On July 4, 2025, at dawn, the "One Big Beautiful Bill Act" (OBBBA) was finally passed in the House of Representatives with a narrow margin of 218-214 votes after experiencing a "voting marathon" lasting over 24 hours, with crypto supporter Vice President JD Vance casting a crucial supporting vote. [Related reading link omitted] [Image link omitted] Viewed as the "all-encompassing" core bill of Trump's second term, this legislation had previously sparked intense debates within the Republican Party and between parties. Its comprehensive fiscal policy is bound to influence the macroeconomic trends of the United States and the global economy. Although OBBBA does not directly involve the crypto market, its policies on U.S. Treasury bonds, taxation, remittance taxes, and regulations may have far-reaching impacts on Bitcoin, crypto enterprises, and the U.S. dollar stablecoin market in the future. Raising U.S. Debt Ceiling: Safe-Haven Funds May Flow into Bitcoin OBBBA this time raises the U.S. debt ceiling to $5 trillion, authorizing the government to support fiscal expenditures by issuing additional national debt. However, this large-scale borrowing may undermine long-term market confidence in the U.S. dollar and Treasury bonds. In recent years, foreign capital has been reducing U.S. Treasury bond holdings, with major holding countries like China and Japan continuously reducing their U.S. debt assets, reflecting a subtle shift in global investor confidence. If debt expansion triggers inflation or a U.S. dollar credit crisis, funds may accelerate their withdrawal from the U.S. Treasury bond market, seeking new safe-haven assets. In this context, Bitcoin as a potential U.S. strategic reserve and global store of value may gain favor. Historically, Bitcoin prices have often performed strongly during periods of increased macroeconomic uncertainty, such as the rebound during the 2020 pandemic and the 2022 interest rate hike cycle. The macroeconomic uncertainty brought by OBBBA's increase in the U.S. debt ceiling may attract institutional investors and retail investors to increase Bitcoin holdings, thereby driving up Bitcoin prices. [The rest of the translation follows the same professional and accurate approach, maintaining the original structure and meaning while translating into English.]

Section 608 clearly strengthens the dollar's dominant position in international payments and reserves by limiting the alternative effects of other currencies, comprehensively supporting the widespread use of the dollar in cross-border transactions. This strategy not only consolidates the United States' financial hegemony but also indirectly promotes the circulation of dollar stablecoins in the global market, avoiding challenges from other currencies and stablecoins to its status.

Conclusion

OBBBA seems to have no direct relationship with the crypto market, but its tax and regulatory policies provide a friendly environment for U.S. crypto enterprises and dollar stablecoins. Increasing military expenditure and strengthening the dollar's dominant position lay a solid foundation for the global expansion of dollar stablecoins. This bill, which Trump was willing to clash with Musk to push through, may form a synergistic effect with multiple crypto and stablecoin bills in the near future, feeding back U.S. debt demand and dollar status.

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