Sou Hu Cai Jing·2025-06-20 07:56Group 1 - The core viewpoint of the report is that there are six major misconceptions regarding stablecoins in the current market [1][2] Group 2 - Misconception 1: The value of stablecoins is absolutely stable. In reality, stablecoins are credit extensions anchored to assets, and their value is subject to technical de-pegging risks and fluctuations in the underlying assets [1] - Misconception 2: All fiat currencies can issue stablecoins in large quantities. The development of different fiat stablecoins depends on the acceptance of the underlying currency, leading to a "winner-takes-all" scenario for the most trusted fiat stablecoins [1] - Misconception 3: Dollar stablecoins will weaken the credit of the US dollar. The rapid development of dollar stablecoins will not undermine the dollar system but will further strengthen the dollar's position by expanding its functionality and usage [1] - Misconception 4: Dollar stablecoins are a "lifeline" for US Treasury bonds. The dollar stablecoin market can only slightly alleviate the pressure on short-term US debt, while the overall impact on the US bond market is minimal [2] - Misconception 5: Dollar stablecoins will significantly increase the supply of US dollars. While the issuance authority of dollars is partially delegated to issuing companies, the Federal Reserve remains the main participant in controlling the total dollar liquidity [2] - Misconception 6: Stablecoins will rapidly promote the development of the RWA market. The support of stablecoins for RWA is more evident at the transaction level, and the development of the RWA market ultimately depends on the quality of the underlying assets [2]