The PBOC's February 9 "window guidance" is the first documented instance of an explicit policy directive from a major sovereign to divest Treasuries—this is no longer "stealth de-dollarization" but institutionalized de-dollarization; when the world's second-largest economy tells its Big Four banks to dump your debt, that's a structural regime shift, not a market blip.
If China's explicit Treasury divestment continues while US debt service consumes an ever-larger share of federal revenue, the dollar's ability to absorb shocks diminishes—this creates latent demand for alternative settlement rails (mBridge, euro stablecoins, gold) precisely when crypto is positioned to capture institutional flight; Warsh's QT-for-cuts framework is about to collide with a world where the buyer of last resort just quit.