Workflow
稳定币可能为未来的法定货币提供价值基础
Hua Xia Shi Bao·2025-04-27 03:16

Core Viewpoint - The stablecoin market is rapidly evolving, with Tether planning to issue a stablecoin pegged to offshore RMB (CNHT), highlighting the competitive landscape and the increasing interest from traditional financial institutions in this sector [1][2]. Group 1: Market Dynamics - Tether earned $10 billion in the stablecoin market last year, and the total market capitalization of stablecoins is approaching $200 billion, with projections to exceed $400 billion by 2025 [2]. - The market exhibits oligopolistic characteristics, with the top two stablecoins (USDT and USDC) accounting for over 90% of the market share, and over 95% for USD-pegged stablecoins [2]. - The stablecoin's primary advantage lies in its efficiency and low-cost payment model, particularly beneficial for cross-border transactions [1]. Group 2: Institutional Involvement - Traditional financial institutions are increasingly entering the stablecoin market, with banks like Société Générale, Oddo BHF, and Revolut exploring opportunities [2]. - Visa launched a tokenized network for banks to issue stablecoins and plans to pilot a project with BBVA in 2025, indicating strong interest from banks in regions like Hong Kong, Singapore, and Brazil [2]. - Standard Chartered has been selected as one of the first issuers of a Hong Kong dollar stablecoin, with plans to launch in 2025 [2]. Group 3: Applications and Future Outlook - The application of stablecoins has expanded beyond crypto asset trading to include cross-border payments and decentralized finance (DeFi), making them ideal for international payments and asset reserves [3]. - The rise of digitalization and artificial intelligence is expected to challenge the value foundation of fiat currencies, with stablecoins potentially becoming significant value supports for traditional currencies [5].