They are very different

Every company or even private person can issue bonds, since that is just an IOU note for borrow USD. But not a single person can issue USD, only central bank can do (commercial banks do not issue USD, they only take USD deposit from other people or borrow USD from central bank, then lend out those USD)

And for the central bank part, they create USD to buy government bonds, thus give USD to governments. When the bond matures, the government return those USD to central bank and take back those bond papper. Government can return USD to central bank, not because they have provided goods and services for public in exchange for average Joe's USD, but because they collected taxes and sold new bonds to central bank for new USD

So I think the theory of 3 phase have its origin in consumable goods, where phase 3 is consumption. But trying to apply the 3 phases theory to financial products becomes difficult, thus your explanation of USD is complicated and not really reflect the reality. It just happened that USD get destroyed when government payback their loans from central bank, and you use that special case to match your 3 phase theory. In fact , USD never get destroyed when a commercial bank loan is repaid

Another example is gold, most of the gold never get consumed, neither liquidated, it stays in circulation forever, once produced, and no one call gold a ponzi/pyramid scheme. Cryptocurrency is very like gold, once made, forever in circulation