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【首席观察】动荡金融世界的稳定币棋局
Jing Ji Guan Cha Wang·2025-06-10 09:16

Core Insights - The emergence of stablecoins, particularly USD Coin (USDC), has raised alarms among global central banks as they begin to influence the U.S. Treasury market, indicating a shift in the underlying financial order [2][7] - The regulatory landscape for stablecoins is evolving rapidly, with the U.S. introducing the GENIUS Act, the EU implementing the MiCA regulation, and Hong Kong establishing a comprehensive regulatory framework for fiat-referenced stablecoins [2][6][9] Group 1: Stablecoin Overview - Stablecoins are categorized into four types: fiat-collateralized (e.g., USDT, USDC), crypto-collateralized (e.g., DAI), algorithmic (e.g., UST), and hybrid [2] - The total transaction volume of stablecoins reached $27.6 trillion in 2024, surpassing the annual transaction volumes of Visa and Mastercard [7] Group 2: Regulatory Developments - The U.S. GENIUS Act mandates that non-U.S. issuers must demonstrate regulatory comparability to enter the U.S. market, potentially reshaping global financial order [6] - Hong Kong has become the first major financial center in Asia to legislate stablecoin regulations, establishing a legal framework for fiat-referenced stablecoins [6][9] Group 3: Market Dynamics - The combined market capitalization of USDT and USDC exceeds $210 billion, accounting for 86% of the global stablecoin market [7] - Stablecoins are increasingly seen as a "shadow Federal Reserve," influencing U.S. Treasury yields through their high-frequency circulation and anchoring to U.S. debt [7][8] Group 4: Implications for Digital Currency - The rise of stablecoins is prompting a new monetary policy transmission mechanism that could replace traditional interbank systems [8] - Hong Kong's regulatory framework for stablecoins is viewed as a potential model for the internationalization of the digital yuan, with plans for offshore RMB stablecoin initiatives [9][10][14]