在100天内，股票，债券和货币都遭受了三重杀戮

2008年的金融危机诞生了比特币的最早信徒。菲亚特货币体系在2025年的“自杀”也将促进链链球菌的增长

Within 100 days, stocks, bonds, and currencies suffered a triple kill, and the legal currency order is accelerating its collapse.

在100天内，股票，债券和货币遭受了三重杀戮，法律货币命令正在加速其崩溃。

The 2008 financial crisis gave birth to the earliest believers of Bitcoin. The "suicide" of the fiat currency system in 2025 will also promote the growth of on-chain stablecoins, especially non-US dollar, non-fully-reserved interest-bearing stablecoins (YBS).

2008年的金融危机诞生了比特币的最早信徒。菲亚特货币体系在2025年的“自杀”还将促进链上稳定的链球菌的增长，尤其是非美国美元，非保留息息稳定股（YBS）。

However, non-full-reserve stablecoins are still in the theoretical realm, and the aftermath of the collapse of Luna-UST in 2022 is still lingering, but driven by capital efficiency, partial-reserve stablecoins will surely become the mainstream of the market.

但是，非储备的稳定剂仍处于理论领域，而Lunaust在2022年崩溃的后果仍在徘徊，但在资本效率的驱动下，部分保留的稳定稳定者肯定会成为市场的主流。

Non-US dollar stablecoins are still in the trial stage, and the US dollar's global currency status is still widely recognized. In order to maintain industrial capacity and employment, the renminbi will not actively internationalize on a large scale, and replacing the US dollar will be a very long process.

非美国美元稳定股币仍处于试用阶段，美元的全球货币状况仍然被广泛认可。为了维持工业能力和就业，人民币不会大规模积极地国际化，而取代美元将是一个很长的过程。

Based on the above two points, this article mainly examines the latest stage of existing stablecoins, that is, the overall appearance of YBS, a US dollar-based, fully-reserved on-chain stablecoin system, which contains the basic appearance of post-US dollar, non-fully-reserved stablecoins.

基于上述两点，本文主要研究了现有稳定的稳定阶段的最新阶段，即YBS的总体外观，YBS是一种基于美元的，完全保留的链链球菌系统，其中包含US后美元的基本外观，非保留的稳定稳定剂。

The seigniorage manifests itself internally as inflation, commonly known as domestic debt which is not debt, and externally as the US dollar tidal cycle.

Seignierage在内部表现为通货膨胀，通常称为国内债务，不是债务，在外部为美元潮汐周期。

Trump abandons dollar hegemony

特朗普放弃了美元霸权

From a technical point of view, the issuance of US dollars is a counter-trade between the Federal Reserve and the Treasury Department, which then uses the credit relationship of commercial banks to amplify the money multiplier, creating different statistical levels of money circulation such as M0/M1/M2/M3...

从技术的角度来看，美元发行是美联储和财政部之间的反交易，然后使用商业银行的信用关系来扩大货币乘数，从而创建了不同的统计货币流通水平，例如M0/M1/M1/M2/M3 ...

. In the past, the Fed would buy U.S. Treasury bonds to inject liquidity into the banking system, thereby increasing the money supply. However, this method was relatively slow and inefficient.

。过去，美联储会向我们购买美国国库券，以将流动性注入银行系统，从而增加货币供应量。但是，该方法相对较慢且效率低下。

To speed up the process, the Fed began using a new technique called "helicopter money," where they would directly credit the bank accounts of individuals and businesses with new money. This method was named after an anecdote about an economist who suggested dropping money from a helicopter to stimulate the economy during a recession.

为了加快流程的加快，美联储开始使用一种称为“直升机资金”的新技术，他们将直接以新资金为个人和企业的银行帐户。这种方法是以一个关于经济学家的轶事命名的，他建议从直升机上丢钱以刺激经济衰退期间的经济。

In essence, both techniques achieved the same goal: to increase the money supply and stimulate economic activity. However, helicopter money was a more radical and unconventional approach that drew criticism from some economists who argued that it would lead to inflation and other economic problems.

从本质上讲，这两种技术都实现了相同的目标：增加货币供应并刺激经济活动。但是，直升机金钱是一种更加激进和非常规的方法，引起了一些经济学家的批评，他们认为这将导致通货膨胀和其他经济问题。

Despite the controversy, helicopter money became a common monetary policy tool in the wake of the 2008 financial crisis and the COVID-19 pandemic, as governments and central banks raced to mitigate the economic fallout of these crises. As the saying goes, necessity is the mother of invention, and the desperate measures taken to save the economy led to the creation of new monetary policy tools and a deeper understanding of the complexities of the global financial system.

尽管引起了争议，但由于政府和中央银行竞争减轻这些危机的经济影响，直到2008年金融危机和Covid-19的大流行，直升机货币成为一种共同的货币政策工具。俗话说，必要性是发明的母亲，为挽救经济而采取的绝望措施导致创建了新的货币政策工具，并对全球金融体系的复杂性有了更深入的了解。

In this model, U.S. debt (T-Bills, T-Notes, T-Bonds) is divided into long and short terms, maintaining the slow inflation of the U.S. dollar and short-term currency stability. The U.S. debt interest rate becomes the pricing basis for the entire financial world, and the U.S. dollar becomes the world currency. The cost is the U.S. external deficit and the dependence of various countries on the dollar.

在此模型中，美国债务（T-Bills，T票，T-Bonds）分为长期和短期，保持了美元和短期货币稳定性的缓慢通货膨胀。美国债务利率成为整个金融世界的定价基础，美元成为世界货币。成本是美国的外部赤字和各个国家对美元的依赖。

The cost has always been two-way. The only product of the United States is actually the U.S. dollar itself, and countries around the world need to obtain the U.S. dollar and convert it into purchasing power.

费用一直是双向的。美国唯一的产品实际上是美元本身，全世界国家需要获得美元并将其转换为购买力。

The purchasing power of the U.S. dollar will depreciate in the long term and will not be affected by Trump's will. Countries must obtain U.S. dollars to minimize transaction intermediary costs. Barter is not impossible, but it is more cost-effective to use U.S. dollars directly.

美元的购买力将长期贬值，不会受到特朗普意志的影响。各国必须获得美元以最大程度地减少交易中间成本。易货者并非不可能，但是直接使用美元更具成本效益。

The hard-earned U.S. dollars must be spent quickly, either on production or financial arbitrage, in order to preserve purchasing power and maintain the competitiveness of exports to the United States in the next stage.

为了保护购买力并保持下一阶段的美国出口竞争力，必须快速花费来之不易的美元来生产或财务套利。

Now this cycle is being destroyed by Trump's Schrodinger-style tariff system. Trump is increasing tariffs and forcing Powell to cut interest rates. Countries no longer want to hold dollars and are fleeing the U.S. bond market. The dollar/U.S. bond has become a risky asset.

现在，这个周期被特朗普的施罗宾格风格的关税制度摧毁。特朗普正在增加关税，并迫使鲍威尔降低利率。国家不再想持有美元，而是逃离美国债券市场。美元/美国债券已成为风险的资产。

The slow inflation of the U.S. dollar is a way to collect seigniorage from various countries. Only when all countries are required to hold or partially invest in U.S. debt can the damage to the U.S. dollar itself be reduced.

美元的缓慢通货膨胀是从各个国家收集Seignierage的一种方式。只有当所有国家都必须持有或部分投资美国债务时，才能减少对美元本身的损失。

Assume the following scenario:

假设以下情况：

In the above cycle, Alice's motivation is to exchange labor for U.S. dollars and

在上述周期中，爱丽丝的动机是将劳动交换为美元，