The global financial landscape is undergoing profound adjustments. A recent series of international trade frictions has exposed the fragility of the existing US dollar settlement system—when some countries invoke extraterritorial jurisdiction, it instead accelerates others to seek alternatives.

Data best illustrates the issue. In China and Venezuela's oil trade, the proportion of RMB settlements has increased to 85%. The share of settlements in multiple currencies such as euro, RMB, and ruble is rising, which is not only a trade issue but also reflects a global decline in reliance on a single reserve currency.

What does this shift mean for the cryptocurrency market? First, de-dollarization at the national level aligns closely with individual investors' pursuit of financial autonomy. The risks of the traditional fiat currency system are increasingly apparent, and the cross-border flow characteristics and decentralization features of digital assets perfectly meet the needs for diversified asset allocation.

Second, the limitations of the SWIFT system are becoming more evident. When cross-border payments face political restrictions, blockchain-based payment networks become more flexible alternatives. Whether stablecoins or mainstream cryptocurrencies, they are beginning to take on roles that the traditional financial system's metal dollar cannot support.

From a technical perspective, the maturity of multi-chain ecosystems and cross-chain protocols also provides infrastructure support for this transition. As more countries and enterprises seek different settlement pathways, the liquidity and application scenarios of the cryptocurrency market will expand accordingly. This is a long-term structural opportunity, not a short-term speculative wave.