From Stablecoins to Sovereign Individuals: How Digital Dollars are Reshaping the Global Order

The recently passed "GENIUS Act" ( by the United States seems to be merely a technical adjustment in financial regulation, but in reality, it is issuing charters for the "new East India Company" of the 21st century, marking the beginning of a transformation that will reshape the global power landscape. This act grants legitimacy to stablecoin issuers, creating an oligopoly of "legitimate" stablecoin issuers recognized by the U.S. government. These "crowned" companies will control the global trade routes of the new era - a 24/7 uninterrupted, borderless digital financial track.

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The stablecoin bill is not only a restructuring of power, but also an important move in the great power game between the United States and China. It aims to build a global financial network based on the US dollar stablecoin, which is open, efficient, and ideologically opposed to the state-led model of China. The United States is leveraging its opponent's fear of losing control to build its own moat, attracting global innovators, developers, and users seeking financial freedom into a dollar-centric open ecosystem.

Stablecoins themselves are not the endpoint of a revolution; they are more akin to the Trojan horse that breaches the city. Once global users become accustomed to holding and transferring value through them, a grander and deeper revolution will follow. The core of this revolution is to transform all valuable assets into digital tokens that can flow freely on a global public ledger. This process will fundamentally sever the connection between assets and specific national jurisdictions, achieving the "denationalization" of assets and ultimately overturning the traditional banking-centered financial system.

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When capital can flow across borders, when assets can be detached from judicial jurisdiction, and when power shifts from nation-states to private giants and network communities, we arrive at the endpoint of this transformation - a new era dominated by "sovereign individuals," marked by the end of the Westphalian system. This revolution driven by stablecoins and artificial intelligence will have far-reaching effects that surpass the French Revolution, as it changes not only the change of regimes but also the very form of power itself.

The revolution initiated by stablecoins aims to dissolve the "territorial sovereignty of nation-states" through "network sovereignty" and "individual sovereignty". It is not a transfer of power, but rather a "decentralization" and "denationalization" of power. This represents a more fundamental and thorough paradigm shift; we are standing at the dawn of the disintegration of an old world and the emergence of a new order. This new world will grant individuals unprecedented freedom and power, but it will also bring about chaos and challenges that are hard for us to imagine today.

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