The real world is "de-dollarizing," while the internet world is "dollarizing."

De-dollarization is not an entirely accurate term; it should be called "weak de-dollarization,"

because the process of de-dollarization in reality is just too slow.

It's not that people don't want US dollars, but rather that they are reducing reliance on the US dollar as a single currency.

There will be no true "de-dollarization" in the next 20 years,

Why is the US dollar system so hard to replace?

The core reasons are actually threefold: trade, technology, and financial depth.

The United States controls the world's most critical technological assets,

Global capital will ultimately flow to the places with the highest productivity,

And currently, almost all of the world's top tech companies are in the US,

To buy these assets, global capital must first convert into US dollars,

This creates a virtuous cycle: technological innovation → attracting capital → strengthening dollar demand.

And the US financial market depth is currently also the world's number one,

The US Treasury market trades over hundreds of billions of dollars daily.

Any large institution can sell tens of billions of dollars in minutes without affecting prices,

There is no other market in the world that can do this.

Some ask, isn't the US worried about issuing so much debt and not being able to pay it back?

It doesn't need to be repaid; it just needs to provide a massive flow of funds,

In fact, what truly causes the dollar to collapse is not debt,

The collapse of monetary hegemons in history was also not due to debt.

It is because of:
1. Decline in economic strength
2. Decline in military power
3. Loss of trust in financial markets

For example, the British pound lost its dominance after World War II.

And the internet world is strengthening "dollarization" mainly because of stablecoins,

Stablecoins are the on-chain US dollar,

They have brought the US dollar into the crypto world, into the internet, allowing the dollar to circulate globally 24/7,

Enabling countries without a US banking system to also use US dollars,

The US dollar has become the "internet-native currency" for the first time,

And this trend is intensifying. #2月非农意外负增长