金融家周小川：美元稳定币的全球影响与美元化的副作用|专家解读

Core Insights - The development of stablecoins, particularly dollar-pegged stablecoins, has significant implications for the global economy and financial system, as highlighted by Zhou Xiaochuan [1][3][5] - While dollar stablecoins can enhance transaction efficiency and reduce costs, they also pose risks of dollarization, which can undermine monetary policy independence and financial stability in various countries [4][6] Summary by Sections Potential Impact of Dollar Stablecoins - Dollar stablecoins are primarily based on the US dollar and can improve efficiency in transactions and remittances, especially in cross-border payments due to their fast settlement and low costs [3] - They can also facilitate the purchase of various assets, including digital and crypto assets, thereby stimulating related markets [3] Risks and Side Effects of Dollarization - Dollarization refers to the widespread use of the US dollar in economic activities instead of local currencies, which has been observed in Central America and some transitioning economies [4] - It can weaken a country's monetary policy independence as the demand for local currency decreases, limiting the central bank's ability to manage monetary policy [4] - Dollarization may lead to financial instability, exposing local financial institutions to liquidity and exchange rate risks, often adopted in extreme situations like high inflation or debt [4] Cautious Considerations for Stablecoin Development - Zhou emphasizes the need for countries to carefully assess the impact of dollarization on their economies and financial systems when considering the promotion of domestic stablecoins [5] - The widespread use of dollar stablecoins could exacerbate the dominance of the US dollar in the global economy, affecting other nations' monetary and economic policies [5] - Countries should adopt a prudent approach in advancing stablecoin development to ensure alignment with their economic interests and financial stability goals [5][6]