专访人大重阳金融研究院刘英：稳定币并非无风险，稳定性取决于储备资产等

Core Insights - The signing of the "Genius Act" and the upcoming implementation of the "Stablecoin Regulation" in Hong Kong signify a global "window period" for stablecoins, as the U.S. pushes for legislation to solidify the dollar's dominance in the global monetary system [1][6]. Group 1: U.S. Stablecoin Legislation - The U.S. has rapidly pushed through stablecoin legislation aimed at consolidating and enhancing the dollar's position in the global monetary system, extending its digital hegemony [6][7]. - Stablecoins tied to the dollar or U.S. Treasury bonds account for 99% of the market, highlighting their significant role in the financial landscape [6][7]. - The legislation will provide a regulatory framework for dollar stablecoins, attracting more institutional and technological innovation, thereby reinforcing U.S. leadership in the global crypto market [6][7]. Group 2: Structural Deficiencies of Stablecoins - Stablecoins face three major structural deficiencies that hinder their ability to serve as a pillar of the monetary system: lack of sovereign credit backing, trust barriers among different issuers, and inflexible asset-liability management [2][10][11]. - The reliance on reserve assets for stability raises concerns about their robustness, liquidity, and transparency, as well as the issuer's ability to maintain a 1:1 redemption promise under various market conditions [2][12][13]. Group 3: Risks and Market Dynamics - The expansion of dollar stablecoins has raised alarms among major central banks, with concerns about potential threats to monetary sovereignty and risks of capital flight in emerging markets [10][17]. - The model of stablecoin issuance linked to U.S. Treasury investments creates a closed loop that ensures the dollar's dominance in digital asset trading while providing a global funding pool for U.S. debt [7][8]. - The collapse of algorithmic stablecoins like UST serves as a stark reminder of the inherent risks associated with stablecoins, which are not equivalent to risk-free traditional currencies [14][16]. Group 4: Hong Kong's Regulatory Approach - Hong Kong is proactively establishing itself in the stablecoin regulatory landscape, aiming to leverage its position as a major offshore RMB trading center and enhance its financial infrastructure [17][19]. - The introduction of a stablecoin issuance sandbox and the passage of the "Stablecoin Regulation" provide a clear legal framework, reducing uncertainty for market participants and attracting major banks and enterprises [19][20].