马雪：稳定币难以逆转美元衰落

Group 1 - The White House is promoting stablecoin legislation to boost the U.S. Treasury market and strengthen the dollar's position in trade settlements [1][2] - The proposed legislation requires stablecoin issuers to hold reserves exceeding one dollar for each coin issued, which must be backed by liquid assets like U.S. Treasury bonds [2][3] - The rise of stablecoins is expected to create new demand for U.S. Treasury bonds, potentially lowering short-term yields amid current selling pressures [2][3] Group 2 - Stablecoins aim to combine the efficiency of digital assets with the reliability of traditional currencies, reinforcing the dollar's dominance in the global monetary system [3][4] - The majority of stablecoins are pegged to the U.S. dollar, which may enhance dollar liquidity and demand, further solidifying its position [3][4] - Stablecoins could transform the international remittance market by offering near-zero transaction fees and instant settlements, thereby increasing the dollar's use in global trade [4][5] Group 3 - Despite the potential benefits, stablecoins cannot address the underlying issues of U.S. debt sustainability and the long-term decline of the dollar's share in global reserves [5] - The dollar's share in global foreign exchange reserves has decreased from 71% in 2000 to an estimated 57.8% by 2025, reflecting concerns over U.S. fiscal sustainability [5]