警惕稳定币背后的“虚火”

Core Insights - The market attention on stablecoins has surged, leading to significant stock price increases for related companies, particularly in Hong Kong, where some stocks have seen multiples of price increases detached from their fundamentals [1] - Stablecoins are digital assets designed to maintain a stable value by being pegged to certain assets, combining the convenience of digital currencies with the stability of traditional currencies [1] - Regulatory bodies are accelerating the legislative process for stablecoins due to multiple risks, including market spillover, lack of transparency in reserve assets, and on-chain risks [1][2] Regulatory Developments - The U.S. Senate passed the "Guidance and Establishment of a National Stablecoin Innovation Act" in June, with the House of Representatives also pushing for related legislation [1] - The act stipulates that stablecoin issuers can only invest reserve funds in U.S. dollar cash, demand deposits, and short-term U.S. Treasury securities, among others, to enhance reserve transparency [1] - Hong Kong's "Stablecoin Ordinance" will take effect on August 1, marking the first comprehensive regulatory framework for fiat-backed stablecoins globally, requiring issuers to obtain licenses [1] Market Dynamics - Currently, fiat-backed stablecoins dominate the market, with U.S. dollar-pegged stablecoins leading [2] - According to FXC Intelligence, the projected trading volume for stablecoins in 2024 is $5.7 trillion, which still represents a low proportion of global financial transaction volume [2] - Stablecoins are essentially credit extensions of pegged assets, meaning their value is influenced by the volatility of the underlying assets, and there exists a risk of decoupling [2] Global Perspectives - Different countries have varying attitudes towards stablecoins, with some regions potentially facing stricter regulations or outright bans on stablecoin transactions [2] - The rapid innovation in stablecoins may outpace regulatory frameworks, making it challenging to address emerging risks effectively [2] - Despite the risks, stablecoins offer significant advantages such as low costs, real-time settlement, and 24/7 availability, positioning them as a potential new infrastructure for cross-border payments [2]