Summary: During Trump's second term, he attempted to build the United States into a global cryptocurrency center by loosening regulations, reforming legislation, establishing a strategic reserve of cryptocurrencies, and promoting stablecoin compliance, in order to continue and consolidate the dominant position of the US dollar in the digital finance era. This strategy aims to reshape the institutional leadership of the United States in global digital financial governance, and stimulate the innovative vitality and market potential of the domestic digital asset industry. Using the analytical framework of hegemonic stability theory, this article attempts to reveal the logic of the Trump administration's dual mechanism of institutional arrangement and technology embedding to achieve the reproduction of US dollar hegemony. However, the implementation of this strategy also faces multiple constraints, including international regulatory competition, accelerated de-dollarization practices in emerging economies, fragility of the US dollar credit system, and fragmented federal and interstate regulation in the United States. In the short term, this strategy has driven the prosperity of the US cryptocurrency industry and enhanced the US's voice in the global digital finance sector. However, in the long run, institutional conflicts, regulatory uncertainty, and potential systemic risks may weaken the sustainability of this strategy and add new uncertainties to the future global financial governance landscape.
