稳定币成1200亿美债‘接盘侠’，中国减持后美国找到新韭菜？

Core Viewpoint - Stablecoins are seen as a potential savior for the US dollar hegemony, possibly leading to a version 3.0 of dollar dominance globally [1][5]. Group 1: Stablecoin Overview - Stablecoins are a type of cryptocurrency that maintain a 1:1 peg to the US dollar, differing from highly volatile cryptocurrencies like Bitcoin and Ethereum [2][4]. - The issuance of stablecoins is strictly regulated, requiring a dollar backing for each stablecoin issued, which simplifies cryptocurrency transactions [2][4]. Group 2: Demand and Market Potential - The demand for stablecoins is rigid, increasing with the number of cryptocurrency traders, and Tether (USDT) has issued over 130 billion coins backed by approximately 130 billion dollars [4]. - Citigroup estimates that the stablecoin market could reach $3.7 trillion by 2030, with 60% of that potentially used to purchase US Treasury bonds, surpassing holdings by China and Japan [4][5]. Group 3: Implications for Dollar Hegemony - Stablecoins could become a core pillar of dollar hegemony 3.0, as they may facilitate global transactions and reinforce the dollar's dominance, especially in regions with limited banking access [5]. - The reliance on stablecoins in regions like Latin America, Southeast Asia, and Africa indicates a trend towards indirect use of the dollar, laying the groundwork for a new version of dollar hegemony [5]. Group 4: Challenges and Risks - The future of stablecoins and their role in dollar hegemony is uncertain, facing challenges such as the need for widespread adoption of cryptocurrencies and potential competition from stablecoins issued by other regions [6][9]. - The risks associated with stablecoins, including their reliance on private companies and the potential for high-risk investments, pose significant uncertainties for the stability of the dollar hegemony [10].