全球流动性的“去中介化”生产——稳定币重构基础货币理论

Group 1 - The article focuses on the disruptive impact of stablecoins on traditional monetary theory, proposing the "algorithmic liquidity" theory to explain the shift from a "central bank-commercial bank" intermediary model to a "code-network" disintermediation model [1][2] - The rise of stablecoins, particularly since the introduction of USDT in 2014, has led to a significant increase in their market value, projected to exceed $250 billion by 2025, with a trading volume surpassing $25 trillion annually [1][2] - The study highlights the limitations of traditional monetary theory in the digital age, emphasizing the need for a new framework to understand the supply of money and its implications for global financial regulation [1][2] Group 2 - Traditional monetary theory is based on a binary structure involving central banks and commercial banks, which has been effective in explaining monetary supply in the industrial era but is increasingly challenged by the emergence of stablecoins [2][4] - The article identifies three main dilemmas faced by traditional monetary theory in the context of stablecoins: the failure of liquidity stratification, the breakdown of the money multiplier, and the ungoverned distribution of cross-border liquidity [2][7][12] - The emergence of stablecoins has led to a "flattening" of liquidity, allowing for instant conversions across different asset classes, which undermines the traditional hierarchical liquidity structure [8][9] Group 3 - The article introduces the concept of "algorithmic liquidity," which describes the decentralized production of liquidity through blockchain technology and smart contracts, contrasting it with traditional liquidity production mechanisms [13][14] - Algorithmic liquidity is characterized by three types: fiat-collateralized, crypto-collateralized, and algorithmic stablecoins, each with distinct production logic and mechanisms [18][19] - The study constructs a mathematical model for algorithmic liquidity production, revealing its unique expansion mechanisms driven by network effects and scenario penetration [24][27] Group 4 - Case studies of USDT and DAI illustrate the practical applications of algorithmic liquidity, with USDT serving as a fiat-collateralized stablecoin that enhances dollar liquidity in emerging markets, while DAI exemplifies a crypto-collateralized model that operates independently of traditional monetary systems [29][30][31] - The comparison between USDT and DAI highlights the spectrum of algorithmic liquidity, showing how different types of stablecoins interact with traditional monetary systems, from digital extensions of fiat to independent liquidity sources [33]