QuarkMing202

QuarkMing202

区块链科普,加密投研,零撸。微信:BQ221859,微博:QuarkMing202,推特:QuarkMing202

Why doesn't the United States issue a digital dollar?

8537afe4-fd47-47f9-843b-37e7b1fc732a
But have you noticed a strange phenomenon? In this list—there is no United States.

Not only has the U.S. not issued a CBDC, but it even pushed a bill in early 2025 to completely ban its issuance and testing.

Why? As the global financial hegemon, why would the U.S. choose to withdraw from this matter?

Let's briefly review the evolution of the U.S. attitude towards CBDCs.

I. Attitude Review: From Research to Freeze#

In 2020, the Federal Reserve initiated research on CBDCs, stating that advancement must obtain "Congressional authorization + social consensus";

In 2022, the Biden administration's executive order mentioned support for researching CBDCs, but did not promote substantial implementation;

Starting in 2023, opposition voices in Congress and the public gradually increased;

In January 2025, Trump signed an executive order to suspend all retail CBDC development, citing that it could be used as a tool for government surveillance;

At the same time, the House of Representatives is also advancing HR5403, the "CBDC Anti-Surveillance National Act," hoping to legislate a permanent ban on CBDC issuance and testing, but this bill has not yet passed. However, I estimate it will soon.

II. Three Major Reasons for U.S. Rejection of CBDCs#

  1. Freedom vs. State Control
    For many Americans, CBDCs are not "digital wallets," but a means for the government to:
  1. Track transactions and record the flow of funds,

  2. Freeze accounts and restrict usage,

  3. Intervene in personal financial freedom without judicial procedures.

This directly touches on the most deeply rooted belief in American society—limited government and personal sovereignty.

A poll in February 2025 showed that 74% of Americans oppose CBDCs;
On social media, CBDCs are widely referred to as "financial tyranny," "digital surveillance," and "anti-American tools."

Trump also directly stated in his executive order: it could be used to surveil Americans and restrict legitimate transactions.

So to some extent, this is not a dispute over financial means, but a defense of ideological boundaries.

  1. Protecting the System of Financial and Sanction Hegemony
    CBDCs also touch on two pillars of the U.S. in the global financial system:

One is the commercial banking system.
Once CBDCs are launched, central banks may directly face users, undermining the intermediary role of banks:

  1. Deposits may flow massively to central banks,

  2. Banks' lending capacity may be weakened,

  3. The Federal Reserve would need to assume unprecedented account management and credit responsibilities.

This would fundamentally rewrite the structure of the U.S. "bank-driven economy."

The second is the hegemony of the dollar and the global sanction system.
Other countries' CBDCs are widely seen as tools to bypass SWIFT and dollar settlements.
If the U.S. follows suit in issuing CBDCs, it would be forced to redesign cross-border settlement paths, affecting:

  1. The dominance of dollar settlements,

  2. The effectiveness of SWIFT sanction tools,

  3. The control over cross-border finance.

So, the U.S. is not afraid of being late to issue CBDCs, but fundamentally unwilling to relinquish its long-standing control over global finance.

  1. Finding a Path More Suitable for Itself
    The U.S. has not abandoned digitization; it has just changed its approach: letting the market complete the globalization of the digital dollar for it.

As of June 2025, the total market value of global stablecoins has reached $255.4 billion, with over 90% pegged to the dollar;

USDT and USDC have become the most mainstream currencies for trading and cross-border payments globally;

Congress is advancing the "Stablecoin Regulatory Act," intending to incorporate it into a legal and compliant system.

The core of this strategy is:

"We do not need to issue a national wallet ourselves. As long as the world uses dollar-pegged stablecoins operating under rules we recognize, we remain the dominant force on the chain."

This is the American-style digital currency route—controlling the rules but not the accounts; letting the market run, not letting the state intervene.

III. Conclusion#

Why doesn't the U.S. issue its own digital dollar?

Institutional Level: CBDCs are incompatible with its freedom-centric social structure;

Power Structure Level: CBDCs could undermine the existing financial architecture and the global dominance of the dollar;

Strategic Alternative Level: Stablecoins have already become the practical carrier of the digital dollar, eliminating the need for the state to intervene directly.

At this moment, the U.S. has embarked on a parallel dual-track path:
On one hand, it pauses CBDCs, while on the other, it accelerates the institutionalization of stablecoins.

If you were the U.S. government, would you issue a CBDC and personally control everything?
Or would you let the market handle digitization while maintaining control and the institutional red line of freedom?

Welcome to Join the Community
Welcome to join the community WeChat: BQ221858
Welcome to follow Weibo: @QuarkMing202
Welcome to follow Twitter: @xian202766693

Loading...
Ownership of this post data is guaranteed by blockchain and smart contracts to the creator alone.