economic uncertainty, this independence provides a unique hedging value. Third, the RWA tokenization market’s performance in 2025 confirms the willingness of traditional capital to participate—market size surpassing $23 billion, with a year-over-year growth of over 260%, indicating that compliant channels are attracting institutional-level liquidity into the chain.

The situation for stablecoins is more delicate. If the credibility of the US dollar further declines, the global appeal of stablecoins pegged to the dollar will also be impacted. This is precisely why some voices are calling for a forced linkage between stablecoins and US Treasuries—essentially attempting to maintain confidence in the dollar system through technical means.

The current issue is not about whether gold, Bitcoin, or the US dollar will ultimately win, but rather that this divergence itself is an open stress test on the existing financial order. When global central banks and capital start voting with their feet, market choices tend to be the most candid.