Core Viewpoint - The rise of stablecoins is becoming a critical issue globally, with countries needing to address their regulation to avoid negative impacts on their financial systems and to seize opportunities for currency globalization [1] Group 1: Importance of Stablecoins - Stablecoins are increasingly recognized as essential payment tools, with a global market size exceeding $250 billion [2] - Visa predicts that by June 2025, adjusted stablecoin payment transactions will reach 1.6 billion, amounting to $7.3 trillion [2] - Citibank estimates that stablecoin market value could reach $3.7 trillion by 2030 under optimistic scenarios [2] Group 2: Regulatory Developments - The U.S. and Hong Kong have passed legislation to regulate fiat-backed stablecoins, emphasizing their role as payment tools and differentiating them from securities [2][4] - Countries like the UK and South Korea are also incorporating stablecoins into their legislative frameworks [2] Group 3: Advantages and Risks - Stablecoins can significantly reduce cross-border transaction times from 1-5 days to minutes and lower costs from an average of 6.35% to below $1 in some regions [3] - However, stablecoins are also associated with illegal financial activities, necessitating regulatory measures to ensure financial security [3] Group 4: Sovereignty and Currency Influence - Legislation aims to protect and promote fiat currency sovereignty, as foreign stablecoins can pose risks to domestic financial systems [4] - The dominance of USD stablecoins, which account for 95% of the fiat stablecoin market, highlights the need for countries like China to develop their own stablecoins to enhance their currency's global influence [5] Group 5: Integration with Central Bank Digital Currencies (CBDCs) - China is leveraging CBDCs to address cross-border payment challenges, with the potential to complete transactions in 6-9 seconds and reduce costs by nearly half [6] - The development of offshore RMB stablecoins is seen as a way to increase the use of RMB in international payments, complementing traditional financial methods [6] Group 6: Future Development Strategies - The issuance of RMB stablecoins should focus on supporting economic development and enhancing RMB internationalization rather than competing directly with USD stablecoins [5][7] - A gradual approach is recommended for the development of RMB stablecoins, starting with offshore markets like Hong Kong before expanding to mainland China [7]
顺应稳定币浪潮 主动作为助推人民币国际化
Zheng Quan Shi Bao·2025-06-22 17:58