专访经济学家李稻葵：稳定币的本质是货币基金，华尔街和美国政府是美元稳定币的两大推手

Core Insights - The global stablecoin market is experiencing significant growth, projected to expand from approximately $5 billion in 2020 to over $250 billion by 2025, with a compound annual growth rate exceeding 100% [1] - Standard Chartered predicts that the stablecoin market could reach $2 trillion by 2028 [1] - The explosive growth of USD stablecoins is driven by two main forces: Wall Street investment banks seeking more trading opportunities and the U.S. government's strategic ambition to reinforce the dollar's dominance [1][8] Regulatory Landscape - Recent warnings from institutions like the European Central Bank and the Bank for International Settlements highlight the risks associated with unregulated stablecoins, emphasizing the need for strict oversight to prevent them from becoming a "super-sovereign playground" for capital [2][13] - The implementation of the Stablecoin Regulation in Hong Kong on August 1 reflects a proactive approach to harness the potential of stablecoins while maintaining regulatory control [12] Nature of Stablecoins - Stablecoins are fundamentally a type of money market fund anchored to fiat currencies, designed to replace traditional bank transfer functions [5] - The "stability" of stablecoins is defined by their one-to-one correspondence with fiat currencies, limiting their liquidity and supply to that of the underlying fiat [5] U.S. Government and Wall Street Dynamics - The U.S. government's push for USD stablecoins aims to enhance payment convenience and bolster the attractiveness of the dollar and U.S. Treasury bonds [8][9] - Wall Street investment banks view stablecoins as new trading tools, akin to additional "gambling tables" in a casino, which they are eager to exploit for transaction fees [8] International Implications - Concerns from central banks about stablecoins potentially undermining monetary sovereignty and diverting bank deposits indicate a cautious approach to their regulation [13] - The internationalization of the Renminbi should not rely on stablecoins; instead, it should focus on expanding the scale of Chinese government bonds and strengthening the banking sector's credibility [15] Relationship with Central Bank Digital Currencies (CBDCs) - Stablecoins and CBDCs serve different purposes; CBDCs aim to replace cash, while stablecoins are more suited for commercial transactions, particularly in B2B contexts [16]