花旗：美元稳定币“反映而非巩固”美元地位，非美稳定币是“去美元化”重要指标

Core Viewpoint - The rise of stablecoins reflects the status of the US dollar as a reserve currency rather than being a driving factor for increased demand for US Treasury bonds in the short term [1][2][5] Group 1: Stablecoin Growth and US Treasury Demand - Citigroup's report indicates that the growth of stablecoins will not significantly boost the demand for US Treasuries in the short term [1][5] - The demand for US Treasuries may actually decrease due to the diversion of funds from bank deposits and money market funds to stablecoins [5][8] - If stablecoins begin to offer interest, it could lead to larger growth but may also divert funds from existing holders [5][8] Group 2: Sources of Stablecoin Growth - The source of stablecoin growth is crucial; if it comes from the transfer of funds from money market funds or other US Treasury holding instruments, it does not constitute net new demand for Treasuries [5][8] - Citigroup estimates that the potential long-term size of the stablecoin market could reach $1.6 trillion by 2030, with only a portion contributing to net new Treasury demand [8] Group 3: Dollar Dominance and De-dollarization Trends - Citigroup believes that the dominance of the US dollar as a reserve currency will continue, independent of stablecoin developments [9] - The euro is seen as the only potential long-term competitor to the dollar, but the dollar is expected to maintain its dominant position until at least 2070 [9] - The relative issuance trends of non-US stablecoins will serve as an interesting indicator of changes in the dollar's dominant status [9]