21社论丨应理性看待资本市场的稳定币热潮

Group 1 - The core focus of the article is the rising interest in stablecoins within the capital markets, particularly following legislative developments in the US and Hong Kong, and the plans of Chinese companies like JD.com and Ant International to issue stablecoins in Hong Kong [1][4] - The surge in stablecoin interest is reflected in the stock performance of companies like Circle and Guotai Junan International, which saw significant price increases, indicating a growing market enthusiasm [1] - There is a misconception among retail investors that stablecoins are similar to cryptocurrencies like Bitcoin, leading to unrealistic expectations regarding their investment potential [1][2] Group 2 - Stablecoins are fundamentally different from cryptocurrencies like Bitcoin, as they are pegged to fiat currencies and issued by centralized institutions, which must maintain corresponding asset reserves [2][3] - Despite being designed to maintain value stability, stablecoins can still face risks related to the depreciation of their underlying reserves, as evidenced by the USDC incident linked to Silicon Valley Bank [2][3] - The Bank for International Settlements (BIS) has raised concerns about the risks associated with stablecoins, including threats to monetary sovereignty and potential capital flight from emerging markets [3] Group 3 - There is a distinction between fiat-backed stablecoins and central bank digital currencies (CBDCs), with stablecoins primarily serving cross-border B2B transactions while CBDCs focus on domestic consumption and interbank settlements [4] - The current applications of stablecoins are limited, mainly to cryptocurrency trading and offshore markets, but legislative recognition could encourage broader adoption and innovative use cases [4] - Companies like JD.com and Ant International are motivated to issue stablecoins due to their global procurement and retail operations, highlighting the potential for stablecoins to enhance efficiency and reduce costs in international transactions [4]