We are not in a classic crypto cycle; we are witnessing the commoditization of the settlement layer. Bretton Woods I (1944) used a gold-pegged dollar settled via correspondent banks (SWIFT/CHIPS). The current regime (post-1971) relies on the petrodollar and sovereign debt. Bretton Woods 2.0 is based on a Dual Pillar Regime:
1. Physical Pillar (Hard Asset): Bitcoin as « Gold 2.0, » serving as non-sovereign store of value.
2. Programmable Pillar (Utility): Stablecoins (USD pegged) and CBDCs (mBridge) acting as instant liquidity and execution vectors. Quantitatively, the lines between FX, Rates, and Crypto are blurring. Carry trades will shift from EUR/USD to the spread between US Treasury yields and tokenized Real World Asset (RWA) yields on XRPL/Ethereum. Traditional FX volatility (USD dominance) will decrease structurally, but volatility will surge in the « TradFi vs. DeFi » spread.
