Bitcoin surged 50% against gold following the US-Iran conflict, establishing itself as a new safe-haven asset. Meanwhile, Saudi Arabia's exit from China's mBridge digital currency platform signals a strategic shift in global finance toward dollar-backed stablecoins and on-chain settlement infrastructure, with the US positioning regulated digital dollars as the foundation for a new financial system.
Treasury Secretary Scott Bessent defends U.S. economic performance and dollar dominance, citing record household income, low poverty rates, and strong GDP growth, while arguing media coverage selectively misrepresents economic data. Simon Dixon provides context on Saudi Arabia's departure from mBridge, clarifying it completed a proof of concept over a year ago and maintains multiple currency relationships rather than abandoning dollar architecture entirely.
Saudi Arabia's departure from China's mBridge digital currency platform undermines Beijing's strategy to reduce dollar dominance in cross-border payments. The U.S. is advancing regulated dollar stablecoins and tokenized financial infrastructure as part of a broader shift toward on-chain digital finance, positioning itself against China's alternative monetary system.