美元稳定币瞄准全球数字金融新霸权

Core Viewpoint - The passage discusses the passage of the "GENIUS Act" by the U.S. Senate, which aims to regulate stablecoins and reflects a broader financial strategy to maintain the dominance of the U.S. dollar in the global economy [1][5]. Group 1: Stablecoin Overview - Stablecoins are digital currencies pegged to specific assets, primarily fiat currencies like the U.S. dollar, providing stability in value [2][3]. - Unlike traditional cryptocurrencies, stablecoins adjust their supply based on market demand and are not fully decentralized, as their issuance and reserve processes are managed by private entities [3][4]. - The majority of stablecoins are dollar-pegged, with over 95% of them based on the U.S. dollar, as the "GENIUS Act" does not recognize gold, silver, or digital assets as collateral [4]. Group 2: U.S. Dollar Dominance - The U.S. dollar's global dominance is under threat, prompting the U.S. to explore digital currencies as a means to sustain its hegemony [5][6]. - The U.S. currently holds a significant share of the global stablecoin market, with 95% of domestic stablecoins and 83% of global fiat stablecoins being dollar-based [6]. - The "GENIUS Act" mandates that stablecoins must be backed by a 1:1 ratio of U.S. dollar cash reserves, which is expected to further increase the volume of dollar stablecoins [6]. Group 3: U.S. Debt and Stablecoins - The U.S. national debt has reached $36.22 trillion, with concerns about the sustainability of this debt level [7]. - Stablecoins are becoming major buyers of U.S. Treasury bonds, with USDT and USDC holding approximately $170 billion in U.S. debt, surpassing several countries [8]. - Predictions suggest that by 2028, the issuance of stablecoins could reach $2 trillion, creating an additional $1.6 trillion demand for U.S. Treasury bonds, which could help absorb new debt issued during Trump's term [8][9]. Group 4: Global Demand for Stablecoins - There is a growing demand for dollar stablecoins in regions with volatile local currencies, as they provide easier access to U.S. dollars [9]. - The "GENIUS Act" stipulates that stablecoin reserves must primarily consist of short-term U.S. Treasury bonds, ensuring safety and liquidity [9].