Gold breaks through $4,400 per ounce, reaching a new all-time high. What does this number reflect? Global investors are actually asking the same question: Is this the final glory of the old value consensus, or a prelude to the digital asset era?

Why are traditional assets so popular? It's simple—geopolitical conflicts intensify, and the credibility of sovereign currencies is eroding. In such an environment, capital naturally gravitates toward recognized scarce assets. Gold becomes the "reliable choice." But the story doesn't end here.

Meanwhile, another experiment in the digital world has matured. New forms of value storage, represented by decentralized stablecoins, are attempting to solve a fundamental question: Do you really only need the credit guarantee of a single country?

Stablecoins like USDD are quite interesting. Through over-collateralization and on-chain verifiable reserves, they offer a relatively stable reference of value amid volatile crypto markets. This no longer relies on a central bank or government but depends on algorithms and transparent rules.

This raises an interesting question: in the global race to find "scarcity trusted by everyone," will the final winners be metals mined underground or protocols built by code? It's not a matter of either/or, but rather the coexistence and collision of two value narratives.