{"id":107452,"date":"2026-05-27T00:18:56","date_gmt":"2026-05-26T22:18:56","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=107452"},"modified":"2026-05-26T13:20:42","modified_gmt":"2026-05-26T11:20:42","slug":"karel-beckman-pokud-dolar-klesne-vzdycky-je-tu-stablecoin","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2026\/05\/27\/karel-beckman-pokud-dolar-klesne-vzdycky-je-tu-stablecoin\/","title":{"rendered":"Karel Beckman: Pokud dolar klesne… v\u017edycky je tu stablecoin"},"content":{"rendered":"
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Americk\u00e1 glob\u00e1ln\u00ed hegemonie spo\u010d\u00edv\u00e1 p\u0159inejmen\u0161\u00edm stejn\u011b tak na finan\u010dn\u00ed s\u00edle Ameriky jako na jej\u00ed vojensk\u00e9 s\u00edle. Pokud by se popt\u00e1vka po dolarech a americk\u00fdch st\u00e1tn\u00edch dluhopisech zhroutila \u2013 co\u017e je zcela mo\u017en\u00e9 \u2013 znamenalo by to konec americk\u00e9ho imp\u00e9ria. Proto Washington vyvinul pl\u00e1n B: stablecoin. Podle Trumpov\u00fdch politick\u00fdch kruh\u016f se tato privatizovan\u00e1 kryptom\u011bna m\u00e1 st\u00e1t \u00fast\u0159edn\u00edm bodem budouc\u00edho finan\u010dn\u00edho syst\u00e9mu.<\/span><\/strong><\/p>\n

Udr\u017eov\u00e1n\u00ed glob\u00e1ln\u00edho imp\u00e9ria je drah\u00e9. USA financuj\u00ed sv\u00e9 obrovsk\u00e9 v\u00fddaje prost\u0159ednictv\u00edm dan\u00ed \u2013 a tak\u00e9 prost\u0159ednictv\u00edm dluhu. Ten druh\u00fd se d\u011bje vyd\u00e1v\u00e1n\u00edm st\u00e1tn\u00edch dluhopis\u016f, zn\u00e1m\u00fdch jako st\u00e1tn\u00ed dluhopisy. Ot\u00e1zkou je, jak dlouho budou zejm\u00e9na zahrani\u010dn\u00ed akt\u00e9\u0159i ochotni tyto americk\u00e9 dluhov\u00e9 cenn\u00e9 pap\u00edry nakupovat. Americk\u00e9 rozpo\u010dtov\u00e9 deficity nad\u00e1le rostou a st\u00e1tn\u00ed dluh ne\u00faprosn\u011b roste \u2013 v sou\u010dasn\u00e9 dob\u011b dosahuje t\u00e9m\u011b\u0159 40 bilion\u016f dolar\u016f. To je 300 000 dolar\u016f na dom\u00e1cnost. Americk\u00e9 dom\u00e1cnosti a podniky maj\u00ed tak\u00e9 kombinovan\u00fd dluh ve v\u00fd\u0161i p\u0159ibli\u017en\u011b 40 bilion\u016f dolar\u016f \u2013 krom\u011b st\u00e1tn\u00edho dluhu.<\/span><\/p>\n

Nejv\u011bt\u0161\u00edmi v\u011b\u0159iteli USA jsou Japonsko a \u010c\u00edna. \u010c\u00edna ji\u017e n\u011bkolik let sni\u017euje sv\u00e9 z\u00e1soby americk\u00fdch st\u00e1tn\u00edch dluhopis\u016f. Tuto ztr\u00e1tu dosud kompenzovaly n\u00e1kupy dal\u0161\u00edch st\u00e1tn\u00edch dluhopis\u016f Evropou a Japonskem v posledn\u00edch letech. Tito kupuj\u00edc\u00ed v\u0161ak po\u017eaduj\u00ed st\u00e1le vy\u0161\u0161\u00ed v\u00fdnosy, co\u017e nut\u00ed americkou vl\u00e1du platit je\u0161t\u011b vy\u0161\u0161\u00ed \u00faroky, ne\u017e kolik ji\u017e nyn\u00ed plat\u00ed: letos zhruba 1 bilion dolar\u016f \u2013 co\u017e odpov\u00edd\u00e1 rozpo\u010dtu na obranu.<\/span><\/p>\n

Kl\u00ed\u010dov\u00fdm d\u016fvodem pokra\u010duj\u00edc\u00ed vysok\u00e9 popt\u00e1vky po st\u00e1tn\u00edch dluhopisech a dolarech je to, \u017ee velk\u00e1 \u010d\u00e1st glob\u00e1ln\u00edho obchodu se uskute\u010d\u0148uje v americk\u00e9 m\u011bn\u011b. Je dob\u0159e zn\u00e1mo, \u017ee mezi USA a zem\u011bmi Bl\u00edzk\u00e9ho v\u00fdchodu existuje tich\u00e1 dohoda o prodeji ropy v dolarech. Dal\u0161\u00ed bilater\u00e1ln\u00ed obchod mezi zem\u011bmi, kter\u00e9 s USA nesouvisej\u00ed, se tak\u00e9 \u010dasto vypo\u0159\u00e1d\u00e1v\u00e1 v dolarech. Mnoho z t\u011bchto dolar\u016f se nakonec vrac\u00ed zp\u011bt do USA: vl\u00e1dy a korporace je investuj\u00ed na Wall Street nebo je pou\u017e\u00edvaj\u00ed k n\u00e1kupu americk\u00fdch st\u00e1tn\u00edch dluhopis\u016f. Tento finan\u010dn\u00ed syst\u00e9m je kl\u00ed\u010dov\u00fdm pil\u00ed\u0159em americk\u00e9 glob\u00e1ln\u00ed moci: umo\u017e\u0148uje Washingtonu nad\u00e1le utr\u00e1cet pen\u00edze.<\/span><\/p>\n

Pro Ameriku je proto alarmuj\u00edc\u00ed, \u017ee se zem\u011b st\u00e1le \u010dast\u011bji rozhoduj\u00ed obchodovat ve vlastn\u00edch m\u011bn\u00e1ch. Obchod s ropou mezi \u00cdr\u00e1nem a \u010c\u00ednou, stejn\u011b jako mezi Ruskem a \u010c\u00ednou, se nap\u0159\u00edklad ji\u017e neprov\u00e1d\u00ed v dolarech, ale v \u010d\u00ednsk\u00fdch a rusk\u00fdch m\u011bn\u00e1ch. \u010c\u00edna zavedla vlastn\u00ed platebn\u00ed syst\u00e9m pro mezin\u00e1rodn\u00ed obchod \u2013 CIPS \u2013 kter\u00fd konkuruje americk\u00e9mu syst\u00e9mu SWIFT. Vyu\u017e\u00edv\u00e1n\u00ed CIPS rychle roste: ze 123 bilion\u016f juan\u016f v roce 2023 na 180 bilion\u016f v roce 2025. V prvn\u00edm \u010dtvrtlet\u00ed roku 2026 se zv\u00fd\u0161ilo o dal\u0161\u00edch 25 procent. V sou\u010dasn\u00e9 dob\u011b CIPS pou\u017e\u00edv\u00e1 4 800 bank ve 119 zem\u00edch.<\/span><\/p>\n

Pozice dolaru je proto zraniteln\u00e1, ale Ameri\u010dan\u00e9 vyvinuli alternativn\u00ed syst\u00e9m: stablecoin. S touto kryptom\u011bnou doufaj\u00ed, \u017ee si udr\u017e\u00ed svou finan\u010dn\u00ed dominanci \u2013 i v p\u0159\u00edpad\u011b kolapsu dolaru.<\/span><\/p>\n

Pl\u00e1n na to, aby se stablecoiny staly novou americkou glob\u00e1ln\u00ed m\u011bnou, vznikl v kruhu Donalda Trumpa. 18. \u010dervna 2025 americk\u00fd prezident podepsal kl\u00ed\u010dov\u00fd z\u00e1kon: GENIUS Act (Guiding and Establishing National Innovations for US Stablecoin). Tento z\u00e1kon poprv\u00e9 zav\u00e1d\u00ed pr\u00e1vn\u00ed r\u00e1mec pro stablecoiny. GENIUS Act stanov\u00ed, \u017ee emitenti stablecoin\u016f mus\u00ed tyto kryptom\u011bny podpo\u0159it v pom\u011bru jedna ku jedn\u00e9 \u201erezervami\u201c \u2013 podobn\u011b jako byly m\u011bny historicky kryty zlatem. D\u016fmysln\u00fdm aspektem tohoto z\u00e1kona je, \u017ee jsou povoleny pouze ur\u010dit\u00e9 rezervy, konkr\u00e9tn\u011b dolary a st\u00e1tn\u00ed dluhopisy. To znamen\u00e1, \u017ee ka\u017ed\u00fd, kdo si koup\u00ed stablecoin, nep\u0159\u00edmo kupuje americk\u00e9 st\u00e1tn\u00ed dluhopisy neboli dolary, proto\u017ee emitent stablecoinu mus\u00ed toto kryt\u00ed poskytnout. Nen\u00ed n\u00e1hoda, \u017ee B\u00edl\u00fd d\u016fm ve vysv\u011btluj\u00edc\u00ed pozn\u00e1mce k z\u00e1konu uvedl, \u017ee \u201eGENIUS Act povede k vy\u0161\u0161\u00ed popt\u00e1vce po americk\u00fdch st\u00e1tn\u00edch dluhopisech\u201c.<\/span><\/p>\n

Pro\u010d by si n\u011bkdo kupoval stablecoiny, kdy\u017e si m\u016f\u017ee koupit dolary nebo st\u00e1tn\u00ed dluhopisy p\u0159\u00edmo? Existuje k tomu n\u011bkolik d\u016fvod\u016f. Stablecoiny se snadno a rychle obchoduj\u00ed \u2013 bez bank. Pro kupuj\u00edc\u00ed mimo USA jsou stablecoiny \u010dasto praktick\u00fdm \u0159e\u0161en\u00edm. Ti se pot\u00fdkaj\u00ed s devalvac\u00ed sv\u00e9 vlastn\u00ed m\u011bny, ale \u010dasto si nemohou koupit dolary \u2013 n\u011bkdy proto, \u017ee prost\u011b neexistuj\u00ed, n\u011bkdy proto, \u017ee je to zak\u00e1z\u00e1no. Ze 172 milion\u016f lid\u00ed, kte\u0159\u00ed na za\u010d\u00e1tku leto\u0161n\u00edho roku vlastnili stablecoiny, se 70 a\u017e 90 procent nach\u00e1zelo mimo USA \u2013 zejm\u00e9na v zem\u00edch Latinsk\u00e9 Ameriky, Asie a Afriky.<\/span><\/p>\n

V\u011bt\u0161ina t\u011bchto kupuj\u00edc\u00edch si neuv\u011bdomuje, \u017ee n\u00e1kupem stablecoin\u016f podporuj\u00ed americk\u00e9 imp\u00e9rium, p\u00ed\u0161e nez\u00e1visl\u00fd v\u00fdzkumn\u00edk Arn Menconi na sv\u00e9m Substacku. Podle Menconiho je syst\u00e9m extr\u00e9mn\u011b sofistikovan\u00fd. USA destabilizuj\u00ed sv\u011bt. To vede k nepokoj\u016fm a inflaci v chud\u00fdch zem\u00edch. Obyvatel\u00e9 t\u011bchto zem\u00ed nakupuj\u00ed stablecoiny. T\u00edm financuj\u00ed americkou vl\u00e1du a americk\u00fd vojensk\u00fd apar\u00e1t \u2013 co\u017e n\u00e1sledn\u011b zp\u016fsobuje dal\u0161\u00ed destabilizaci.<\/span><\/p>\n

Stablecoiny tak\u00e9 zp\u016fsobuj\u00ed masivn\u00ed posun ve finan\u010dn\u00edm syst\u00e9mu v USA. Je to proto, \u017ee dokonale zapadaj\u00ed do dal\u0161\u00edho trendu: privatizace americk\u00e9 vl\u00e1dy, kter\u00e1 za Trumpa rychle prob\u00edh\u00e1. Emitenti stablecoin\u016f jsou soukrom\u00ed akt\u00e9\u0159i, kte\u0159\u00ed se do zna\u010dn\u00e9 m\u00edry vyh\u00fdbaj\u00ed vl\u00e1dn\u00ed kontrole. Dva nejv\u011bt\u0161\u00ed hr\u00e1\u010di na trhu jsou Tether, emitent stablecoinu USDT, a Circle, emitent USDC. Existuje tak\u00e9 n\u011bkolik men\u0161\u00edch poskytovatel\u016f, v\u010detn\u011b PayPal. Na za\u010d\u00e1tku roku 2026 bylo v ob\u011bhu celkem 320 miliard dolar\u016f v stablecoinech. Jen Tether p\u0159edstavoval 193 miliard dolar\u016f. V\u00edce ne\u017e 60 procent rezerv Tetheru tvo\u0159\u00ed st\u00e1tn\u00ed dluhopisy, p\u00ed\u0161e Menconi. St\u00e1le se jedn\u00e1 o relativn\u011b skromn\u00e9 \u200b\u200b\u010d\u00e1stky, ale ministr financ\u00ed Scott Bessent o\u010dek\u00e1v\u00e1, \u017ee trh se stablecoiny se v dohledn\u00e9 budoucnosti desetin\u00e1sobn\u011b zv\u00fd\u0161\u00ed \u2013 na 3 biliony dolar\u016f.<\/span><\/p>\n

Soukrom\u00ed akcion\u00e1\u0159i spole\u010dnost\u00ed Circle a Tether, kte\u0159\u00ed jsou nyn\u00ed ofici\u00e1ln\u011b opr\u00e1vn\u011bni vytv\u00e1\u0159et pen\u00edze, jsou z velk\u00e9 \u010d\u00e1sti nezn\u00e1m\u00ed. Spole\u010dnost Circle je z poloviny vlastn\u011bna investi\u010dn\u00edmi firmami. Tether je ovl\u00e1d\u00e1n malou skupinou podnikatel\u016f, v\u010detn\u011b Nizozemce Jeana-Louise van der Veldeho. Tether ani nes\u00eddl\u00ed v USA, ale v Salvadoru. Spole\u010dnost v\u0161ak sv\u00e9 rezervy \u201eulo\u017eila\u201c v USA, konkr\u00e9tn\u011b u obchodn\u00ed firmy Cantor Fitzgerald, kterou shodou okolnost\u00ed vlastn\u00ed Howard Lutnick, ministr obchodu v Trumpov\u011b administrativ\u011b. Lutnick se ned\u00e1vno dostal na tituln\u00ed str\u00e1nky novin, kdy\u017e se p\u0159iznal, \u017ee lhal o sv\u00fdch kontaktech s Jeffreym Epsteinem. Cantor Fitzgerald je tak\u00e9 jedn\u00edm z pouh\u00fdch 26 takzvan\u00fdch prim\u00e1rn\u00edch dealer\u016f, kte\u0159\u00ed jsou opr\u00e1vn\u011bni nakupovat st\u00e1tn\u00ed dluhopisy p\u0159\u00edmo od Feder\u00e1ln\u00edho rezervn\u00edho syst\u00e9mu \u2013 co\u017e je extr\u00e9mn\u011b lukrativn\u00ed pozice. Mimochodem, Tether je nejv\u011bt\u0161\u00edm akcion\u00e1\u0159em \u00fadajn\u011b alternativn\u00ed internetov\u00e9 platformy Rumble. Mezi dal\u0161\u00ed v\u00fdznamn\u00e9 akcion\u00e1\u0159e Rumble pat\u0159\u00ed Cantor Fitzgerald a dv\u011b nejv\u011bt\u0161\u00ed investi\u010dn\u00ed spole\u010dnosti na sv\u011bt\u011b: BlackRock a Vanguard.<\/span><\/p>\n

Stablecoin tedy nen\u00ed jen n\u00e1strojem, s jeho\u017e pomoc\u00ed si americk\u00e1 supervelmoc douf\u00e1 zajistit svou finan\u010dn\u00ed moc \u2013 z\u00e1rove\u0148 posouv\u00e1 rovnov\u00e1hu sil uvnit\u0159 t\u00e9to supervelmoci. Nen\u00ed n\u00e1hoda, \u017ee 3 200 americk\u00fdch bank\u00e9\u0159\u016f v lednu napsalo otev\u0159en\u00fd dopis Kongresu. V n\u011bm varovali, \u017ee stablecoiny ohro\u017euj\u00ed mal\u00e9 m\u00edstn\u00ed banky v Americe, proto\u017ee st\u00e1le v\u00edce lid\u00ed vyb\u00edr\u00e1 sv\u00e9 pen\u00edze z bank, aby si je koupili. Velk\u00e9 mezin\u00e1rodn\u00ed instituce, kter\u00e9 tradi\u010dn\u011b zastupuj\u00ed z\u00e1jmy bank, tak\u00e9 nejsou nad\u0161en\u00e9. Mezin\u00e1rodn\u00ed m\u011bnov\u00fd fond v prosinci 2025 varoval, \u017ee stablecoiny p\u0159edstavuj\u00ed \u201eexisten\u010dn\u00ed hrozbu\u201c pro m\u011bny men\u0161\u00edch zem\u00ed. To je samoz\u0159ejm\u011b p\u0159esn\u011b z\u00e1m\u011br.<\/span><\/p>\n

Je\u0161t\u011b neutr\u00e1ln\u011bj\u0161\u00ed analytici v\u0161ak vyjad\u0159uj\u00ed obavy. Achillovou patou stablecoin\u016f je slab\u00fd vl\u00e1dn\u00ed dohled. Zat\u00edmco spole\u010dnosti jako Tether jsou teoreticky povinny dr\u017eet 100% kryt\u00ed sv\u00fdch stablecoin\u016f, kdo to ve skute\u010dnosti ov\u011b\u0159uje? Soukrom\u00ed emitenti podl\u00e9haj\u00ed v\u00fdrazn\u011b m\u00e9n\u011b p\u0159\u00edsn\u00e9 regulaci ne\u017e banky. Studie, v\u010detn\u011b studie Texask\u00e9 univerzity v Austinu, uk\u00e1zaly, \u017ee Tether ne v\u017edy spl\u0148oval z\u00e1konn\u00e9 po\u017eadavky. Kritici proto vn\u00edmaj\u00ed stablecoiny jako gigantick\u00fd podvod p\u00e1chan\u00fd miliard\u00e1\u0159i z Wall Street a p\u0159edpov\u00eddaj\u00ed, \u017ee trh se d\u0159\u00edve \u010di pozd\u011bji zhrout\u00ed. Poukazuj\u00ed tak\u00e9 na to, \u017ee emitenti stablecoin\u016f generuj\u00ed zisky sofistikovan\u00fdm zp\u016fsobem. Za dolary, kter\u00e9 obdr\u017e\u00ed, nakupuj\u00ed st\u00e1tn\u00ed dluhopisy, ze kter\u00fdch inkasuj\u00ed \u00faroky. Tyto \u00faroky si ponech\u00e1vaj\u00ed sami \u2013 dr\u017eitel\u00e9 stablecoin\u016f nedost\u00e1vaj\u00ed v\u016fbec \u017e\u00e1dn\u00e9 \u00faroky.<\/span><\/p>\n

Zda stablecoiny skute\u010dn\u011b zachr\u00e1n\u00ed americk\u00fd finan\u010dn\u00ed syst\u00e9m, se teprve uvid\u00ed. Z\u00e1le\u017e\u00ed to tak\u00e9 na alternativ\u00e1ch. \u010c\u00edna stablecoiny zak\u00e1zala a m\u00edsto toho se spol\u00e9h\u00e1 na CBDC \u2013 st\u00e1tem kontrolovan\u00e9 digit\u00e1ln\u00ed m\u011bny. A\u010dkoli se stablecoiny vyd\u00e1vaj\u00ed i v Evrop\u011b a mus\u00ed b\u00fdt kryty eury, evropsk\u00e9 instituce rovn\u011b\u017e preferuj\u00ed CBDC. Trh s evropsk\u00fdmi stablecoiny tvo\u0159\u00ed jen zlomek americk\u00e9ho trhu. Boj o glob\u00e1ln\u00ed finan\u010dn\u00ed dominanci tedy zdaleka nekon\u010d\u00ed.<\/span><\/p>\n<\/div>\n<\/div>\n

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Zdroj<\/span><\/a><\/span><\/h3>\n

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Americk\u00e1 glob\u00e1ln\u00ed hegemonie spo\u010d\u00edv\u00e1 p\u0159inejmen\u0161\u00edm stejn\u011b tak na finan\u010dn\u00ed s\u00edle Ameriky jako na jej\u00ed vojensk\u00e9…<\/p>\n","protected":false},"author":2,"featured_media":107453,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[11038,1324,45,371,11039,37],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/107452"}],"collection":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/comments?post=107452"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/107452\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/107453"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=107452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=107452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=107452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}