特稿 | 邹传伟：正视和应对美元稳定币的挑战

Group 1 - The core viewpoint is that stablecoins are gaining significant attention both domestically and internationally, with the U.S. Senate passing the GENIUS Act to establish a federal regulatory framework for stablecoins, while Hong Kong has enacted its own stablecoin regulations [1][2] - Stablecoins have seen rapid growth, with their total market size reaching $247.7 billion by June 2025, a 190-fold increase from $1.3 billion in June 2019, with 99% of stablecoins pegged to the U.S. dollar [2][3] - The main function of stablecoins is to tokenize existing money within the banking system, allowing for a new method of currency circulation without creating new money [3][4] Group 2 - Stablecoins differ from non-bank payment systems in that they are based on distributed ledgers, allowing for open and anonymous transactions, while non-bank systems use centralized ledgers and require real-name registration [4][5] - A significant portion of U.S. dollar stablecoins (over 70%) is issued offshore, which raises concerns regarding regulatory compliance, particularly in areas like KYC and AML [4][5] - The trading volume of U.S. dollar stablecoins reached $100.7 billion by June 2025, surpassing the combined trading volume of Bitcoin and Ethereum, primarily serving as a medium for transactions in the cryptocurrency market [7][8] Group 3 - U.S. dollar stablecoins are rapidly penetrating various applications beyond cryptocurrency trading, including cross-border payments and corporate financing, driven by their efficiency and low costs [8][9] - The U.S. strategy regarding stablecoins involves a regulatory approach that allows commercial entities to promote the digitalization of the dollar while maintaining oversight as the market matures [8][9] - The relationship between U.S. dollar stablecoins and traditional payment systems like SWIFT and Visa is fundamentally different, with stablecoins not intended to replace these systems [9][10] Group 4 - There is a growing concern regarding the use of U.S. dollar stablecoins by residents and businesses in mainland China, necessitating monitoring and regulatory measures to protect monetary sovereignty [10][11] - The potential for issuing offshore renminbi stablecoins is discussed, which could be managed by Chinese financial institutions to mitigate risks associated with capital outflow [11][12] - The technology underlying stablecoins presents both opportunities for financial inclusion and challenges related to compliance with existing financial regulations [10][11]