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US wants to pass bill to create new SWIFT for crypto world

A new stablecoin bill in the U.S. Congress intends to ban issuers from creating stablecoins backed by other digital assets within 2 years, meaning most digital assets will be directly pegged to the U.S. dollar.

If the bill can be approved by the Federal Reserve and state regulators and finally introduced, it will herald a possibility –after the Bretton Woods system and the petrodollar system, the dollar has the opportunity to transition to the digital asset dollar system . In addition, the draft also happened at a time when the mainstream consensus in the blockchain world was obviously subverted.

In the past year, bad news in the crypto industry has continued: with the collapse of stablecoins represented by Terra and Luna, the fragile consensus established by only one line of code is difficult to recover. A number of Western cryptocurrency institutions that took deposits from the people failed one after another, a large number of assets evaporated, and a cryptocurrency hedge fund went bankrupt, while the total market value of cryptocurrencies shrank by two-thirds from its peak of $3 trillion. 

But reflections and new developments have also come at an unusually rapid pace. In the early morning of September 15, in a Zoom live broadcast watched by thousands of people, Ethereum completed the merger and upgrade. This is not a simple tweak, but a complete overhaul of a multi-year, $200 billion software project that transforms the “Proof of Work” (PoW) consensus mechanism previously used by Ethereum For Proof of Stake (PoS).

Ethereum is difficult to generalize as a company, institution, but a huge community in the blockchain industry. The merged upgrade of Ethereum represents the formation of a new consensus in the future . Even Buterin, the creator of Ethereum, now has an influence on the project only at the community level.

As an open source platform, Ethereum is maintained by more than a dozen pieces of software called “clients” that are maintained and updated by core developers. These developers built the Ethereum world in…

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